This chart tracks @beefyfinance’s $BIFI market cap from launch (2021) to May 2025.
Once a DeFi pioneer — cross-chain vaults, auto-compounding, capital efficiency. But what was revolutionary then… is baseline now.
Yield alone doesn’t cut it anymore.
It has to be modular. Directional. Programmable.
No real bounce in 2023–2024, even as DeFi came back into focus. That’s not just market fatigue — that’s narrative loss.
@pendle_fi didn’t compete directly.
It redefined yield itself — and absorbed the capital and mindshare BIFI once owned.
Evolution in DeFi doesn’t wait.
