We are excited to announce that Polygon is now fully supported on Autofarm, marking the 3rd blockchain to be integrated on our yield-optimising protocol in addition to Binance Smart Chain (BSC) and Huobi ECO chain (HECO)!
The integration with Polygon was first revealed in our partnership announcement, along with the promise of new vaults and liquidity aggregation of Polygon DEXes. With the Polygon integration now complete, the Autofarm team has been shipping fast to enable greater cross-chain capabilities between Autofarm and Polygon ecosystems.
Furthermore, selected Polygon vaults will also be earning double rewards: WMATIC and pAUTO tokens for depositing into Autofarm vaults.
- 800 pAUTO tokens will be distributed to Polygon vaults as rewards until 31st October 2021. (Distribution starts effectively immediately)
- 250,000 WMATIC tokens (~ $250,000) will be distributed to Polygon vaults as rewards over a duration of 90 days. (Distribution will start on the last week of May 2021)
*pAUTO tokens are AUTO tokens that have been bridged from BSC to Polygon using Orbit Bridge. These bridged tokens were obtained from the protocol reserves which were accumulated as part of the revised tokenomics. For a detailed rundown of the revised AUTO tokenomics, read our medium post here.
*For step-by-step guides on how to use Polygon or bridge assets over to Polygon, users can look over here.
One of the benefits of Polygon is the extremely low transaction fees, with fees going at <$0.001 per transaction. As such, vault strategies can compound more frequently while also maintaining efficiency in terms of gas cost. Polygon vault fee structure will be similar to the BSC vault fee structure, with the only difference being controller fee being set at 0.2%.
In summary, Polygon vault fees are as follows:
- Base Controller Fee: 0.2%
- Platform Fee (treasury): 0.5%
- Vault Fee ($pAUTO buyback & burn): 1.5%
- Vault Fee (Revenue shared with BSC single AUTO vault): 1%
- Deposit Fee: <0.1% on initial capital
- Withdrawal Fee: 0.0%
In addition, users who have staked AUTO tokens in the BSC single AUTO vault will also play a governing role in deciding between the % allocated to burns and revenue sharing for Polygon vaults. More details about the single AUTO vault can be found here.
Autofarm’s partnership and integration with Polygon mark just one of the many goals we have moving forward in 2021 — significantly improving our cross-chain capabilities. As changemakers in their own right, we are excited to work closely with Polygon to break new frontiers and improve the accessibility of DeFi.
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