If you thought DeFi wasn't profitable enough, then just wait until you start farming for yields across a huge swath of liquidity pools and money markets out there. We're talking hundreds or thousands worth of percentage gains… At the very least.
However, manually farming yields is a tough and arduous job. It requires a lot of input from you, as well as concentration on wider market moves and having to pay for all those pricey gas fees. But cue to this bEarn Fi review to see if that's always the case.
The art of maximizing your returns from yield farming doesn't have to be that difficult. It can be made a lot easier, instead of having to seek out the best farms on your own and managing them one-by-one. You could have this entire process automated, with the highest yielding farms plucked out for you, as well as helping to maximize your gains and reduce costs with auto-compounding. This is what bEarn.Fi aims to do, and in our bEarn Fi review, we'll learn whether they're that good.
What Is bEarn.Fi?
bEarn.Fi is a cross-chain yield farming optimizer, providing tools that allow users to make the best out of their investments across DeFi running on both the Binance Smart Chain (BSC) and on the Ethereum blockchain. Essentially, bEarn.Fi aggregates some of the best farms – i.e., liquidity pools, AMMs, money markets, lending, and other such protocols where you can earn interest or yields by locking up your assets – and offering users additional features such as auto-compounding.
By collating together these farms and building complex strategies and semi-automation for them, protocols such as bEarn.Fi can make yield farming a lot easier, such as reducing the costs of gas fees, automatically reinvesting your returns to maximize your gains, and so on.
As of this bEarn.Fi review, there is a total value of liquidity locked on bEarn.Fi worth around $290-million, making it one of the largest protocols on BSC. Earlier in mid-May 2021, bEarn.Fi suffered a major exploit on its protocol.
This is among the latest of exploits made against BSC-based DeFi protocols – the other being a $200-million loss suffered by PancakeBunny – having drained around $11-million from bEarn.Fi. This is another flash loan attack, where a user is able to find flaws that allow them to withdraw more than the number of assets that they've deposited. Since then, bEarn.Fi has announced a compensation program that will see its users who've lost assets due to the exploit will get a 105% remuneration.
What Can You Do on bEarn.Fi?
Despite the setback of that exploit, they're still holding strong as of writing this bEarn.Fi review, with its core offerings remaining intact. As a yield farming aggregator, the natural focal point would be looking at the yield farming strategies that bEarn.Fi is using, and how it has benefit users, especially given that they're a cross-chain network. However, bEarn.Fi has been pushing to expand into other services as well, such as building a decentralized exchange (DEX) and its own stablecoin on BSC.
For our bEarn Fi review, here are some of the interesting things you can do and interact with on bEarn.Fi
1. Farm for Yields
Yield farming is the No. 1 product of bEarn.Fi, and it's likely the main reason why you're using them in the first place. Even with this, bEarn.Fi actually separates its farms into different categories. The first is bVaults, which is where much of the protocol's activity lies, having accumulated more than $230-million in TVL here alone. Here, you can pick and choose which “vaults” you'd like to farm for yields in, each with its own auto-compounding features. Some of these vaults quote very high returns.
For example, a BDEX/BNB bDEX-LP farm is (as of this bEarn.Fi review) showing a yield of 1.32T% APY, or around 6+% daily. That's T for ‘trillion.' There are a few other farms that quote million or billion in percentage gains, and you can easily find some farms that yield hundreds or thousands in passive profit. There are some extra perks with using bEarn.Fi, such as users being able to earn its native BFI and BDO tokens each week through those aforementioned farms, thus maximizing their earnings.
There are no withdrawal fees, no harvest fees, and bEarn.Fi charges only between 0% to 0.1% for deposits. As we'll learn more later on, 2.9% of the collected fees in profit will be used to buy back and burn BFI tokens. Aside from bVault, you also have bFarm. This is nearly identical but is instead farms for single assets and liquidity pools. As a cross-chain protocol, bEarn.Fi has brought its yield farming strategies over to Ethereum-based dApps and platforms as well, through the BFIE Farm.
2. Stake Your Tokens
bStake is an on-chain governance vault in which you can stake bEarn.Fi's native BFI tokens. This is for those users who are keen to earn even more rewards on top of yield farming once they've started earning BFI. As of this bEarn.Fi review, more than 25% of the circulating supply of BFI is being staked through bStake or around 13256.9053 BFI. This represents a total value locked in here of around $2.5-million. There are a few ways in which you can gain additional income from here.
For a start, a lot of the fees and profits accumulated across bEarn.Fi's entire ecosystem is readily shared with anyone staking BFI tokens. 50% of all profits from games – these are blockchain-based games built by bEarn.Fi – will be awarded to stakers. This is alongside an additional 20% cut from vault farming rewards and another 60% APY on top that is disbursed to all stakers. Plus, all the BFI rewards you earn through staking will be auto-compounded.
