Add BIFI as a collateral asset

Forum post https://forum.cream.finance/t/proposal-add-bifi-as-collateral-asset-on-bsc/1423

Summary

We propose to add BIFI to Cream for lending and borrowing. BIFI is the governance token of beefy.finance, a cross-chain yield optimizer with over $700M in TVL.

Action Item

For

Add BIFI as collateral asset

Against

Do nothing

Motivation

Beefy Finance was the first yield optimizer on Binance Smart Chain, launching in September 2020 during the platform’s infancy. It has since expanded to HECO, AVAX, Polygon, and Fantom. Beefy currently has 200+ vaults continues to move fast, deploy new vaults, and launch on new platforms.

BIFI Token

BIFI serves as a governance and revenue sharing token. A percentage of vault profits are shared with token stakers. The token supply is fixed and all distribution has been completed.

Benefits for Cream

Beefy Finance is one of the most popular yield optimizers on all platforms. Its multichain strategy aligns with Cream's own values. BIFI’s presence on Cream would provide additional TVL to Cream and an opportunity to earn additional fees as BIFI holders would come to Cream to collateralize their assets.

Current liquidity

• $12M on Pancake, $5M on MDEX, $3.2M on Apeswap
• Some liquidity on Polygon DEXs
• Available on Binance, MXC, Hotbit

Links

Platform

• App
• Stats
• Docs
• Github

Social

• Twitter
• Discord
• Telegram

Other

• Certik audit
• Binance Listing