What is Bifi Finance (BIFI) | What is Bifi Finance token | What is BIFI token
BiFi (Bifrost Finance) is a multichain DeFi project powered by Bifrost’s multichain technology. BiFi connects not only Ethereum based tokens, but also other tokens from different blockchains such as Bitcoin, Tron and Klaytn. BiFi will offer multichain wallet, lending, borrowing, and staking services, as well as yield farming rewards and other multichain investment products.
What makes BiFi unique?
Bifrost: BiFi is powered by the multichain technology of Bifrost. With Bifrost, BiFi can use different tokens and coins from different blockchains and protocols on its services. Through multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people. Bifrost Wallet: Bifrost Wallet is a multichain wallet that supports multichain DeFi products and services on BiFi. Users can use multichain services such as lending and borrowing using Bifrost Wallet. Security Focused: Hacks and frauds have tainted the blockchain ecosystem. Our team of hackers, researchers, and security experts are dedicated to maintaining the highest standards of security. With us, you can securely put your money to work. ### What are its use cases? BIFI token serves multiple functions on BiFi’s multichain DeFi platform. It can be used as a governance token, used to vote on proposals to enhance or submit proposals for BiFi. It can also be used as a currency to pay for multichain DeFi services on BiFi.
What is BIFI Token?
BIFI token is the governance token for BiFi — the multichain DeFi platform for borrowing, lending, and investing. Holders of BIFI token can vote on proposals to improve the BiFi service. Users will also be able to use BIFI token for various financial services on BiFi, such as investment, insurance, and trading. Lastly, BIFI token is going to be used as a fee when using multichain services. As BiFi is built on the multichain middleware platform Bifrost, it needs to lock-up and pay a certain amount of BFC (Bifrost token) when using Bifrost.
What is BIFI Token Distribution Plan?
There will be a total of 1B BIFI tokens. Initial supply of BIFI token is 100M — 10% of total supply.
The BIFI token will be distributed in two ways:
- 50M BIFI tokens will be distributed in the first month BiFi launches and can be earned by BFC/ETH liquidity pool mining or BFC staking on BiFi.
- 50M BIFI tokens will be initially supplied on Uniswap.
40% of 1B BIFI tokens is allocated to Service Incentives. 20% is allocated for Yield Farming, which includes liquidity pool mining (BFC/ETH) and staking (BFC). Then, 15% is allocated to Team and 15% to Treasury & insurance.
After the initial distribution of 100M BIFI tokens, 36%, 27%, 18%, and 9% of BIFI tokens will be distributed for the next four years, respectively. When all 1B BIFI tokens have been distributed, 2% of 1B BIFI tokens will be inflated each year.
See the chart below to see the details of BIFI token distribution:
📌 Distribution of token can be changed through governance of BiFi.
BiFi Token Circulation Ration
How to Earn BIFI Token
There are three ways to earn BIFI tokens:
1. Purchase BIFI tokens on exchanges.
2. Earn BIFI tokens by liquidity pool mining (BFC/ETH) and staking (BFC) on BiFi.
3. Earn BIFI tokens as a Service Incentive, an incentive to BiFi service users who lend or borrow assets on BiFi. Service Incentive will be added shortly.
Would you like to earn BIFI right now! ☞ CLICK HERE
How and Where to Buy BIF?
BIFI has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BIFI
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase BIFI from the exchange.
Exchange: The top exchanges for trading in Beefy.Finance are currently Binance, PancakeSwap, and OpenOcean
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BIFI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com
Find more information BIFI
☞ Website
☞ Explorer
☞ Whitepaper
☞ Source Code
☞ Social Channel
☞ Message Board
☞ Documentation
☞ Coinmarketcap
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
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