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Beefy x Stargate: Enter the Omnichain

September 26, 2023

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"Decentralized Finance was born on Ethereum. It was never meant to die here."

Look out far into the horizon. Deep into the future. Amongst the endlessness of space and the limitlessness of time, can we really accept that our universe is destined to produce just one world? Don't you want to believe in something more...

Followers of Beefy will know that, since the early days, our project has been laser focused on building our omnichain future; by connecting together the best projects and teams across all corners of our industry, we hope to arrive at a single unified onchain experience, that delivers more for each and every user. But in our complex universe of distinctive and evolutionary blockchains, the ability to move between worlds often feels as complicated and groundbreaking as an Apollo mission.

That's why today, Beefy is delighted to be celebrating our longstanding partnership with Stargate - one of the biggest and most exciting names in crosschain bridging - who stands alongside us in our journey to the Omnichain.

Stargate

Stargate is a community-driven organization that has produced and maintains the first fully-composable native asset bridge. Its solution uses the power of crosschain messsaging to deliver lightning fast and secure performance for transporting assets between 13 different blockchains, to every corner of the Omnichain.

Users new to Stargate should take a look at their comprehensive documentation, which sets out how the protocol works. Stargate offers a simple transfer service where tokens are swapped on one chain for another (with a short delay for bridging). Similar to other decentralized exchanges, users can also contribute to the protocol by supplying liquidity to its various pools, and earn incentives on that liquidity through $STG token farms. Finally, by locking your $STG with the protocol, you can accrue vote-escrowed STG ("veSTG") and participate in Stargate's governance.

Beefy is proud to be working closely with the Stargate community to support the liquidity of its $STG token. Through our recent Stargate governance proposal, it has been agreed that Beefy will handle $3 million of $STG liquidity through our existing STG-USDCe vault on OP Mainnet. We will also implement extra $OP boosts for this vault to incentivize new and existing liquidity providers. Together, Beefy and Stargate aim to anchor liquidity through our proposal, to facilitate and encourage participation in Stargate's governance and community on Optimism.

LayerZero Technology

Stargate is built on top of LayerZero - a leading crosschain messaging network that operates across 30 different blockchains. Though its service can be used for all manner of use cases, the technology supporting crosschain assets is at the heart of Stargate's design.

Unlike many other bridging services, LayerZero leaves control of the underlying assets in the hands of users, who deploy their own "Omnichain Fungible Tokens" ("OFTs") to support the bridge. The OFT smart contracts receive the underlying asset on the native chain, and custody them for the duration of the bridged asset's life. A message is sent through LayerZero's router to the equivalent OFT contract on the bridged chain, which mints a bridged copy of the asset. In the reverse, the copy can be burned to submit a crosschain message instructing the native OFT contract to release the underlying asset.

Avid readers will be all too familiar the next generation potential of Stargate and LayerZero's technology, which Beefy has been demonstrating with our recent crosschain yield optimizing strategies. And users of all types will benefit equally as both projects continue to rollout across an increasing number of chains, assets and use cases. Together, Beefy, Stargate and LayerZero are rapidly arriving at our Omnichain vision.

Interplanetary Boost

To celebrate our longstanding partnership, Stargate and Beefy have teamed up to bring you another celestial boost that's truly out of this world!

Starting on 26 September, we will be boosting the Beefy STG-USDCe vault vault on Optimism with copious quantities of $OP tokens. All you need to do to participate is zap into the vault with one transaction, pre-stake with the "Boost Vault" button when we notify you, and then sit back and soak up your share of these stratospheric boosted rewards!

Enter the Omnichain

Though we all have a fondness from the cradle of our lives, the time inevitably approaches in each world's lifecycle where its inhabitants must push beyond their limits and leave behind the environment that birthed them. For Web 3.0, this means moving beyond a single chain or ecosystem, and recognising the power of our wider Omnichain.

Stargate is at the forefront of this mission, pushing the boundaries of what we believe is possible, and delivering on the promises of crosschain technology. Together with Beefy, we look forward to anchoring the liquidity behind the community, and helping reach towards our collective dream.

The Omnichain is Here.

Stargate App | Stargate Docs | Beefy Proposal | STG-USDCe Vault

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