As mentioned in my thread yesterday on '12 Reasons Beefy Finance $BIFI Is An Undervalued Gem', this is a strategy you can use to get extra high apr's with your $BIFI.
Step Two: Deposit your $BIFI in the Beefy.Finance-Fantom "BIFI Maxi Vault".
Note: Right now... (cont.)
..the apr is kind of low, but when $FTM starts going up in price again after this dip we've had, it should be comparable to the BIFI Maxi Vaults on other chains.
Step Three: Go to @QiDaoProtocol, which recently started accepting mooBIFI receipts as collateral.
Step Four: Hit 'Create Vault', and deposit your mooBIFI receipts as collateral.
Note: What's beautiful about this is that you will continue receiving the yield from the BIFI Maxi Vault, so your collateral will grow in value even if price of $BIFI stays the same :)
Step Five: Borrow $MAI - the @QiDaoProtocol stablecoin - from the vault you created.
Now... here we branch out to two different strategies depending on your risk tolerance :)
Cont....
If you want to be #SAFU , then go back to the Beefy site on Fantom, and zap into the MAI-USDC @SpookySwap vault.
This strategy currently earns 19% APY with Beefy continually auto-compounding for you.
OR... if you want to be a bit more aggressive, then go back to @SpookySwap, swap your $MAI for $FTM and $TOMB, create a FTM-TOMB LP position, then take the LP tokens to @beefyfinance and deposit them to be auto-compounded.
This strategy... (cont.)
...yields over 1000% APY with Beefy auto-compounding, and (theoretically) should avoid impermanent loss, since the price of $TOMB is supposed to track the price of $FTM :)
This means...(cont.)
...we are earning 20% (and potentially much more) on our $BIFI, AND earning either 19% via stablecoin farming or 1000%+ via FTM-TOMB with the amount borrowed from it...
We just need to watch the price of $BIFI since it is our collateral.
Right now this general strategy is only available on Fantom, but I'm hoping @QiDaoProtocol will start accepting mooBIFI receipts as collateral on other chains as well :)
So...
In Conclusion:
If you found this thread helpful plz rt and follow! (am new to bird app and need frens! :) )
Okay my good frogs, its clear I'm not the only big-time $FTM fan here on CT... so wanted to do a thread of threads (yes... I'm a threadoor) on @FantomFDN $FTM!
Thread: 5 Awesome Threads That Make Me Bullish On $FTM (+ Yield Farming Strategies)
1/x
Here is an absolutely fantastic thread from earlier today on $FTM by one of my favorite ct accounts, @JackNiewold.
It breaks down the bull case for $FTM and why it is potentially undervalued as an L1:
One: Is the most famous @FantomFDN farm pair of all... $FTM / $TOMB...
I am a big fan of @tombfinance and @harryyeh, and very bullish on Fantom... as a result this is a mouth-watering opportunity due to the (theoretical) lack of impermanent loss... cont.
2/x
...and crazy high apr's...
The below screenshot is of the option to auto-compound $FTM/ $TOMB on the wonderful @beefyfinance . Auto-compounding is especially helpful at high apr's like this, since it can dramatically increase your overall return.
Okay anon - have you followed @CFrogE1 and @noahseidman and become @CurveFinance -pilled but want to avoid ETH gas fees? In this #FrenchChart we'll break down the best way to earn yield on $CRV outside of ETH L1!