Beefy Finance Staking on Optimism
Beefy Finance staking on Optimism. Beefy is back with a fresh batch of Vaults for all fans of Ethereum scaling solutions. You’ll now be able to earn on Optimism, an optimistic rollup Layer 2 network. With five Vaults to stake in and a simple Optimism Bridge to use, you can get started in no time.
Optimism is an Ethereum Layer 2 blockchain that provides a scaling solution for DApps and transactions. It also uses optimistic rollups where multiple transactions are bundles and settle on the main Ethereum blockchain. As a result, each transaction is automatically assumed to be valid, streamlining the process.
Validators have a week to flag any rollup if they believe it contains invalid transactions. For the user, Optimism reduces gas fees and provides a quicker alternative than dealing directly with Ethereum.
How Optimism governance work
The Optimism Collective and Optimism Foundation work together in funding projects and public goods through Optimism’s governance mechanism. Holders of the ERC-20 OP token gain voting rights on proposals and the token will be airdrop to addresses that have engage in positive community behavior.
The Optimism Collective has two chambers: the Citizens’ House and the Token House. Members of the Citizens’ House have soulbound membership established by a non-transferable NFT. In addition, by becoming a member is determines by the Foundation and Token House (made up of OP token holders).
Beefy will start compounding five Beethoven-X LP vaults on Optimism.
How to bridge funds to Optimism
- To stake in Beefy’s Optimism Vaults, you’ll need to either purchase Optimism tokens or use the Optimism Bridge. The Optimism Bridge works as an aggregator, combining multiple bridging services. This allows Optimism Bridge to offer the widest range of tokens for bridging if it can’t natively bridge the asset itself.
- In the “From” section, you can choose the network and token you want to bridge. In this case, we’re bridging ether (ERC-20) to Optimism. Simply enter the amount you want to bridge and then confirm the swap.
- For networks that Optimism doesn’t support, you’ll need to pick from an alternative bridge. You can see the options below for BNB Smart Chain bridging.
Why Beefy chose Optimism
Beefy considers a good amount of things before deploying on a new chain, and Optimism has a few traits that stand out in particular. The rollup has a strong orientation to build public goods, creating a thriving and valuable ecosystem. It’s also heavily governed by its users due to the OP airdrop that put the blockchain partly in their hands.
ABOUT Beefy Finance
Beefy Finance is a Decentralized, Multichain Yield Optimizer that allows its users to earn compound interest on their crypto holdings. Beefy earns you the highest APYs with safety and efficiency in mind.
ABOUT Optimism
Optimism is a low-cost and lightning-fast Ethereum L2 blockchain. The Optimism pledges to uphold the values of Ethereum by producing infrastructure that promotes the growth and sustainability of public goods.
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