. Risk of total capital loss .
Without notifying users, they increased transaction fees by more than sixfold, and project management did not respond to customer requests. Take all your money out of this project. This project is fraudulent in our opinion.
AutoFarm is a yield farming aggregator running on both Binance Smart Chain (BSC) and Huobi ECO chain (HECO) The DApp (Decentralised Application) was designed with the purpose of optimising DeFi (Decentralised Finance) users yields as they interact with the other DApps in the DeFi space.
Autofarm was initiated on Binance Smart Chain with no pre-farm, no pre-sales and with the goal of optimising DeFi users’ yield farming at the lowest possible cost (All APY & APRs shown have already included fees).
Autofarm started out as a project by founder @mildgiraffe who has a rich knowledge and experience of the crypto space and dealing with codes and smart contracts. He single-handly launched Autofarm and witnessed tremendous growth where the Total Value Locked (TVL) of the protocol went from a meagre <$5 million to $537 million in less than two months, putting Autofarm on the 3rd spot in TVL across the entire BSC space. Consequently, the price of AUTO went up roughly 654x in the same period of time, valuing Autofarm at about $442 million.
Vaults benefit users by socializing gas costs, automating the yield generation and compounding process. Given the efficient and reasonable cost-pricing model of Autofarm alongside the optimal compounding strategy which aims for efficiency between gas costs and compounding frequency, Autofarm stands out as the best yield aggregator in terms of final APYs. End users also do not need to have proficient knowledge of the underlying protocols involved or DeFi, thus the Vaults represent a passive-investing strategy. It is akin to a crypto hedge fund where the aim is to increase the amount of assets that users deposited.
AutoFarm Vaults is a yield optimizer platform focused on providing DeFi users with auto-compounded yields at empirical optimal intervals, whilst pooling gas costs through battle-tested smart contract code and best in class yield optimizing strategies. Autofarm uses a proprietary dynamic harvesting optimizer to enable the highest APYs on our vaults.
“Only the best yields, automatically.”
AutoSwap is a DEX aggregator that gets you the best prices from your DEX trades. AutoSwap splits your trade across multiple DEXes to ensure the best prices and lowest slippage possible. Your trades with AutoFarm Swap also become non front-runnable and non arbitrageable.
“BSC’s best DEX aggregator”
In the space of crypto, especially in the Decentralised Finance (DeFi) space, users have to understand the risks of projects and smart contracts before venturing into DeFi. We call this DYOR (do your own research).
As part of Autofarm’s long-term commitment to security and building trust within the community, we have laid out the ways in which we attempt to mitigate risks and provide a seamless Autofarm experience which users can trust.
General DeFi Risks
DeFi risks encapsulates a wide range of risks such as impermanent loss to risks of falling for scams such as wallet draining, private key being stolen, et cetera. Hence, DeFi users have to be careful themselves and learn to educate themselves constantly in this space. You can find a guide to keeping your funds SAFU here.
Smart Contract Risks
Smart contracts are innovative way for cryptocurrencies to interact with one another and with dApps (decentralised applications). However, due to the complexities that comes with smart contracts, certain smart contracts may be prone to hacks. We’ve mitigated this risk by equipping all smart contract with 24hr time-locks (except $AUTO rewards multiplier at 12hrs) and having reputable auditors to audit the entire project. You can find the audit report by Anchain.AI here and Vidar here. CertiK is also currently working on auditing all of Autofarm’s smart contracts and we have also employed Slowmist as our 2nd auditing firm.
Autofarm users can also purchase insurance to safeguard against smart contract failure and potential exploits with Soteria. In addition, Autofarm has also partnered with CertiK to implement CertiKShield as a safeguard against potential theft or lost funds. Lastly, Autofarm is pledging the 30% gas rebates which we will receive from the monthly Binance BUIDL Reward Program to set-up an Autofarm SAFU fund to be used for reimbursements the event of exploits or loss of funds.
