Checking the BFD documentation I am surprised that the simplest use case for BFD is not supported: using it to check the validity of a static route without using a routing protocol (BGP or OSPF).
This feature would be extremely useful. Nowadays many Internet services use complex circuits that may traverse several networks and most failures won't cause a link down event. I know there is Netwatch, but it only applies to one side.
Other router manufacturers such as Juniper have a very nice feature: adding a bfd-keepalive. Something like...
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set static route 192.168.1.0/29 next-hop 10.0.1.1 bfd-liveness-detection neighbor 10.0.1.1
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/ip route add dst-address=192.168.1.0/29 next-hop 10.0.1.1 bfd-neighbor=10.0.1.1 bfd-interval=0.2s bfd-min-rx=0.5s bfd-multiplier=5
Someone will say that Netwatch or check-gateway do exactly the same, but they don't. The advantage of BFD is that both ends of a link (imagine that there is another brand of router at the other end like Juniper or Cisco) will detect a broken connection. With Netwatch or check-gateway only the Mikrotik side will notice.