AUTO is the native utility and governance token of the Autofarm technology, which launched on Binance Smart Chain on December 15, 2020. (BSC).
The AUTO token can be used to vote on ideas and will get protocol-generated fees.
AUTO established a community-fair-launched token distribution by assuring that only vault users will have access to the AUTO token vault mining program.
What Is Auto (AUTO)?
The Autofarm protocol, which went live on the Binance Smart Chain in the latter half of 2020, uses the native utility and governance token AUTO (BSC). Staking in Autofarm vaults allows users to earn a large return on their assets via yield farming pools, and Autofarm is a cross-chain yield aggregator that makes this possible.
Using yield optimization and AMM aggregation as a single product, Autofarm aims to become a leading DEX and yield aggregator on the Binance Smart Chain (BSC).
This eliminates the need for users to register on multiple protocols and gives them access to two products within a single platform.
In February 2021, Autofarm debuted its first inter-chain vault on the Huobi ECO Chain. By acquiring Farmfol.io in March 2021, Autofarm increased the variety of services it offers. Farmfol.io is an intelligent portfolio manager that streamlines the tracking and monitoring of assets on the Binance Smart Chain.
For example, the AUTO token can vote on proposals and collect protocol fees. Through a community-fair launched token distribution, AUTO ensures that only vault users can take part in the AUTO token vault mining program.
Who Are the Founders of Auto?
@mildgiraffe, an anonymous Twitter user, created Autofarm. We know very little about him beyond the fact that he is proficient in crypto and has worked with codes and smart contracts.
As of April 2021, Autofarm ranked third in total value locked (TVL) inside the BSC ecosystem, having grown from $5 million to $537 million in less than two months. As a result, over this period, the cost of an auto increased by a factor of 654.
What Sets Auto Apart from the Rest?
Autofarm is different from other yield farm ventures like Beefy.Finance and ACryptoS in several important ways, the most notable being that it promises to have some of the lowest costs on the market. Additional cross-chain goods are planned, and Autofarm already has cross-chain capabilities, having launched on the BSC and then moving to the Huobi ECO Chain (HECO).
Vaults and AutoSwap are Auto’s two flagship offerings.
Vaults is a framework for optimizing agricultural output that enables the compounding of harvests at just the right times. Users gain from vaults because they allow for the automation of yield creation and compounding and the socialization of gas expenses.
If you’re looking for the greatest deals on DEX trades, go no further than AutoSwap, a DEX aggregator. Trades are distributed among many DEXs to get the best possible pricing and minimize slippage.
Users can enjoy the benefits of DeFi without having extensive knowledge of the underlying technologies. Vaults are a crypto-hedge fund-style passive investment vehicle designed to grow customers’ deposited funds.