Launched on Binance Smart Chain in 2020, Beefy Finance quickly became popular among yield farmers through auto-compounding rewards. After the 2023 crisis, the project shifted focus to Ethereum. By 2025, Beefy expanded its presence to 22 chains and launched new initiatives on BNB Chain and Gnosis.
The Birth of Beefy Finance on BNB Chain
Beefy Finance debuted in 2020 when high Ethereum fees drove yield farmers to seek alternatives. The platform introduced vaults that automatically compounded rewards from PancakeSwap liquidity pools. Beefy's success was bolstered by the launch of the $BIFI token with a hard cap of 80,000 tokens, creating scarcity and providing value. By offering accessibility and flexibility, Beefy quickly established itself as a leading yield optimizer on BNB Chain.
Migration to Ethereum After Multichain's Collapse
The 2023 collapse of Multichain forced Beefy Finance to migrate operations to Ethereum. This migration fortified the platform's security with key changes, including a new governance mechanism via Beefy DAO and a shift to rewards in $ETH. It signified Beefy's evolution into a multichain platform with Ethereum as its base.
2025's Strategic Initiatives and Growth
By 2025, Beefy Finance continues to demonstrate innovation in DeFi. The platform expanded by launching new vaults on BNB Chain and initiated the SafeBoost campaign on Gnosis in partnership with Safe and Karpatkey. These initiatives affirm Beefy's continued growth and adaptation in the shifting DeFi landscape.
Since its 2020 launch on BNB Chain, Beefy Finance has successfully navigated the DeFi market, adapting to changing conditions and user needs. Operating across 22 chains with a base on Ethereum, it positions itself as one of the largest and mature yield optimizers in DeFi.
