What is the BIFI token?
BIFI token is a crypto asset that represents a share in the Beefy platform. As a holder of BIFI tokens, you have the chance to earn profits generated by Beefy and participate in important platform decisions. You can also easily buy, and manage the BIFI token using Trust Wallet, and in this guide we’ll dive into what the BIFI token is and why it’s important to the Beefy ecosystem.
The Role of BIFI in the Beefy Platform
BIFI is the native governance token of Beefy. By staking BIFI in different vaults on the platform, you can participate in the governance process of Beefy. This means you can have a say in the decisions that shape the platform's future. You can do this no matter which blockchain you use to hold or stake your BIFI.
How Does Staking BIFI Work?
The BIFI token can be staked in the BIFI Maxi vault or the BIFI earnings pool. Staking your tokens means you're setting them aside in these vaults to earn rewards. For example, in the BIFI Maxi vault, you can earn more BIFI tokens. Additionally, a portion of all vault profits on the platform is distributed back to those who stake BIFI.
How to deposit BIFI tokens in your Trust Wallet?
Depositing BIFI tokens in your Trust Wallet is simple. If you don’t yet have a Trust Wallet, here’s how to install and set it up.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
- Open the Trust Wallet app, and choose “Create a new wallet.”
- Select an option to back up your wallet.
- Once your wallet is set up, tap on “Start using Trust Wallet.”
Step 3: Deposit your BIFI tokens
- Select the “Receive” button.
- Search for “BIFI”.
- Then copy your BIFI deposit address and use that on your other wallet or exchange to send the BIFI tokens to your Trust Wallet.
Note: you can use our crypto deposit guide for more details on how to deposit crypto assets to your Trust Wallet.
How Can You Use BIFI Tokens?
Once you've got your BIFI tokens, you can stake them on the Beefy platform in the Maxi or Earnings Pool vaults. You also have the option to deposit your BIFI into liquidity pool positions on the platform. Finally, you can use your BIFI tokens to vote on important platform decisions.
For more details on interacting with the Beefy ecosystem using Trust Wallet, check our Beefy partner article.