About Auto (AUTO)
Auto is the project and token name for the AutoFarm DeFi (decentralized finance) platform. AutoFarm claims to enable traders and decentralized finance investors to access what it refers to as automatically optimized yields on cryptocurrency assets held on the platform.
The DeFi network was first launched on the BNB Chain (BNB) in January 2021. AutoFarm claims, at the time of writing, to be enabled and supported on as many as 19 EVM-compatible networks. Specifically, AutoFarm classifies itself as a yield farming aggregator and operates as a decentralized application (dApp) that runs atop these networks, just as its first implementation on the BNB Chain.
AutoFarm self-reports a mission to optimize users’ yield farming earnings at the lowest possible cost. The platform promotes the instance of fees that users would encounter as already being accounted for. This suggests that the published APYs and APRs include unseen cost adjustments. AutoFarm enables cryptocurrency Vaults on its DeFi implementation as well.
According to the AutoFarm platform, AutoFarm Vaults automatically compounds yields at empirical optimal intervals. The network also states that gas costs are pooled through heavily tested smart contracts to enable, per AutoFarm, “best-in-class yield optimization strategies.”
AutoFarm also features a platform referred to as the AutoSwap. AutoSwap is a decentralized exchange (DEX) aggregator. The AutoSwap platform claims to aggregate prices from across multiple decentralized exchanges to present the best prices, the lowest possible slippage, and any other associated trading fees. The platform promotes its advantage by allowing traders to identify and access the best prices across many platforms without needing to leave the AutoSwap platform itself.
The third main product offered on the AutoFarm dApp is known as AutoAmplify. The AutoAmplify platform was developed to offer onboarding services for cryptocurrency projects that wish to launch and be listed on the AutoFarm decentralized yield aggregator network.
The AutoAmplify platform is said to incentivize users by giving them the opportunity to earn extra yields on tokens listed through the mechanism. AutoAmplify Vaults give what the platform calls “amplified rewards” as long as they are listed.
The network token AUTO powers the AutoFarm decentralized yield aggregator and its ecosystem. It is also used to manage decisions made using a DAO (decentralized autonomous organization) governance model. Auto is known by its token ticker $AUTO. The current price of AUTO is updated and available in real-time on Binance.