Question 1

What is BIFI?

Accepted Answer

BIFI is Beefy's ERC-20 governance token. Its core use within the project is to allow holders to participate in Beefy DAO governance and to serve as the asset deposited and used to measure participation shares in Beefy's incentive programs. BIFI itself is not a deposit receipt for a Beefy Vault and does not automatically grant ownership of any strategy, vault, or underlying asset. Trading liquidity or lending-collateral use in external contexts differs from Beefy's internal governance use.

Question 2

What are BIFI's supply and issuance rules?

Accepted Answer

Upon initialization, the current BIFI contract minted 80,000 tokens to the Beefy Treasury; official documentation states that this is the entire supply that the contract will mint and that the contract has no further minting authority or official burn function. This means the contract-level cap of 80,000 tokens will not increase through new minting, but it does not mean the amount tradable in the market is fixed. Treasury holdings, liquidity positions, redemption of unmigrated tokens, and holder transfers can all affect sellable market supply.

Question 3

How is BIFI governance voting calculated?

Accepted Answer

BIFI holders participate in governance through Beefy's Snapshot page, with voting power determined directly by the amount of BIFI they hold; holdings may be fractional. Official documentation states that holding BIFI in a wallet, BIFI Pool, or BIFI Vault provides voting eligibility. Snapshot records an on-chain snapshot when a proposal is published and calculates voting power using holdings at that point. Buying BIFI after voting begins does not increase voting power for that vote, so voting power is not recalculated based on the balance at the end of voting.

Question 4

What is required to create a BIFI governance proposal?

Accepted Answer

Users holding or staking at least 1 BIFI can create proposals on Beefy Snapshot; a proposal must specify a question, options, and start and end times. Ordinary holders can also connect a wallet on open proposals, select an option, and sign to submit a vote. This is a condition for governance participation, not a guarantee that a proposal will pass. Different proposals may use basic voting, single choice, weighted, quadratic, or ranked-choice formats, and results must be understood according to the rules used by that proposal.

Question 5

Can BIFI voting power be delegated?

Accepted Answer

You can delegate another person to use your BIFI voting power; the delegate combines delegated voting power with their own when voting. This allows holders who do not vote on each item to participate in governance through a representative they choose. Beefy's Snapshot tool recognizes only delegations completed on Ethereum. Even if a delegation is recorded in a DelegateRegistry contract on another network, official documentation states that the tool will not count it, so confirm the network and current delegation status before delegating.

Question 6

Why did BIFI migrate in 2023?

Accepted Answer

BIFI migrated in 2023, directly following a serious failure involving the cross-chain provider Multichain. Beefy subsequently sought approval through BIP:71 to move the token foundation to Ethereum and adjust incentive programs while building a new revenue bridge and token bridge. The migration was implemented in September 2023. It addressed cross-chain token infrastructure and fund-flow arrangements; tokens or contracts on old chains cannot automatically be treated as current Ethereum BIFI, and official migration and redemption rules must be verified for old assets.

Question 7

What changed in the post-migration BIFI contract?

Accepted Answer

Post-migration BIFI is based on Ethereum and uses an upgradeable contract standard and the EIP-2612 permit pattern. Permit allows users to submit an approval by signature; in the bridging context described officially, this can avoid paying gas separately for that approval transaction. “Gas-free approval” does not mean subsequent transfers, bridging, or swaps are all free, nor does it mean signing carries no risk. Before signing, verify the authorized contract, allowance, chain, and transaction content, and avoid signing permits on imitation pages.

Question 8

How does the BIFI Pool generate and distribute incentives?

Accepted Answer

The BIFI Pool is part of Beefy's incentive program: after users deposit BIFI, they receive rBIFI, whose amount reflects the amount of BIFI deposited. Relevant fees from Vaults across chains are collected through the revenue bridge and Fee Batch, and incentives entering the pool vest linearly in WETH; users must claim them manually. Rewards do not come from newly minted BIFI, and their amount depends on protocol fees and the distribution process. Claiming also requires gas to transfer rewards to the wallet, so “claimable” and “already received” are different stages.

Question 9

How do the BIFI Vault and mooBIFI work?

Accepted Answer

The BIFI Vault is built on top of the BIFI Pool: it deposits BIFI into the Pool, periodically auto-claims the native incentives there, converts them to BIFI, and deposits them back into the Pool. Users receive mooBIFI representing their share in the Vault. Because rewards are converted and reinvested, official documentation states that 1 mooBIFI can correspond to more than 1 BIFI; this reflects the relationship between Vault shares and assets, rather than additional issuance of mooBIFI itself. Swap routes, prices, and protocol fees all affect actual outcomes.

Question 10

How are BIFI incentives related to Beefy protocol fees?

Accepted Answer

The incentive funding flow is broadly as follows: Beefy Vault strategies collect relevant fees when compounding yields; Revenue Bridges on each chain collect and bridge these fees to Ethereum; when the amount is sufficient, Fee Batch aggregates them, then sends one portion to the Treasury and another portion, after conversion, to the governance incentive program. Accordingly, BIFI Pool and Vault incentives are connected to fees actually generated and collected by the protocol, rather than being a fixed-rate commitment. Underlying strategy performance, fees, bridging, and swap execution all affect the distributable amount.

Question 11

Does holding BIFI guarantee returns?

Accepted Answer

Holding BIFI alone permits governance participation, but does not provide a fixed amount or fixed rate of rewards merely through holding. Only by depositing into the BIFI Pool or BIFI Vault does a user enter the corresponding incentive and share mechanism. Even after depositing, rewards depend on protocol fees, time, shares, and execution outcomes, and may be affected by smart contracts, bridging, swaps, market prices, and gas costs. Historical APY or incentive records do not guarantee future returns.

Question 12

How can I distinguish current BIFI from related share tokens?

Accepted Answer

The current official documentation lists the Ethereum BIFI contract address as 0xB1F1ee126e9c96231Cc3d3fAD7C08b4cf873b1f1 and provides the corresponding block explorer link. It is different from pool or Vault share tokens such as rBIFI and mooBIFI. Before acting, distinguish the “main BIFI token” from share tokens received after depositing, and verify the network and contract. Especially after the migration, old tokens, cross-chain representations, and imitation contracts cannot be identified solely by identical names or tickers.

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