What is Auto?
This blog post will cover:
- What is Auto?
- Where did Auto come from?
- What are the advantages of Auto?
- What are the disadvantages of Auto?
- How to buy Auto on SimpleSwap?
What is Auto?
Autofarm is a decentralized finance application (Dapp) on Binance Smart Chain (BSC). It was created for profitability optimization. The platform has continued to expand its cross-chain capabilities to Huobi ECO Chain (HECO). By combining the best storage available on BSC, it offers the most appropriate opportunity to maximize profit for protocol users. Autofarm protocol developed with Solidity language. The platform allows users to generate returns on their assets from profitability pools simply by placing bets on Autofarm vaults.
Autofarm offers DeFi users two products: the vaults and the swaps. The vaults help users generate high returns at a very low possible cost. There is a passive investing strategy. These vaults allow users to lock their cryptocurrency in a smart contract, earning interest on it. The swaps provide customers with the opportunity to get the best exchange rate for tokens by comparing all rates of existing DEXs.
Autofarm Network combines DEX profitability optimization and aggregation in one product, making it easy for DeFi users to access multiple services on one platform.
AUTO is the native utility and governance token of the Autofarm protocol. It was launched on December 15, 2020 on the BSC. This cryptocurrency is necessary to vote on proposals and the users can receive fees that are earned from the protocol. The AUTO token provides an incentive to use the Autofarm protocol and allows holders to own a stake in the future of the platform.
Unlike other BSC profitability optimizers that charge gas as a percentage of the withdrawal from storage, Autofarm does not charge a gas fee on withdrawal, instead, users have to pay a minimum amount when placing assets in storage.
Where did Auto come from?
The project was originally launched in December 2020 on Binance Smart Chain with the goal of optimizing crop growth at the lowest cost for DeFi users.
Shortly after its launch, in February 2021, Autofarm attracted a significant surge of interest and never looked back after that. This is due to its cross-chain integration with the Huobi ECO chain, which took place on February 8, 2021.
The creator of the platform decided not to disclose the real name, so we only know the Twitter nickname which is @mildgiraffe. The only thing people know is that this person has rich experience in the field of smart contracts and programming.
What are the advantages of Auto?
- Low commission in BSC and HECO networks
The controller, platform, and deposit fees in BSC vaults are less than 1%, and the vault fee is 1.5%. All types of commissions are less than 1% in HECO vaults too, except for platform commission which is 1.8%.
The storage commission of the holders’ profit is used to repurchase AUTO tokens at the market price. And then they are removed from the offer forever by burning.
What are the disadvantages of Auto?
- Mining only for users
Only storage users (excluding turbo storage) will be able to mine AUTO tokens in addition to the automatically cumulative vault profitability.
- Risks of smart contracts
Due to the complexity introduced by smart contracts, some of them can be susceptible to hacks.
How to buy Auto on SimpleSwap?
After reading this article, you know a lot about the Autofarm project and its AUTO token. If you want to buy this cryptocurrency, you are welcome to use SimpleSwap. This service will greatly simplify this purchase for you, just follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select AUTO in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Autofarm will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for choosing SimpleSwap!