Presenting the Single AUTO Vault v2!
What is the Single AUTO Vault?
The SAV is our vault dedicated to loyal $AUTO holders, where they can stake their tokens to participate in governance and share in the revenues of the platform. At the moment $AUTO stakers get the choice each month to share in platform revenues or to vote to instead do a buyback and burn each month using the platform revenue. All vaults on Autofarm have a vault fee which is collected and redistributed as AUTO tokens to those who stake in the single AUTO vault, or burned (subject to the monthly governance vote outcome). We also collect some fees from the AutoSwap DEX aggregator and router, which are also included in this monthly revenue share or used as part of the monthly burn. Check here for the current allocation of vault fees to the SAV.
Next to that, users with staked AUTO tokens will be able to play a governing role in deciding between the % allocated to burns and revenue sharing.
Staked AUTO tokens have a 7-day lockup period and users will be able to vote during the last week of each month.
Why do we need a new Single AUTO Vault?
The original SAV was created at a time when vaults were the main focus of the Autofarm platform and when AutoSwap was in the early days of development. Since then, we have continued to build out the Autofarm platform with more vaults and more features. We launched one of those new features in February 2022, AutoAmplify, which is our partnership programme for projects looking to increase their exposure through the Autofarm platform and provides a way for us to boost yields for our loyal users.
SAV2 will allow us, for the first time, to bring this great new feature to our loyal $AUTO stakers and will also future-proof the vault for more platform features and promotions coming up down-the-line!
Put simply, SAV2 will offer our users more opportunities to earn from staking their $AUTO and enable future platform features to be unlocked that aren’t possible with the current SAV.
What should users do to migrate?
Users will need to withdraw from the old SAV and deposit into SAV2 before 9 June to maximise their earnings.
As a reminder, Autofarm does not implement a migrator. This was an early design decision taken when we built the platform, and one that we continuously re-evaluate. To find out more about why migrators can be a problem, read the excellent article from our friends at RugDoc here.
If you’re reading this, SAV2 has already launched and is open for deposits of $AUTO right now and we have disabled deposits in the old SAV (SAV1). SAV1 will continue to earn yield until 9 June, accounting for the 7-day lock on depositing. On the 9 June, we will be redirecting platform earnings to SAV2 and will deprecate SAV1. As a result of the the 31 May — 2 June governance vote, the fee distribution is to be set at 0% burn & 2.5% revenue. Due to a slight delay of the burns after the previous vote, the new fee distribution will go live on 10 June.
- Vault earnings redirected from old SAV to SAV2
- Old SAV deprecated
- New voting results implemented
13 June — 20 June:
- Amplify SAV2 with $AGF
Both as a community and as a team, Autofarm has come a long way since we started in December 2020. Long-term vision and sustainability have always been the key factors determining the plans forward for Autofarm. We are glad to be able to announce the improved SAV2 and create greater utility for our native AUTO token. Additionally, we stand by our firm beliefs on token scarcity, not resorting to printing new tokens for cross-chain incentivisation but by carefully crafting a sustainable plan using the previous AUTO tokenomics to meet the cross-chain goals of the chain-agnostic Autofarm.
Thanks to the entire Autofarm community for your continued support. We strive to keep BUIDLing long-term innovative products under the Autofarm ecosystem.
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