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(EN) Cross-chain, Platform Improvements & Security

Cross-chain (HECO)

Autofarm Roadmap 2021

We did it! Our first cross-chain onto Huobi ECO chain (HECO) is officially live with a total of 14 vaults focusing on the yield farms on mdex platform.! The progress we have made as a community over the last 8 weeks have been tremendous, growing from a mere USD$50k Total Value Locked (TVL) to USD$200M TVL at present. Our $AUTO token has also hit new ATH after ATH, with the present ATH going at $2500.

Did You Know: Autofarm is not only the first yield optimizer and aggregator on HECO chain but also the first Binance Smart Chain (BSC) yield optimizer project to successfully launch a cross-chain platform.

Context for HECO

Reasons:

  • There is a total of USD$1.41B TVL on HECO chain
  • Huobi-backed network with plenty of room for growth
  • Cross-chain support with multiple popular crypto chains

With the launch of Autofarm’s HECO vaults, we will be moving forward with a new fee structure (refer to the summary below) for both the vaults on BSC and HECO. Fees will begin to be collected to fund Autofarm’s treasury which will be used for varied purposes such as hiring for external audits, community engagement, marketing & salary payment for the team.

We reiterate our commitment to bringing automated yield farming to Decentralised Finance (DeFi) users at the most affordable cost. Therefore, even with the fee changes, Autofarm is still the market leader as the cheapest yield optimizer on BSC and HECO networks.

Last but not least, the team has decided to not charge vault and platform fees on all HECO vaults for now in order to incentivise users to deposit and use our HECO vaults.

Summary of Fees

BSC Vaults

  • Controller Fee: 0.2%(0.6% on single token vaults)
  • Platform Fee (Treasury): 0.5%
  • Vault Fee ($AUTO Buyback & Burn): 1.5%, 3.0% for turbo vaults
  • Entrance Fee: <0.1% on initial capital (One-off)
  • Withdrawal Fee: 0.0%

Total Fees: 2.2–2.6% + <0.1% on initial capital

HECO Vaults

  • Controller Fee: 0.08%
  • Platform Fee (Treasury + Revenue Sharing) : 0.0% (temporary)
  • Vault Fee (Revenue Sharing with $AUTO stakers): 0.0% (temporary)
  • Entrance Fee: <0.1% on initial capital (One-off)
  • Withdrawal Fee: 0.0%

Total Fees: 0.08% + <0.1% on initial capital

For detailed information on the purpose of each of the fees, you can refer to the documentation over here.

Improvements

UI revamp

We know the plain ol’ layout of Autofarm has left some of you desiring a more pleasant experience. So we’ve rolled our first UI improvement to Autofarm, making it sleeker, more pleasant, and generally more user-friendly. And if you guys have been following our roadmap, this was planned to be done in June, so kudos to @fmnxl our Front End developer responsible for UI/UX of Autofarm. More iterations and improvements will be introduced along the way, and we welcome community feedback and even feature requests over on Discord.

Autofarm Revamped UI

Security

As some of you might have known, the crypto space suffered another blow which involved an $11M loss through the exploit yDAI vaults on yearn.finance. You can read the full incident report over here. Upon discovering the yearn.finance exploit, the Autofarm team decided to do a detailed round of checks on all Autofarm smart contracts to ensure that such an exploit would not be possible on any of our vaults. Details about Autofarm are as follows:

No price oracle on multiple assets

Vaults on Autofarm are a much-simplified version of vaults on yearn.finance and we do not use price oracles on multiple assets as in the case with yDAI vault exploit. Therefore, Autofarm does not experience sudden changes in price oracles, which can be performed by bad actors who use flash loans and attempt to manipulate price oracles of assets.

No vault migration

As mentioned in our previous article, Autofarm never does any vault migrations because it has been the culprit of many exploits and/or rug pulls, and as in the case of the yDAI vault exploit incident — “because the withdraw fee has been turned off for vault migration”.

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autofarm.network

autofarm.network

One-stop DeFi hub with hyper-optimised cross-chain DEX & yield aggregators on 19 EVM-compatible chains