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Autofarm

BSC
Polygon
HECO

RugDoc Review

Low Risk

Cornerstone vault project from BSC that has expanded to multiple chains.  Unlike most other vaults that have governance powers to be able to modify and swap strategies to malicious ones, Autofarm vaults generally do not have the ability to hard rug as long as you verify the strat is non-malicious beforehand.  Once you deposit into a verified safe strat, there is no way for them to steal your underlying funds without additional interaction on your end.

For the auto-compounding portion, there is a theoretical vector for them to swap out the router they use and steal a portion of the compounded harvests, but due to their operational history, most people have given them a pass on this.  Your theoretical max loss if this were to happen is just the loss of some compound profits vs other vaults where your theoretical max loss would be 100% if their keys were compromised or they decided to be malicious.

The team has only one operational incident in their history which they reimbursed users for.  They have multiple Certik Audits, a SlowMist audit, and a Vidar audit.

As with all vaults, they contain a higher level of risk since they are building a product on top of other underlying products and introduce more vectors to attack, but due to its operational history and all the factors mentioned, we are marking this project as Low Risk.

Updated on 29 September 2021

*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.

More Information

1. Binance-affiliated — Autofarm was awarded top 3 finalists of the Binance Smart Chain (BSC) Most Valuable Program and the AUTO token is listed on Binance CEX. Binance listing and programs are accompanied with stringent checks by the official Binance team and having been KYC-ed to the Binance team, a rug by the Autofarm team is extremely unlikely

2. Market leader in DeFi — As of June 19th 2021, Autofarm ranks Top 5 amongst in Total Value Locked (TVL) amongst all aggregators and there are 62,270 wallet holders of the AUTO token, a respectable level of decentralisation given that notable Decentralized Autonomous Organizations (DAO) like Yearn Finance only has 37,318 wallet holders.

3. Security practices — All of Autofarm’s smart contracts are time-locked to 24 hours (AUTO allocation is time-locked to 12 hours) and their treasury is held in a multi-signature wallet.

4. Insurance — Autofarm’s partnerships and insurance coverarge with the multiple insurance projects is impressive. These projects include Soteria Mutual, CertiKShield, InsurAce & Cover Protocol. Additionally, Autofarm has taken a step further by committing their monthly BSC gas rebates to a protocol insurance – AutoSAFU, which can be used in the events of exploits or hacks.

5. Bug Bounty Program — Autofarm has a $100,000 bug bounty program with Immunefi. Bug bounty programs are another security measure asides from security audits which further brings confidence to the smart contracts of Autofarm given their willingness to put a bounty for potential vulnerabilities in their codes.

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Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

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🟢 For owners who have made impactful changes and would like an update to their farm review:

1️⃣ Use #update at @RugDocChat with your description and proof of changes and it will be forwarded to our scanners.

2️⃣ This does not guarantee a change in your review.

3️⃣ Owners who have difficulty solving the issues can consider our Consultation Package – please contact @BaymaxCrypto on Telegram to discuss.