What is Autofarm Network?
The Team Behind Autofarm Network
How Does Autofarm Work?
Autofarm Tokenomics
3 Reasons To Buy Autofarm Token
Autofarm Price Chart:
Autofarm Future Roadmap
How to Yield a Farm on Autofarm Network?
Bottomline
You must’ve heard about yield farming if you’ve been a part of the crypto industry. You invest money in different DeFi yield farming pools and earn a profit from every trade your pool facilitates. Autofarm crypto network has changed the idea by emerging as the ultimate cross-chain yield aggregator.
Intrigued to know more? Read through the end, and we will show you how to invest in Autofarm Network, reasons to invest in Autofarm’s native coin, and how you can yield Autofarm. But first, let’s start with what this platform is and how to use Autofarm.
What is Autofarm Network?
Autofarm is a DeFi Binance blockchain-based platform with a locked value of 1 billion USD as TVL. It optimizes liquidity farming for traders who like to farm crypto.
Autofram is derived from two words: Auto means Self while Farm means to grow. You grow crops by automatically compounding yields in the respective farms you’ve previously earned to gain more profits.
The Team Behind Autofarm Network
Autofarm, like most crypto projects, is founded by a pseudonymous company going by the name Mild Giraffe and there’s rarely any information available on the web. The man behind
The Autofram crypto project is equipped with Solidity language that he uses to write smart contracts with security.
Autofarm’s Total Value Locked stands surged to 537 million USD in a couple of months after its launch in 2021. The Autofarm coin, AUTO, also enjoyed a 645x hike consequently. The stats prove that the crypto project has been developed with technical intelligence.
The Autofarm team also rigorously checked the platform to ensure no loopholes in the smart contract that can put investors’ fund security at risk.
How Does Autofarm Work?
Autofarm works in a simple way. Its crypto yields compound automatically in the AutoFarm vaults, and the contracts compound at predetermined times. This is good for users because it saves them time and money on gas.
The AutoFarm coin, $AUTO, will be awarded to users who use the Autofarm. One distinction from rival vault plans is that a fee of up to 0.3 percent of the investment is charged while entering a vault.
Strong Features:
- Strict protection (full Autofarm Certik, Autofarm audit, among others).
- Highest APYs in the market with auto’s optimal techniques, with a tasty bonus of $AUTO Autofarm rewards.
- Autofarm compounded that assists reinvestment of your returns on an empirically proven basis.
- Adjusted frequency is the most affordable fee (all transparent and stated).
- On BSC, the launch of AutoSwap, which gets you the best price by splitting your order between at least three DEXes.
There is no price for withdrawing money from the vaults; only a deposit fee is charged. The platform included this admission charge to incentivize early liquidity supply while preventing front-running.
Autofarm Tokenomics
The AUTO coin is the Autofarm ecosystem’s native token that started to be issued linearly, beginning on December 15, 2020, and ending in October 2021. Around 14,600 AUTO in circulation with a maximum circulation of 80,000 AUTO.
The Autofarm development team receives 12% of the tokens generated to ensure that the protocol continues innovating. At the same time, the remaining 88 percent will be used to fund the vault token mining program.
3 Reasons To Buy Autofarm Token
Autofarm rewards its users with lower Autofarm fees, auto yielding, and Autoform audit for a consistent passive income stream. Besides, several other reasons make an Autofarm coin a worthy investment.
- High Yield Rates
There are a dozen yield aggregators, but the Autofarm crypto project is one of a kind regarding yield farm’s APY. Among Bitcoin, Ethereum, and Binance, Autofarm coins yield the highest rewards during farming.
The higher rates of the APY are mainly due to the self-farming protocol, which also results in compounding interest. As per Autofarm reviews, Belt. Fi provides the following rates: 7.3% APR on BTC, 4.09% APR on ETH, and 11.86% APR on BNB.
- Cross Chain Capabilities
Autofarm crypto Network is a cross-chain platform (Binance and Huobi) where you can yield assets from different blockchain ecosystems. The project uses algorithms that provide asset variety and better liquidity and trading quantity. This adds to a value increase and Autofarm coin’s potential in the future.
- Autofarm Finance
A crypto coin’s price gets affected by Bitcoin. The AUTO token’s usefulness will grow as additional use cases go online, potentially contributing to higher acceptance (fewer coins traded) and fees collected to token investors (direct revenue from holding).
Among a couple of other reasons to invest in Autofarm coin, you can enjoy the benefits that Autofarm rewards. Let’s look at the Autofarm price chart.
Autofarm Price Chart:
Autofarm yield farming trades are spread among many DEXes to provide the best price value and the slightest slippage. What keeps the price chart going up is how Autofarm users can acquire customized insurance for their funds via third-party DeFi insurance providers in addition to Autofarm’s insurance fund.
Autofarm achieved the highest possible rating of 100, signifying the lowest alert status, beating 50,000 other smart contracts with identical codes examined by the business. Around 732 BNB (USD 300,000) has been set aside.
This may not look much in the broad scope, but it’s another indicator that the club is serious about putting security measures in place.
Autofarm Future Roadmap
Autofarm’s future roadmap includes the ease of transactions across vaults and aggregators. The Autofarm determines users’ optimal DEX trading prices.
Here’s how the Autofarm is going about this year:
The AUTO token incentivizes users to use the Autofarm crypto platform by allowing them to possess a share in the platform’s development, hence increasing Autofarm’s usefulness.
Autofarm purchased farmfolio, a DeFi portfolio monitor for BSC and Polygon, in March 2021. The software allows users to keep track of their assets spanning Autofarm and other farms inside one place.
How to Yield a Farm on Autofarm Network?
Yielding using the Autofarm crypto platform is a straightforward process. We’ll look into the steps for how to use Autofarm for yield farming.
Step 1: Connect Wallet
When you access the Autofarm and log in to your account, the first step is to connect an Ethereum-based wallet, for example, Metamask.
Step 2: Set the Mode
There are two trade modes when it comes to Autofram’s yield farming. One of them is Turbo, while the other is Normal.
Normal: Access to token and AUTO token to invest in.
Turbo: High risks tokens to invest in
Step 3: Pick the Coin to Invest
Once you have the list of coins available, scroll down to the coin you want to yield.
The details provided on the platform will inform you about everything that relates to yield farming, APY and concerned fees.
Step 4: Deposit Funds to Make the Purchase
After choosing your coin, the next step is to withdraw funds to purchase the coin by transferring funds from your Ethereum wallet. Click the link that will lead you to the main page. Once you click on the ‘Deposit,’ the wallet will pop up.
Step 5: Add the Amount for Deposit
The last step in the yield farming process is to add liquidity. We have used WBNB as an example, so we are adding them to the liquidity pool for yield farming.
Once you click the confirm button, you’ll have to go back to the Autofarm page and choose the pool to add liquidity. And, you are good to go. You must pay close attention to the LP tokens you’ll get and the APY percentage.
Bottomline
Autofarm is potentially a good investment choice. It secures the platform and profits its users with lower transaction fees and better APY than its counterparts. However, before taking the plunger, you must understand how the automated yield farmer works to become familiar with the process.
