Beefy has been pushing its core products (vaults) over the year, and now looking to improve the platform. The idea is to add a bridge to beefy ecosystem to increase the multichain user experience, but we don’t really need to build it from scratch.
For the V1 of the bridge, we can work on a Beefy UI that would use anyswap.exchange in the back to bridge BIFI across all chains. This initiative requires a 5.5K$ grant detailed below. We hope to get the bridge V1 ready by the time Beefy V2 goes live to implement it directly.
|-|Coordination & proposal: Dydymoon: (Milestone 1)
|-|Dev Implementation : ReflectiveChimp (Milestone 2-3-4)|
|-|UI design: Agiziga: (Milestone 5)|
As ReflectiveChimp is only available on the weekends for this task, it should take a few weeks. We’re aiming for mid-October to get this ready.
- Milestone 1: Grant proposal: 1 day, planned for October 2nd - Milestone 2: Research on Anyswap contracts: 1-2 days, planned for October 2-3rd - Milestone 3: Building the app (react): 2-3 days, planned for October 9-10th - Milestone 4: Design the bridge UI: 2-3 days, planned for October 9-10th - Milestone 5: Implementing the contracts into Beefy UI: 2-4 days, planned for October 16-17th
- Costs: The requested grant is 5.5K$ which is 0.38% of the total treasury (I propose to use POTS or FTM as it’s both biggest part of the treasury: POTS represent 22% of the treasury and 30.4% for FTM) that will be used as follow:
- 55% to pay the dev work (3000$)
- 18% to pay for the UI design (1000$)
- 18% to pay the coordination (1000$)
- 9% to pay for all the tests between all chains + fees from Anyswap (500$)
Gains: There is no direct ROI on this proposal as the bridge won’t have any fees or tokens, at least for now. However, by implementing this bridge to Beefy:
- We will improve the user experience by allowing users to stay on the same platform to bridge and stake their assets.
- It opens some possibilities for the future, with a v2 that will include all tokens.
- We might be able to negotiate to lower or even remove the fees for BIFI transfers, as the integration could bring a lot more fees and volume to Anyswap.
- This integration could allow Beefy to launch cross chains strategies.
- Regular smart contract risks
- V2 risk (V1 not concerned) Low or lack of liquidity on Anyswap: If there is enough liquidity on Anyswap for USDC for example, they will send some anyUSDC which means that the user needs to wait until there some liquidity back.
- Let’s vote and grant 5.5K in POTS
- Let’s vote and grant 5.5K in FTM
- Let’s discuss it