Beefy Finance recently announced joining hands with Iron Finance, making for a deadly DeFi duo. The integration sees Beefy bringing secure and reliable IRON vaults to help Beefy users gain optimal returns. With a compounding rate of 10x per minute, IRON vaults are helping the Beefy community yield maximum revenue. Iron is also benefiting from the development via product promotion and integration. Beefy will also host a training and teaching session on 15th June at the Binance Smart Chain.
Beefy Using IRON Vaults
Currently, there are 11 Iron vaults on Beefy holding assets worth 144 million dollars. 9 million dollars worth of TVL is locked in Beefy’s BSM Iron vaults containing Titan or Iron. The remaining 135 million dollars worth of TVL is held on Polygon. Ever since Iron joined QuickSwap and Beefy, its growth has been startling.
How did it Start?
Iron Finance currently stands as one of the most successful Launchpools on the web. It is summarized as the perfect balance of yield enhancement and automation in Polygon’s economic ecosystem. After IRON boosted Beefy’s BTC vault on BSC using STEEL, it earned over 40 million dollars worth of TVL on Beefy. The platform went on to boost BIFI Polygon on Beefy’s ETH and BTC vaults.
Increased Returns for Beefy Users
Beefy developers are trying to enhance the earnings of Beefy users in the Iron vaults. They are using Polygon’s low-fee availability to improve the times when vaults are harvested significantly. The more the harvesting, the more compounding takes place on Beefy. In simple terms, Beefy’s compounding has increased from once per 10 minutes to a staggering ten times per minute.
Iron Finance currently holds the second most popular stablecoin on the Polygon Network – IRON. A ratio of 1:1 stable assets backs the stablecoin. TITAN, a volatile asset, backs the remaining section. It directly means that there is less capital required to sustain the peg.
Partially collateralized stablecoins have been a hit, and Iron Finance is the best example of that. While the approach can lead to IRON losing its peg, it still offers an exquisite aspect on Beefy’s IRON-USDC stablecoin LP pair.
With Beefy and Iron joining hands, Beefy is witnessing increased harvesting leading to better rewards. It also allows them to compound from QuickSwap’s emissions. The stablecoin vault is paying over 1% to users for now. The community has high hopes for the partnership since its names have already proven their worth in the market.
Iron Finance and Beefy Finance are joining hands to help the DeFi sector. The partnership is helping Beefy access more IRON vaults, resulting in maximized yield returns and optimal compounding. Contrarily, Iron Finance will be benefiting in the form of cross-chain product promotion and integration. Given the stature of involved parties, the partnership is expected to be a success.