AutoFarm Announces Support for Polygon, Supporting 3 DeFi Networks

The yield-optimization platform is adding even more options for users who want to maximize their profit on the protocol.

By
Wilfred Victor
on
May 25, 2021
Category:
Blockchain News

Polygon Joins AutoFarm

Despite what seemed like a market meltdown, the team at AutoFarm was hard at work bringing  another network to its platform, this time Polygon has been introduced into its yield optimization platform. This new integration and partnership mark another milestone for the project as it opens 21 new vaults to the AutoFarm ecosystem.

The team made the announcement over the weekend in their blog post detailing the partnership and the start of the new vaults. Twenty-one new vaults from the Polygon network will be added to the AutoFarm yield optimization program in addition to its 87 active vaults from Binance Smart Chain (BSC) and Huobi Ecological Chain (HECO), bringing the total vault to 108.

AutoFarm X Polygon Partnership

These include vaults from QuickSwap, ComethSwap, and SushiSwap, with those vaults listed as follows:

QuickSwap

  • WETH-WMATIC
  • WETH-USDT
  • WMATIC-QUICK
  • WETH-WBTC
  • WETH-USDC
  • WETH-DAI
  • WETH-AAVE
  • WETH-LINK
  • WETH-QUICK
  • USDC-QUICK
  • USDC-WBTC
  • USDC-USDT

ComethSwap

  • WMATIC-MUST
  • WETH-MUST
  • WETH-WBTC

SushiSwap

  • WETH-WMATIC
  • WETH-USDC
  • WETH-USDT
  • WETH-DAI
  • WETH-AAVE
  • WETH-DAI
  • WETH-SNX

The new vaults were released with plans for liquidity aggregation with Polygon DEXes. Double reward earnings are available for selected Polygon vaults for depositing into AutoFarm vaults.

  • Eight hundred pAUTO tokens will be distributed to Polygon vaults as rewards until 31st October 2021. (Distribution starts effectively immediately)
  • 250,000 WMATIC tokens (~ $250,000) will be distributed to Polygon vaults as rewards for 90 days. (Distribution will begin on the last week of May 2021)


Fee Structure

The fee structure on the Polygon vault will be similar to BSC due to the cheap fees transacting on the chain, which accepts as low as $0.001 per transaction; the only difference will be the controller fees set at 0.2%.

In summary, Polygon vault fees are as follows:

  • Base Controller Fee: 0.2%
  • Platform Fee (treasury): 0.5%
  • Vault Fee ($pAUTO buyback & burn): 1.5%
  • Vault Fee (Revenue shared with BSC single AUTO vault): 1%
  • Deposit Fee: <0.1% on initial capital
  • Withdrawal Fee: 0.0%

Users who have staked AUTO, the native token of the AutoFarm DEX platform, will play a governing role in deciding burn rate and reward emission for Polygon vaults.


About AutoFarm

AutoFarm is the self-styled number one multichain yield optimizer on the BSC network and has gone ahead to prove that by adding Polygon in its list of networks alongside BSC and HECO. Yield optimization is one of only three of the active features of the AutoFarm protocol; this also includes AutoSwap (DEX Aggregator) and intelligent dashboard tracking (FarmFolio). Other features, including AutoTrades, AutoAnalytics, and AutoPortfolio, are all set to go live this year.


About Polygon 

Polygon (formerly called Matic) is a layer-1 network that seeks to address some Ethereum chain inefficiencies; this includes throughput, poor user experience (high speed and delayed transactions), and overall scalability issues. 

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.

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