3. Trade Cryptocurrencies Using bDEX
A very new venture by bEarn.Fi is bDEX, which remains in its Beta stage as of writing this bEarn.Fi review. bDEX, as the name suggests, is a decentralized exchange built by bEarn.Fi, and is powered on top of BSC. Here, it has already accrued over $42-million in TVL, with 28 unique crypto tokens, across 37 liquidity pools and its own individual farming pools that offer upwards of 2,400% APR. As a DEX, you can naturally swap or exchange tokens, as well as become liquidity providers to supply tokens.
Further services will be offered soon as it undergoes development, such as trading NFT tokens, taking part in Launchpad events for new projects and tokens, and more. Another expansion of bEarn.Fi on top of bDEX is bLending, which is its own lending and borrowing platform. Currently in its Alpha stage, there is already $2.7-million worth of supply for borrowers to loan from. Or, you can become a lender yourself to earn interest rates upwards of 9% APY.
4. Get Stablecoins and Loyalty Points
Not content with what it has under its belt right now, bEarn.Fi has also built bDollar. They claim that this is the first natively-built multi-peg algorithmic stablecoin to run on the Binance Smart Chain. With its ticker symbol, BDO, bDollar is the second native crypto token of bEarn.Fi.
Being algorithmic, the price of BDO can deterministically adjust its supply to ensure a stable price. Currently, there are more than $11-million in TVL for the bDollar protocol and pegged to several major fiat currencies.
BDO can exist in several other forms depending on its use, such as bDollar Shares (sBDO) and bDollar Bonds (bBDO). Apart from dDollar, bEarn.Fi has bPower, which are loyalty points or cards in which you can unlock extra perks for using bEarn.Fi. There are three distinct tiers (two of which are already sold out), where you can unlock it with a set amount of BFI and BDO tokens. With these loyalty cards, you could earn even more, such as profit sharing across the entire bEarn.Fi ecosystem.
What are bEarn.Fi's Native BFI Cryptocurrency Tokens?
The native cryptocurrency of the bEarn.Fi network is the BFI token. It acts as a governance token, as well as allowing token holders to attain additional benefits across the bEarn.Fi protocol, such as receiving a share of the network-wide profits, and so on. If you choose to stake your BFI tokens, you can then earn sBFI as a sort of receipt to let you know that you're staked through bStake. Currently, there is no supply cap for BFI tokens. However, its natural emissions rate will slow down.
It has already been reduced by 25% in late February 2021. Moreover, the total supply – which will remain low – is continually bought back and burned from circulation, as we mentioned earlier, that is funded through performance fees collected from bVaults, as of this bEarn.Fi review, the price of BFI tokens is around $178.02. This gives it a market capitalization value of about $915,109, on top of a concurrent total supply of 49,048 BFI.
What Does bEarn.Fi's Future Roadmap Update Look Like?
2021 has seen a rapid pace of growth for DeFi as a whole and is reflected by bEarn.Fi's ambitions. For our bEarn.Fi review, we've found a roadmap plan of what bEarn.Fi is planning in the coming months. Q2 of 2021 will see bEarn.Fi introducing and finishing off a lot of features, such as bPower, and finalizing bLending towards a more stable state of development. We'll also get to see bLaunch, which is a launchpad-type of service where bEarn.Fi can help onboard new projects.
Furthermore, we'll get to experience bEarn.Fi expands its bridges to blockchain networks other than BSC and Ethereum. For its bDEX, there will be an extensive reworking of new features, such as an old-school order book, with margin trading and options markets, as well as an NFT marketplace. BFI and BDO will see a lot of renewed attention. In Q3, we end off with bEarn.Fi promising to bring native cross-chain support for the Polkadot blockchain.
bEarn Fi Review – Conclusion
In summarising our bEarn.Fi review, we've found quite a lot of promise here. Even at its basics, bEarn.Fi does the whole yield farming thing very well, presenting great functionality to aid users in maximizing their potential profits and opening the doors to farms on those protocols that you might not have ever noticed. That's not to mention its ability to farm across to different chains, onwards to Ethereum. On top of all this, bEarn.Fi as an ecosystem has plenty to keep you busy.
Whether that's staking, lending, or trading through a decentralized exchange, all within a single platform. That said, a lot of these side projects are still in development, so we'll have to wait and see how they work out. Suppose there's one major concern, no doubt the very recent exploit against bEarn.Fi might make you think twice before trusting your money with them. But if you're looking for a place to farm yields as efficiently and profitably as possible, then bEarn.Fi is a good option to consider.
bEarn Fi Review
Ease of Use
Long Term Sustainability
- A lot of variety in services that it offers – yield farming, staking, trading, lending, etc.
- Yield farming strategies and pools have quoted very high APY returns.
- Relatively low network-wide fees compared to other protocols, with some action costing no fees.
- Extremely lucrative profit-sharing scheme with users and BFI token holders with protocol-wide fees.
- Native tokenomics are extremely diverse, with the unique structure of BFI, and BDO stablecoins.
- Users can acquire BFI tokens or loyalty cards to earn even more rewards and special access.
- Concerns over future safety and stability following the most recent exploit against bEarn.Fi.