Beefy

You deposit a token, often a DEX liquidity-pool token, into a Beefy vault and receive a mooToken receipt. The vault's strategy stakes it on the underlying farm, and on each harvest sells the reward tokens and adds them back to your position. Beefy's own bot, the Cowllector, harvests every vault at least every 24 hours on every chain except Ethereum, and more often when profitable (treasury docs). Most vaults also harvest whenever someone deposits.

Beyond plain vaults, Beefy runs CLM vaults that manage concentrated-liquidity ranges, Zap for entering a vault from any token (including cross-chain Zaps), and escrow products such as beS and beQI. DefiLlama counts deployments on 41 chains, from Ethereum and Base to Monad and Fraxtal (DefiLlama).

A vault's risk is the risk of the farm under it plus the risk of the chain it runs on. Beefy publishes its SAFU standards and a vault risk checklist; read them against the vault you pick.

Beefy charges a performance fee on harvested rewards, never on your principal, and the APY in the app is already net of it (fees breakdown). Older vaults typically charge about 4%; vaults launched after governance vote BIP:45 can charge up to 9.5%.

Staking BIFI (the "BIFI Maxi" vault or governance rewards pool) is how holders collect their share, paid from real protocol fees rather than new token issuance, since all 80,000 BIFI were distributed by July 2022. Zap users pay 0.05% on entry or exit.

Fees collected on each chain pass through a Revenue Bridge to Ethereum and a Fee Batch contract that swaps and splits them. Treasury spending, including contributor pay and the harvest bot's gas, needs 4 of 7 signatures from the Treasury Council (treasury); BIFI holders vote on Snapshot at one vote per token.

Beefy held about $121 million on 27 September 2026, against a peak of about $1.3 billion in November 2021 (DefiLlama). DefiLlama's hacks database lists no exploit of Beefy's own contracts. Vault losses have come from the farms underneath, which is why Beefy keeps a published risk checklist for vaults and runs a public bug bounty.

The closest call was not a hack of Beefy. In July 2023 Multichain, the bridge that had issued BIFI on every chain except Ethereum, failed. Beefy moved to a new, non-mintable BIFI contract with all 80,000 tokens minted to the treasury for distribution to existing holders through a migration (BIFI docs).

The team is mostly pseudonymous by choice, though its docs note members appear at conferences and have given personal details for exchange listings (team). There is no incorporated operating company named in the docs.