Are you a $BIFI holder or planning to be? This might be interesting...

Just in time for the spooky Halloween season, you can now utilize $BIFI on Scream on the Fantom blockchain, and use up to 55% of its current value to borrow other tokens, or borrow $BIFI against other of your deposited assets.

Beefy has a big treasury that is being used to add as much value as possible to our users. That is why the DAO added 85 $BIFI (Around $125,000 at the moment of writing) for users to borrow $BIFI on Scream.

What is Scream?

Scream is a financial platform on Fantom that provides fully decentralized borrowing and lending. Users can lend their crypto assets on Scream’s money markets as well as use their funds as collateral when borrowing other tokens and coins.

How can I use my $BIFI on Scream?

First, head to Scream Finance and make sure to connect your wallet. Then, it’s as easy as selecting $BIFI from Lend Assets (in case you want to borrow against your $BIFI) or Borrow Assets (in case you wanna borrow $BIFI against other of your deposited assets). You can also withdraw your collateral and repay loans by switching between the tabs. If this is your first time dabbling in money markets, the safest bet is to borrow stables against your $BIFI, and deposit your borrowed stables into one of the many Beefy stable vaults. This way you should only monitor the price of $BIFI to avoid liquidations. There are many more complex strategies that you can start developing when you are more comfortable with tracking more prices.

Why is this good for all BIFI holders?

Using your $BIFI as collateral unlocks even more value from your tokens and provides yet another use case for $BIFI. It also gives you great exposure to the token. Scream users are able to borrow $BTC, $ETH, $LINK and many stablecoins against your $BIFI. Also for new users to see the $BIFI token paired with these well-known tokens adds trust to the project and helps spread awareness about Beefy.

Even if you aren’t thinking of lending your $BIFI on Scream, this is good news for you too. More uses for the tokens means there will be less $BIFI staked on BIFI Maxi, or BIFI Earn (where you deposit $BIFI and earn $FTM), so this will result in higher APYs for people choosing to stay there. See? Win-win.

Will more platforms accept $BIFI soon?

Our team is tirelessly looking to bring more use cases for $BIFI to benefit all of our cross-chain users. In order to get $BIFI accepted in more money markets, we need a Chainlink Price Oracle for the token, and our team is working very closely with Chainlink to get this in all the chains we can. So you can expect similar news as this one soon for other chains.