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The Next Level: ZAP V3 with Beefy × Optimism × KyberSwap

December 4, 2023

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The accelerating pace of technological innovation is really an incredible thing. Each year, new hardware and software updates reliably usher in the future in a way that new inventions and techniques did unpredictably each decade only a few centuries ago. Better still, working with open source and permissionless technology means we don’t have to pay a premium or wait a year to get hands-on with the latest technology. In Web 3.0, the state of the art is arriving every single day, live and direct to the systems you know and love, and all at lightning-fast pace. ⚡️

It feels like only yesterday that we were revelling in the launch of our next-level V2 ZAP technology - the ease-of-access tool that delivers users from any of their favorite bluechip assets into the vault of their choosing at low low costs. But in fact, it’s been the best part of a year already, and tens of thousands of successful zaps. It feels a shame to already be announcing our last innovation’s retirement, but alas, V2 has had its day.

Today, we’re excited to announce the launch of Beefy’s ZAP V3, the next chapter in accessibility and functionality for the Beefy protocol. In partnership with some big names, we can’t wait to deliver this great leap forward in the flexibility of our ZAP tooling and to rain down a barrage of incentives on our users to celebrate the launch. Let’s talk ZAP. 👇

ZAP V3

So what is ZAP V3? Well, V3 is a flexible canvas, which unlocks a long menu of integrations, functionality and partnerships. Previously, V2 used only a single aggregation partner 1inch and was able to access only specific vault types that conformed to particular stands (Uniswap V2 and Solidly forks). V2 was built to unlock the functionality of swapping in but was never intended as the optimal solution. By contrast, V3 permits an unlimited number of integrations, tokens and swap aggregation, meaning it really can deliver the best value entry or exit to Beefy vaults by continually building and adapting its integrations and logic.

As you might expect, this big leap forward in technical functionality means a big step forward in smart contract logic. Conscious of the risks of new technology, we’ve made sure that V3 is properly audited, and by the best in the business - OpenZeppelin. OZ is one of the most pivotal groups in the history of EVM blockchains, having literally authored the standards and template contracts for so many of the fundamental building blocks relied on by all of Web 3.0. Following a detailed audit, we’re pleased to publish the results today, confirming a clean bill of health for V3.

With the auditing done, our frontend team has been busy building a characteristically simple and user-friendly interface to engage with ZAP V3, which also goes live today. As with the previous generation, simply head to the vault page that you want, select from our widest ever range of assets to deposit from the dropdown menu, and Beefy’s UI will show you the best combination of aggregators to swap into the vault with optimal efficiency. But that’s not all…

KyberSwap

Today, Beefy adds KyberSwap to the list of DEX aggregators incorporated into our ZAP tooling. Kyber is a leading aggregator live on over 15 different EVM blockchains, which handles tens of millions of dollars in trading volume each day. The KyberSwap aggregator is a sophisticated swap machine that features dynamic trade routing, meaning it combines fractured liquidity across multiple DEXs to achieve a better average rate for your swap than is available on any single DEX. Kyber opens the door for Beefy ZAP to reach even more chains and vaults than ever before, allowing us to push the boundaries of ZAP technology across the EVM universe.

Kyber’s origins trace back to 2017 with the initial offering of its Kyber Network Crystal token ($KNC). The exchange protocol went live in February 2018. $KNC is the bedrock of the KyberSwap ecosystem and allows members of the KyberDAO to vote in its governance process and participate in protocol trading fee distributions. After more recent upgrades, the token can now also be used to receive gas refunds for trading on Kyber and as collateral for DeFi loans.

With KyberSwap now incorporated into Beefy ZAP, users will now be automatically offered the best price across multiple aggregators, meaning an even greater variety of DEXs to swap through and even better value for users. To ensure you always get the best possible price when zapping from unrelated assets, V3 allows multiple swaps to be routed through different aggregators in the same transaction. And with the flexibility of ZAP V3, an infinite number of aggregators and DEXs can be built into the process over time. It’s a new level of innovation that’s well worth celebrating…

Optimism Launch Campaign

And celebrate we will, with Beefy's largest ever launch campaign! As our vision for ZAP has gradually come to fruition, we sought support from our friends in the Optimism ecosystem to give V3 the attention it deserves. In seeking grant funding from the Optimism Governance Fund, we proposed to run a lengthy launch campaign, supported by a series of marketing initiatives and partner incentive programmes. Altogether, our plan aims to distribute 210,000 $OP tokens to Beefy users over a 6-month timeframe. And that distribution starts today...

Our launch campaign rewards you with $OP tokens for using Zap V3 on Optimism. We’ll run the campaign in monthly legs, each with a dedicated pot of rewards for participants. During the leg, your activity will be monitored and scored against a set of criteria to reflect how comprehensively you’re using the tool. After the end of each leg, final scores for the leg will be calculated for all participating wallets, and the reward pool will be split per point scored among all the participants. We will be monitoring to watch out for Sybil attacks and users participating through multiple wallets to make sure the campaign can’t be gamed. Though the full criteria won’t be released upfront, it is confirmed that the metrics we’ll be monitoring are:

  • Value of zap transactions;
  • Length of engagement with the vault; and
  • Variety of assets/vaults involved with zap transactions.

But that’s not all. Throughout the 6-month campaign period, we’ll be running various incentive programs with key partners in the Optimism ecosystem, as well as a range of marketing initiatives to spread awareness about ZAP technology. This also starts today with a series of 3 partner launchpool boosts on the following Optimism vaults: Threshold's tBTC-WBTC vault, Angle and Jarvis's jEUR-agEUR vault and of course Optimism's OP-WETH vault. As we gradually work to expand the number of protocols integrated into Beefy ZAP, we’ll be running through plenty more programs with plenty more partners. Pay close attention to Beefy socials for notice of what’s being zapped next!

Zap into the Future

We at Beefy are super excited to introduce the next generation of Beefy ZAP to push forward the protocol to the next level of ease, convenience and functionality. With the enormous flexibility of the ZAP V3 design, today’s release is opening the floodgates to waves of new development and small progressions, which collectively will take Beefy into the future. And with the support of our amazing partners at OpenZeppelin, KyberSwap and Optimism, we’ll be zapping into the future with a huge amount of incentives and marketing initiatives to make the experience even more exciting.

Altogether, it's going to be a pretty fun few months as ZAP V3 gradually comes to fruition. For all the latest , make sure to follow updates on Beefy's Discord, Telegram and X page.

⚡️ ⚡️ ⚡️

ZAP V3 Audit | Optimism Grant | tBTC-WBTC vault | jEUR-agEUR vault | OP-WETH vault

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