One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $387.80 on May 14, BIFI spiked 168.13% to hit a daily high of $1,040 on May 16 amids a 684% increase in its 24-hour trading volume.
Three reasons for the sudden spike in activity for BIFI are the increase in the liquidity pool options available for yield farming, a new integration with Oasis Network and the launch of 12 new vaults.
Stablecoin yields get a notable boost
The collapse of Terra (LUNA), UST and the 20% yield offered for UST deposits on Anchor Protocol (ANC) has opened the door for protocols like Beefy Finance to capture users and funds that were set adrift.
Beefy Finance has taken advantage of this opportunity by upgrading several stablecoin vaults to offer higher yields including the Curve stablecoin liquidity pool on Arbitrum, which now offers a yield of 34.9%.
— Beefy (@beefyfinance) May 16, 2022
The platform has also integrated the Tron network’s USDD stablecoin and depositors can earn 62.5% APY on the quad stablecoin pool comprised of USDD/BUSD/USDT/USDC.
Beefy Finance expands its ecosystem
As the cryptocurrency ecosystem slowly progresses toward a multi-chain future, Beefy Finance has also benefited from expanding the list of networks the protocol supports and the most recent addition of the Oasis Network brings the total number of supported chains supported to 15.
Take a break from staring at your portfolio and TA charts for a moment to read about Beefy’s new partner, @OasisProtocol.
We are proud to build on Oasis’s privacy-enabled network.
— Beefy (@beefyfinance) May 14, 2022
The integration with the Oasis Network makes Beefy Finance one of the most cross-chain compatible DeFi protocols in the ecosystem and includes support for the most active blockchains including Ethereum (ETH), BNB Smart Chain (BNB), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM).
Related: Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents
New vaults attract fresh liquidity
A third factor attracting investors to Beefy Finance is the launch of 12 new vaults within the last week.
The new vaults include support for assets from Stader.Fantom, an Oasis-based DeFi protocol called YuzuSwap, the Aurora-based protocol Trisolaris and Step.App (FITFI), which operates on Avalanche.
While the price of BIFI has managed to rally higher over the past week, it remains to be seen if the gains can hold and whether the platform will continue to see a rising TVL, especially if the current attractive yields begin to diminish.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.