Auto Coin Price & Market Data
Auto price today is $901.76 with a 24-hour trading volume of $9,543,458. AUTO price is up 2.5% in the last 24 hours. It has a circulating supply of 35 Thousand AUTO coins and a total supply of 72.1 Thousand. If you are looking to buy or sell Auto, Binance is currently the most active exchange.
What is AUTO?
AUTO is the governance token for AutoFarm. AUTO can be used for proposal voting and will receive fees earned from the protocol.
Autofarm started with no pre-mine nor pre-sale. AUTO is minted linearly starting from 15 December 2020 and will end approximately during October 2021 (0.008 AUTO/block). To ensure fair distribution, only vault users are able to mine AUTO.
Deflationary Tokenomics: Vault fees are used to perform market buy-backs of AUTO and burnt forever.
How to obtain AUTO?
You can purchase AUTO from PancakeSwap.
What is Autofarm?
As of February 2021, Autofarm supported the yield farming of four protocols:
The team is expecting to release a Decentralized Exchange (DEX) aggregator as part of their roadmap.
How to use Binance Smart Chain?
To access Binance Smart Chain, users can access it through Metamask or Binance Chain Wallet. Users will have to customize their Metamask by key in the following details after choosing custom RPC from the network’s option.
Binance operates two different chains:
Binance Chain - BEP 2
Binance Smart Chain (BSC) - BEP 20
Binance DEX is the primary decentralized app operating on Binance Chain. Most other projects are building on the Binance Smart Chain. The easiest way to convert any assets to its BEP 20 representation is through the Binance exchange.
For example, after depositing Bitcoin to Binance Exchange, users can choose to withdraw it in the forms of ERC 20 (ETH), BEP 2 (Binance Chain), BEP 20 (BSC), and BTC’s native chain. Choose BEP 20 if you would like to have the asset interact with Autofarm.
An alternative is through Binance Bridge, where users can swap the assets cross-chain from any L1 chain to BSC.
Users will need to have BNB to pay for any transaction fee on Binance Smart Chain, similar to how users will need ETH to pay for transaction fees on Ethereum.
How to use Huobi ECO chain (HECO)?
Users will have to connect with a customized network using Metamask. Please refer to the official guide for more details.
What are the fees incurred from using Autofarm?
Currently, total fee charges range from 2.2 - 4.0% for BSC vaults and 0.08% for HECO vaults.
Using the BTCB vault as an example, we can see that the current strategy is to yield farm on Venus, and the expected return is 37.9% per annum - with 21.1% from the Venus farm and 16.8% from free AUTO rewards. The Annual Percentage Rate (APR) and Annual Percentage Yield (APY) shown have already included the fees.
APR refers to the simple interest accrued over a 1 year period.
APY is the compounded version of it, from above we can see that it is expected to compound 1387 times in a year.
There are no management fees, other than the one-off entrance fees, all the other fees are charged on the profits.
0.6% of Controller fee for operating cost
0.5% as the platform fee
1.5% used to buy back AUTO from the market and then they will be burned
This results in a total of 2.6% performance fee.
What are Autofarm’s vaults?
Like Yearn Finance, the vaults help users claim yield farming rewards and sell them for the underlying assets. Vaults benefit users by socializing gas costs, automating the yield generation and rebalancing process, and automatically shifting capital as opportunities arise. End users also do not need to know the underlying protocols involved or DeFi, thus the Vaults represent a passive-investing strategy. It is akin to a crypto hedge fund where the aim is to increase the amount of assets that users deposited.