Beefy Finance $BIFI Collateral Through Scream
Scream is a financial platform on Fantom that provides fully decentralized borrowing and lending. Users can lend their crypto assets on Scream’s money markets as well as use their funds as collateral when borrowing other tokens and coins.
How can I use my $BIFI on Scream?
First, head to Scream Finance and make sure to connect your wallet. Then, it’s as easy as selecting $BIFI from Lend Assets (in case you want to borrow against your $BIFI) or Borrow Assets (in case you wanna borrow $BIFI against other of your deposited assets). You can also withdraw your collateral and repay loans by switching between the tabs. If this is your first time dabbling in money markets, the safest bet is to borrow stables against your $BIFI, and deposit your borrowed stables into one of the many Beefy stable vaults. This way you should only monitor the price of $BIFI to avoid liquidations. There are many more complex strategies that you can start developing when you are more comfortable with tracking more prices.
Why is this good for all BIFI holders?
Using your $BIFI as collateral unlocks even more value from your tokens and provides yet another use case for $BIFI. It also gives you great exposure to the token. Scream users are able to borrow $BTC, $ETH, $LINK and many stablecoins against your $BIFI. Also for new users to see the $BIFI token paired with these well-known tokens adds trust to the project and helps spread awareness about Beefy Finance.
Even if you aren’t thinking of lending your $BIFI on Scream, this is good news for you too. More uses for the tokens means there will be less $BIFI staked on BIFI Maxi, or BIFI Earn (where you deposit $BIFI and earn $FTM), so this will result in higher APYs for people choosing to stay there.
About SCREAM
SCREAM is a highly-scalable decentralised lending protocol built and powered by the Fantom Blockchain.
SCREAM is a lending protocol built on Fantom, for Fantom. SCREAM provides peer-to-peer lending solutions that are fully decentralized, transparent and non-custodial. SCREAM aims to build high-velocity markets for more traditional crypto-asset lending services, but with the goal of improving overall capital-efficiency across a wider range of Fantom-based assets.
About Beefy Finance
Beefy Finance is a Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings.
Through a set of investment strategies secured and enforced by smart contracts, Beefy Finance automatically maximizes the user rewards from various liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem.
