Beefy

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Beefy is a yield aggregator that auto-compounds deposits across underlying farms, running hundreds of vaults across many chains; DefiLlama recorded about $102.7M on 2026-08-14. The breadth is the problem: deposits route across underlying venues, several on chains the registry rejects, and the mix changes without notice to us, so a client would inherit verdicts we cannot see on any given day. More fundamentally, allocation across vetted venues is the service we charge for, and outsourcing it to an automated allocator with no duty to this client forfeits both the fee and the position that justifies it. This is about which layer of the stack we occupy, not Beefy’s quality.

Kill criteria: the events that revoke this verdict
• Publishes allocator mandates, curator accountability, and per-vault disclosure that let the delegation be underwritten

The research file

Mechanism

Each Beefy vault accepts a named deposit asset or LP receipt and issues mooTokens. Its strategy stakes that asset in a third-party farm, harvests reward tokens, swaps them and reinvests into more of the deposit asset. The aggregate slug spans money markets, native-token farms, LP farms and concentrated-liquidity managers rather than one economic claim.

Control and operating evidence

Strategists propose and maintain strategies; a developer multisig can schedule strategy changes after a timelock. Beefy documents per-vault testing, risk labels, public timelock monitoring and a panic function that pulls capital from a farm and removes allowances. These controls reduce operational risk but do not make future underlying allocations advisory-approved.

Exit consequences

Burning mooTokens requests the deposited asset from the current strategy. If the farm is liquid, the strategy withdraws it; panic can hold assets locally for exit. LP vaults return LP exposure unless a zap trades it, and any failed underlying, depeg, bridge or rejected chain remains embedded. Fees and swap slippage can reduce a one-asset exit.

Why the class rule decides

Beefy automates the allocation and maintenance layer this advisory program is meant to control. Depositors inherit the selected farm, reward routes, strategy upgrade and chain after deposit. The delegated-allocation class therefore decides despite Beefy now exceeding the size floor. A static, capped, single-venue vault could reopen individually.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Beefy Docs — vault receipts, strategies and withdrawals · primary · accessed 2026-08-14
  Supports: mooToken receipt, vault types, auto-compounding, withdrawal
• Beefy Docs — strategy contract · primary · accessed 2026-08-14
  Supports: third-party farm deployment, harvest, reward swaps, panic function
• Beefy Docs — SAFU standards and strategy upgrades · primary · accessed 2026-08-14
  Supports: vault testing, timelock, risk labels, emergency withdrawal
• DefiLlama — Beefy survey record · secondary · accessed 2026-08-14
  Supports: survey TVL, chain breadth, yield-aggregator category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.