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Protocol Highlights Recap Week #1
Jonathan Chen
August 27, 2023
"Hello there!
🚀 Welcome to our weekly DeFi Protocol Spotlight 🚀
We understand that your time is precious, which is why we're here to do the research heavy lifting for you.
Join us as we uncover the latest and greatest in the world of decentralized finance."
This week, we covered 2 protocols, both are cross-chain defi protocols and provide great yielding opportunities!
Let’s dive in.
Defi Protocol Highlight #1
type: Options strategy
Blockchain: Ethereum, Arbitrum, Polygon
TVL: 1.52M
Airdrop opportunity: CONFIRMED
First of all, $OLIVE IS CONFIRMED! It can be claimed after TGE! By using any vaults, users will accumulate pre-mint $OLIVE to their wallet and will be claimable in the future!
Similar to Ribbon Finance, Olive is a protocol that focuses on decentralized structure products.
But what is different?
Olive amplify yields while keeping users' funds safe.
The vault I find interesting is their Principal Protected Vaults, with great APY and 100% success rate.
Currently only offered for $MVLP on Polygon and $GLP on Arbitrum.
MVLP vault ~ 43% APY
GLP vault ~ 32% APY
Both tokens are index of ETH, BTC, and other stablecoins, with users earning an APY by holding them. When deposited into Olive, it enhances the APY even more.
Risks:
The only risks with the vault is the Smart Contract Risk, as Olive guaranteed principal and credit to be 100% safe.
How?
Users earn yields by holding GLP and MVLP already, which Olive uses to generate higher APY, keeping the principal untouched and ensuring 100% safety.
Summary & Personal Strategy:
I am only using the 2 vaults I mentioned above.
I've been using the GLP vault for 180 days, and it generated a sweet 8% return for me.
The 2 tokens are basically the ETF of cryptocurrency, and I am perfectly fine with holding more ETH and BTC in my wallet.
Being able to boost my holding APY and also farming for a new token, sounds good to me!
Defi Protocol Highlight #2
The only Defi Yielding Protocol you will need.
Type: Yield Aggregator
Blockchain: Ethereum, Arbitrum, Polygon... 17 in total
TVL: 180 M
Token: $BIFI
Nowadays, with 20+ blockchains and 1000+ defi protocols, it is extremely hard to keep track of what is going on. As an investor in crypto, finding juicy yield opportunity is always a must on top of my list.
Beefy Finance made it easy for us.
WHAT IS BEEFY FINANCE?
Beefy is a Decentralized, Multichain Yield Optimizer/aggregator that allows its users to earn compound interest on their crypto holdings.
In short, beefy finance summarizes and lists all the yielding opportunities for the users.
Users can search pools by blockchain, coin, or any defi metrics you can think of.
For example, if I want to provide liquidity on ETH/USDC, I can put that in and get all the results, on every blockchains, from every protocols.
Not only that, Beefy will even list out the APY, Daily earning %, TVL, and safety score.
It made it sooo much easier for investor to choose the best way to earn the best yielding.
$BIFI is the native governance token of beefy finance, and these are the 3 ways you can use it:
1. Stake it and earn profit generated by Beefy
2. Position into LP for juicy yield
3. Use it for voting!
The current price of $BIFI ~$300 is down 90% of the ATH, and I do believe this is going back to at least $2000 in the bull market.
ALPHA & STRATEGY
A lot of protocols are integrating Beefy finance into their strategy, I can see how this grow even bigger, therefore I find $BIFI undervalued.
We all know that we can stake $BIFI and earn fees, but one interesting thing is that the APR on different chains is actually different.
Currently, the highest one is on Polygon, and is earning $WMATIC at a APY of 21%.
This is what I am going to do:
Buy $BIFI -> use beefy finance to find the highest APY -> stake it and start earning!
*The process above can be applied to any token.
Thank you for reading this week’s protocols recap!
See you next sunday.
Pingyu