Autofarm Network Acquires Farmfol Among a Plethora of Updates

Acquisitions and partnerships are an excellent means of achieving a project’s goal; Autofarms acquisition and partnerships can help align the project’s goals, core vision, and objectives in value-driven ways for the project and the platform users.

By
Wilfred Victor
on
March 25, 2021
Category:
Project Insight

About Autofarm?

Autofarm was created to be a user-first automated Defi platform. As the name implies, Autofarm is a leading platform that incorporates both Yield Farming and AMM aggregation into one protocol built on the Binance Smart Chain (BSC) network.

They are the first cross-chain Defi yield aggregator protocol that aggregates yield opportunities across various chains, with two product offerings: Yield Optimizer (Vault services) and a Dex protocol. The platform boasts a Total Value Lock of more than $1 billion and cross-chain capabilities with Huobi ECO Chain (Heco) and BSC.

For those who wish to learn more about AutoFarm check out the following in-depth article:

AutoFarm Network: An AutoFi and AutoSwap Protocol


Key Features

  • Yield Optimizer
  • AMM Dex aggregator
  • Swap 
  • Cross-chain 
  • Governance (coming soon)


Farmfol Acquisition

The hyper-optimized cross-chain yield aggregator Autofarm just acquired Farmfol, an intelligent portfolio manager designed to simplify how users monitor and track their assets on the Binance Smart Chain network.

As part of the projects commitment to bring a better user experience, the acquisition helps Autofarm platform users monitor their staked coins. The Farmfol intelligent dashboard will allow for seamless and efficient tracking for free.

Famfol was conceived as a solution for the current limitations faced by Defi application users. Since its alpha launch, the simple and intuitive UI/UX experience has tracked over $193 million in user portfolios. Its superior dashboard metrics such as total wallet balance, staked coins, liquidity rewards, and price change to be tracked automatically on the blockchain at all times.

The acquisition of Farmfol becomes part of the Autofarm brand, It falls in line with the community request for a natively integrated portfolio manager to track all activities generated on the platform.


Partnership with BakerySwap

Cross-listing was achieved with BakerySwap, another top AMM protocol on the platform. Users can now provide $AUTO / $BNB liquidity to earn $BAKE  and simultaneously access to $BAKE tokens on the AutoFarm platform.


Recent Achievements

  • #1 Binance MVB program
  • #1 TVL among BSC yield optimizers
  • #3 BUIDL reward program (Feb)
  • #2 Transaction volume across dapps on Crypto Differ
  • #3 TVL for top 5 BSC protocols
  • #14 User base over 30 days on Dappradar
  • The top coin on CryptoDep for the market cap
  • 100m tracked HODLings on Farmfolio


Roadmap

  • Feb - Huobi ECO chain (HECO) automated yield aggregator
  • Mar - BSC DEX aggregator Alpha launch
  • May - Huobi ECO chain (HECO) DEX aggregator Alpha launch
  • Jun - UI revamp / Autofarm rebranding
  • Jul - Kusama/Polkadot/xDai automated yield aggregator
  • Aug - Kusama/Polkadot/xDai DEX aggregator Alpha launch
  • Sep - DAO formation (Governance)

Some of the roadmap plans are already achieved, like the HECO chain aggregator and the UI revamp. Others, like the Autofarm rebranding, are still active. Some of the plans for the future look towards the long-term goal of the project; governance, Polkadot/xDAI/Kusama automated yield integration, and Dex aggregators are quite the big deal for the project.


AUTO Swap (coming soon)

According to the team, AUTO Swap aims to be the leading Dex aggregator on BSC. The automation will come with automatic swap across multiple Dexes just like 1inch.exchange. Swap fees will benefit AUTO token holders. More details will be released in the future

Governance: DAO formation around September of this year will further bring the project towards a community-driven one. Platform decisions and actions will be determined once this is implemented moving forward.

Cross-chain Yield and Dex aggregators are a fantastic approach towards attracting the more extensive Defi community from other chains into the BSC network to achieve multi interoperability. This feature will shoot the project to the very top of Defi yield and Dex aggregator platforms.


Concluding Thoughts

Autofarm aggregates the best yields by subsidizing AUTO tokens to all pools. Platforms such as this will retain their first place value as long as innovations stay current.

Users will have a lot to look out for in the coming months and the future as the team is set out to implement all of the roadmap features. For those who wish to learn more about Autofarm Network, check out the following resources and media pages:

Website

Twitter 

Telegram

Announcements

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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.