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About Auto
Key Points:
- AUTO is the native utility and governance token of Autofarm protocol.
- Autofarm is a cross-chain yield aggregator on Binance Smart Chain (BSC).
- AUTO token is used for proposals voting and receives fees earned from the protocol.
- Autofarm was founded by @mildgiraffe, a pseudonymous entity.
- Total Value Locked (TVL) grew from $5 million to $537 million in less than two months.
- AUTO price increased 654x during this period.
- Autofarm has cross-chain capabilities, initially on BSC and expanding to Huobi ECO Chain (HECO).
About Auto: Empowering the Future of Autonomous Driving
Introducing Auto (AUTO): A Revolutionary Cryptocurrency
AUTO is the native utility and governance token of the Autofarm protocol,
launched in late December 2020 on the Binance Smart Chain (BSC). Autofarm is a
cross-chain yield aggregator that empowers users to maximize their returns on
assets by staking in Autofarm vaults, thereby optimizing yields from yield
farming pools.
Autofarm aspires to emerge as a premier decentralized exchange (DEX) and yield aggregator on the Binance Smart Chain (BSC), revolutionizing the landscape by converging yield optimization and automated market maker (AMM) aggregation into a singular, innovative product. This synergy enables users to access a dual-function platform, thereby eliminating the need to register on multiple protocols.
In February 2021, Autofarm successfully debuted its inaugural cross-chain vault on the Huobi ECO Chain. The following month, Autofarm further expanded its ecosystem by acquiring Farmfol.io, a cutting-edge, intelligent portfolio manager specifically designed to streamline the process of monitoring and tracking assets on Binance Smart Chain.
The AUTO token serves as a vital instrument for participating in proposals voting and is entitled to receive fees generated from the protocol. Notably, AUTO pioneered a community-centric, fair-launch token distribution model, where only vault users are eligible to engage in the AUTO token vault mining programme, thereby ensuring a truly decentralized and inclusive experience.
The Visionaries Behind Auto: Unveiling the Founding Team
Autofarm was founded by the enigmatic figure known only by their pseudonym, @mildgiraffe. Shrouded in mystery, this individual’s true identity remains unknown, yet their proficiency in the realm of cryptocurrency and expertise in coding and smart contracts are undeniable.
The total value locked (TVL) of the protocol experienced a meteoric rise, surging from a modest $5 million to a staggering $537 million in under two months, thereby catapulting Autofarm to the third position in terms of TVL within the BSC ecosystem as of April 2021. This remarkable growth was accompanied by a corresponding 654-fold increase in the price of Auto during this period.
Unveiling the Unparalleled Attributes of Auto
A notable distinction between Autofarm and other yield farm projects, such as Beefy.Finance and ACryptoS, lies in its purportedly competitive fee structure, boasting some of the lowest rates in the market. Furthermore, Autofarm’s cross-chain capabilities set it apart, having initially launched on the BSC before expanding to the Huobi ECO Chain (HECO), with additional cross-chain products slated for development in its roadmap.
Auto boasts two flagship products: Vaults and AutoSwap, each designed to revolutionize the cryptocurrency landscape.
- Vaults is a cutting-edge yield farming platform that optimizes returns by compounding yields at precise intervals, coupled with sophisticated yield optimization strategies. By socializing gas costs and automating the yield generation and compounding process, Vaults provides users with a seamless and efficient experience.
- AutoSwap is a pioneering DEX aggregator that empowers users to secure the most favorable prices for their DEX trades. By strategically splitting trades across multiple DEXes, AutoSwap ensures the best possible price value and minimizes slippage, thereby maximizing trading efficiency.
End users are not required to possess in-depth knowledge of the underlying protocols or DeFi. Vaults embody a passive-investing strategy akin to a crypto hedge fund, with the primary objective of augmenting the deposited assets of users.
What Is the Circulating Supply of Auto (AUTO) Coins?
The proprietary token of the Autofarm ecosystem, AUTO, has been minted on a linear basis since December 15, 2020, with minting scheduled to cease in October 2021. As of April 2021, a total of 14,600 AUTO tokens are in circulation, with a maximum supply capped at 80,000 AUTO.
The token distribution is structured as follows: 12% is reserved for the development team, thereby ensuring the protocol’s continued innovation, while the remaining 88% is allocated to the vault token mining program.
The Auto Network’s Robust Security Mechanisms
Auto, a BEP-20 token, leverages the proof-of-stake consensus mechanism to ensure a secure environment. Moreover, Autofarm conducts regular audits of its smart contracts to identify and rectify any potential vulnerabilities, thereby safeguarding its vaults from exploits and hacks. Furthermore, Autofarm has collaborated with Immunefi, a renowned bug bounty platform, to launch a bug bounty program. This initiative incentivizes community members and developers to identify vulnerabilities in Autofarm’s smart contract, with rewards of up to $100,000 for successful discoveries.
Where to Acquire Auto (AUTO) Cryptocurrency
The AUTO cryptocurrency can be exchanged on the following prominent platforms:
The esteemed cryptocurrency exchange, Binance.
MXC Exchange
In the realm of decentralized finance, PancakeSwap stands out as a prominent decentralized exchange (DEX) built on the Binance Smart Chain (BSC), offering a seamless and efficient trading experience.
OpenOcean
Before you begin, be sure to peruse our comprehensive guide on purchasing Bitcoin (BTC) and other digital currencies.
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Discover the innovative world of Beefy.Finance.
Discover the essence of ACryptoS.
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