Monthly Community update #1
Welcome AutoFam to the first monthly community update!
From now on, we will be communicating with the entire Autofarm community through a monthly series of community updates in the form of medium articles. These updates will entail all you need to know about Autofarm; upcoming and already published developments, including many other events around Autofarm.
First things first, our long awaited roadmap will be coming this week — with a lot of new insights on our long term vision on Autofarm developments. We have been working hard to condense the ideas we have for the long term, and drafted a broader vision for what we want for Autofarm in the future. We will be announcing this on all our socials so keep your eyes peeled for this!
As most hardcore AutoFam users will probably already seen, Autofarm developers haven’t been sitting still and have made some upgrades and developments on each vault details page. The most noticeable addition to the vaults detail page are the Vault Performance graphs. The 4 added graphs entail: A TVL graph, a Token Price graph, a Compound graph & a Deposits & Withdrawals graph. TVL and Token Price are pretty straightforward, but the Compounds and Deposits & Withdrawal graphs are very useful for users who are eager to see how a particular vault is performing.
See an example of the Vault Performance graphs here.
A huge development has been rolled out on the entire Autofarm vaults section regarding the calculation of the APR/APY. This change was implemented to get accurate predictions in the displayed APR/APY of the vault system.
This is calculated from the latest rewards which were harvested from the underlying farm. Farms may change the reward distribution for particular assets over time.
Trading APR (for LP tokens)
Trading fees are calculated based on the changes in the underlying token reserves of each LP token. The fees over the last 24 hours are averaged and extrapolated over a period of 1 year to calculate the Trading APR.
Trading fees, hence APR, can vary significantly over time as it depends on the swap volume on the underlying exchange.
Read more about the new APY & APR calculations here.
Continuing to build and keeping the team running
Although the market has clearly turned bearish, our team is as committed as ever to keep building: growing our existing products, and developing new ones. Up until now, we’ve been paying the team in stablecoins but we’re swapping over our salaries to be paid in $AUTO, so you can probably expect to see some more $AUTO tokens getting locked up by the team in the SAV2! This adaption to markets is only temporary and when the current situation has been stabilised we will be switching back to stable assets and will update accordingly.
Speaking of SAV2, there are still a number of users deposited in the original SAV. Remember to move your tokens across to continue being eligible for votes and to earn yield on your precious tokens!
Still have your $AUTO on an exchange?
Why not get your tokens off of a CEX and deposit them in the SAV2? You will be earning yield on your tokens, be eligible to vote in governance and be contributing towards the decentralisation of the protocol!
To help users and other protocols navigate through the information about Autofarm in our docs, we have been working hard the past weeks to improve the structure of the content and the documentation. Contract addresses are presented in a more clear and complete way and we have curated the different sections, eliminating repeated information, working to make it easier to read. We will strive to keep the gitbook up–to date with our latest developments, including multiple languages.
The GOGO coin team has continued forward with their compensation plan for affected users of the USDC vault. We received gGOGO tokens and these have been distributed to the affected users that followed the instructions provided by the GOGO team regarding the compensation. Full announcement by the GOGO team and the next steps here.
Latest governance voting
Results of the last governance vote were inclined to have burning of tokens this month, instead of revenue allocation. The decision is already live and the burns have started. Platform burn & fee allocations are set to 2% burn and 0.5% revenue as estipulated by the voting.
Next steps / upcoming developments
We are looking forward to implementing new updates into our AutoSwap product, making it available in more chains. Some updates will allow for the future deployment of a zap-like feature, making the possibility to swap & deposit in a single function a reality. This zap function is being built by our developers currently and we will be updating you soon about this.
Complete new multichain UI upcoming
Developers have been trying to upgrade some sections of the dApp to improve the ease of use for all our existing and new users. As the Autofarm ecosystem grows, it is important that the information presented is easily accessible and not overwhelming for newly starting DeFi users. These updates are currently in an internal testing phase and we aim to release them in the upcoming months.
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