What is Auto?
AutoFarm (AUTO) is a decentralized application (DApp) that aims to help users maximize their decentralized finance (DeFi) returns at a low cost. The platform runs on multiple blockchain networks such as Binance Smart Chain (BSC), Polygon, Huobi ECO, Avalanche, Fantom, Celo, and Harmony. With its primary tools, AutoFarm Vaults and AutoSwap, AutoFarm serves as a yield farming aggregator, which involves lending or staking crypto assets to receive rewards in the form of yield or transaction fees.
The AutoFarm Vaults contain automated strategies that the platform offers to users at a reasonable price to optimize their yield. AutoSwap, on the other hand, is a decentralized exchange (DEX) aggregator that helps users access multiple trading pools under one roof. AutoSwap provides better swap rates than engaging with DEXs directly, without any additional fees. Additionally, AutoFarm offers other products such as AutoPortfolio, AutoAnalytics, Farmfolio, and more to help users manage their portfolios.
AUTO is the native cryptocurrency of the AutoFarm ecosystem, which is a deflationary token. It aims to receive fees from cross-chain vaults and DEX aggregators and function as the governance token of AutoFarm. Furthermore, AutoFarm claims that the AUTO token is deflationary because the platform collects vault fees and burns them. Token burning refers to sending a certain number of tokens to an inaccessible wallet account to permanently remove them from circulation, resulting in a gradual reduction in supply.
The AutoFarm token (AUTO) was introduced on December 15, 2020, and the platform was founded by Mildgiraffe, a pseudonymous person who remains the CEO of AutoFarm. The entire team of AutoFarm remains anonymous. The AUTO token has a maximum total supply of 80,000 tokens, out of which 13.4% is set aside as reserves, 12.1% is reserved for the core team, and about 74.5% of the tokens are available for the public.
In conclusion, AutoFarm aims to help users optimize their DeFi returns at a low cost by providing an easy-to-use platform that runs on multiple blockchain networks. With its primary tools, AutoFarm Vaults and AutoSwap, AutoFarm serves as a yield farming aggregator, and AUTO, its native cryptocurrency, has a deflationary supply to incentivize its use as a governance token. The platform's commitment to transparency is demonstrated by its anonymous team and public token supply, making it a reliable and trustworthy option for DeFi investors.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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