*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.
RugDoc Review
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.
*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.
Popular Links
For Farm Owners
Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.