Autofarm is integrating Venus v2 vaults this coming Friday, 9th April 2021.
This v2 upgrade impacts the WBNB, BUSD, USDT, USDC, BTCB, ETH, DOT, and LINK single-asset vaults on Autofarm. Autofarm will thus be performing a migration for all Venus vaults and launching new Venus v2 vaults for all corresponding Venus vaults along with ADA and SXP vaults.
Why migration is necessary
First and foremost, this migration is essential to ensure our Venus vaults remain safe and secure for all Autofarm users. As recommended by CertiK in Autofarm’s recent audit report, integrating Venus v2 vaults will make the necessary changes to further strengthen the security of our protocol. Users can be assured that protocol security and safeguarding of user funds remain a top priority for the Autofarm team.
Secondly, the new Venus v2 vaults will be equipped with a better optimised strategy that will allow for:
- withdrawals even on low liquidities in Venus Protocol
- marginally improved APYs
- lower gas cost for asset withdrawals (approximately 50% gas reduction)
Fee structure for Venus v2 Vaults
The following fee changes will be implemented along with the launch of the new Venus vaults:
At the launch of Venus v2 vaults
Entrance fees: 0.0%
Withdrawal fees: 0.0%
3 days after the launch of Venus v2 vaults (14th April, 7am GMT)
Entrance fees: 0.1%
Withdrawal fees: 0.0%
What users need to do
Users with assets currently staked in Venus vaults will be required to withdraw their assets after 9th April, and re-deposit them into the corresponding new Venus v2 vaults on Autofarm.
For the first 3 days after the launch of the new Venus vaults, users can re-deposit their assets for free. After which, a small entrance fee of 0.1% will be implemented.
Do note that the new Venus vaults will not be accessible to users if they have not fully withdrawn their assets from the old corresponding Venus vaults.
Once the Venus v2 vaults go live, old Venus vaults will no longer receive earnings and users will only be able to harvest and withdraw their remaining assets. The deposit function will also be disabled to prevent users from mistakenly staking assets into these retired vaults.
We would like to express our thanks to the community for your patience and understanding and for journeying alongside us as we continue to innovate and BUIDL.
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