Fun Fact: Most of our vaults are operated using only 1 contract (not creating new contracts for each vault), so new vaults are created using the same construct (but with different constructors; which are the parameters/inputs to the contract). Hence, there is no need to worry about new contracts being created each time more vaults are added, thereby reducing the need for new audits constantly.
3rd Party Risks
Autofarm serves as a yield aggregator by providing vaults which auto-compounds rewards. However, vaults does not indicate any partnership or support by Autofarm. We’ve mitigated this risk by splitting the vaults into ‘turbo’ and ‘non-turbo’ based on the individual yield farm’s reputability on the BSC space, of which ‘turbo’ vaults are considered more risky.
Autofarm started with no pre-farm nor pre-sale. $AUTO are minted linearly starting from 15 December 2020 and will end approximately during October 2021 (0.008 $AUTO/ block)
To ensure fair distribution of $AUTO, only vault users (non-turbo vaults) will be able to mine $AUTO tokens in addition to the yields from auto-compounding vaults.
Deflationary Tokenomics: Vault fees (1.5 – 3.0%) on vault users’ profits are used to perform market buy-backs and these $AUTO are burnt out of supply forever here.
Receive fees from cross-chain vaults
Receive fees from DEX aggregator
~88% are available for the vault token mining programme
~12% are dedicated to the team to ensure sustainable and rapid innovation
*The team has locked away 1,388 $AUTO tokens (from the first 1.5 months of emissions) for 6 months here.
Total of 73 vaults (66 non-turbo, 7 turbo vaults)
Only non-turbo vaults are available for vault token mining programme
Total of 14 vaults (all non-turbo)
All HECO vaults are not eligible for $AUTO vault token mining programme
Total APY = Farm APY + Auto APR ($AUTO rewards do not recompound)
*All APY and APR shown in each vault details have already included all the relevant fees, hence achieving WYSIWYG (what you see is what you get).
To be implemented by Q1 2021.
Gnosis Safe Multisig: 0x41360098859C1351D6a65c4965b1FcF3A6aB5010
Gnosis Safe Multisig is an application that enables multisig approval when transferring your assets. The Insurance Multisig has been implemented and the signature key holders are: Autofarm Treasury, Autofarm Deployer, @yprivacymatter, @fmnxl and @shieldedpenguin (TG handles).
Deployment of assets in AutoSAFU (to earn interest) & disbursement of funds in the event of exploit or loss of funds will require at least 3 out of 5 signatures for the transaction to be approved. (Details on disbursement plan will be released soon)
As part of our participation in the Binance’s Most Valuable Builder (MVB) Accelerator Programme, the Autofarm team is pledging all the 30% gas rebates which we will receive from the monthly BUIDL reward (we’re currently 3rd for the month of February & March) to be utilised for Autofarm’s protocol insurance. This will be used for reimbursements to Autofarm users in the event of exploits or loss of funds.
This is in addition to the other measures which Autofarm has taken to better secure the Autofarm protocol. You can find out more details on this over here.
ƒarmƒol.io is an intelligent portfolio manager designed to simplify how users monitor and track their assets on Binance Smart Chain. In the coming days, Autofarm users can look forward to a native integration of the portfolio manager into the Autofarm DApp and will enjoy free access to the portfolio manager for assets on the Autofarm vaults.
As the DeFi landscape evolves, it is the hope that together with the community, Autofarm will be able to continuously innovate rapidly and bring users more best-in-class DeFi services.
DeFi is the future. Might as well automate it 😉
✅ Feb: Huobi ECO chain (HECO) automated yield aggregator
Mar: BSC DEX aggregator Alpha launch
May: Huobi ECO chain (HECO) DEX aggregator Alpha launch
✅Jun: UI revamp / Autofarm rebranding
Jul: Kusama/Polkadot/xDai automated yield aggregator
Aug: Kusama/Polkadot/xDai DEX aggregator Alpha launch
- Sep: DAO formation (Governance)
Featured on Official Binance Smart Chain Community Weekly Report
Indonesia Blockchain Week x Binance Smart Chain Summit 2021 (Gold Sponsor, Keynote Speaker & Panelist)