BSC.NEWS hosts AutoFarm, a leading DeFi platform that incorporates both yield optimization and AMM aggregation into one protocol, built on the Binance Smart Chain (BSC).
KDOT (AMA Host): Hey @mildgiraffe & @cryptoshrimp5; Thank you for attending today’s AMA.
@Mildgiraffe: Thanks for having us!
@Cryptoshrimp5: Thanks for hosting too!
KDOT (AMA Host): We’ve had huge response with questions! So, I’ve picked out the best ones, or we’d be here all night.
Let’s rock the boat, you both ready?
@Mildgiraffe: All set!
@Cryptoshrimp5: Ready!
KDOT (AMA Host): Perfect!
Q1: When did AutoFarm launch?
@Mildgiraffe: 15th December, 2020.
KDOT (AMA Host): Nice, just over a month and huge success! Great!!
@Mildgiraffe: Yes. It’s been a hell of a ride. Community has been nothing less than perfect. We will continue to work the hardest to bring more value to the community!
@Cryptoshrimp5: All thanks to the great support from gemz and BSC News AMA!
KDOT (AMA Host): Thank you for your kind words. Yes, BSC community is amazing!
Q2: How does the AutoFarm Team generate income from their platform?
@Mildgiraffe: We currently have 1 product – vaults. We charge a small, sustainable profit. Profits come in from not just BSC, but cross chain (in the future) as well!
Another product to be launched in Q1 will be the dex aggregator. This will bring in revenue to AUTO holders too. Same as vaults, it will be live on multiple chains too.
KDOT (AMA Host): Ah! amazing, you answered like 2 of my questions in there!
So, you charge a small fee, this is how the team generates income correct?
@Mildgiraffe: If you’re asking about the team, yes! We have plans to allocate a small portion of the profits to the treasury, which will be used to fund the team’s innovation + marketing efforts sustainably.
KDOT (AMA Host): Okay, perfect!
Q3: You plan on building a DEX Aggregator, if its on the roadmap down the line, how do you plan on beating competition?
@Mildgiraffe: Hmm. We actually plan to have a superior routing algorithm to the current DEX aggregators in the space. Also, we will be bringing additional innovative functions to swapping never seen before in the industry. Don’t want to spill the beans. WIll announce when we have a working prototype.
KDOT (AMA Host): Haha, amazing! That gets me excited.
@Mildgiraffe: The routing algorithm proof of concept is already working.
KDOT (AMA Host): Ah, wow!
@Cryptoshrimp5: It will be a blast!
Side Q: When do you think it will be available?
@Mildgiraffe: Hopefully by Q1.
KDOT (AMA Host): Amazing!
Q4: How many people are apart of the AutoFarm Team?
@Mildgiraffe: Our team has been expanding pretty rapidly. As of now, we have a Community Manager with his army of volunteer Community Ambassadors, we have a Marketing Manager and 2 Developers. We generally like to keep our team lean, but highly motivated. We feel this will provide the best value to the project but short and long term.
@Cryptoshrimp5: This is the list:
@yprivacymatter – Marketing Manager
Volunteer Moderators:
@Agustin152
@Bobjong
@TomeCouceiro
@DoxThisDude
@Mr_Heads
Side Q: Regarding the Developers, is that 1 Solidity and 1 Front-end?
@Mildgiraffe: Yes! More or less.
KDOT (AMA Host): Okay, which leads me on the my next question…
Q5: With being the first to release a vault strategy, which is important to TVL + success of the project; Do you plan on recruiting more Developers?
@Mildgiraffe: Hmm! The premise of the question is debatable, but yes, generally true. Ultimately, launching vaults should not be a time-consuming process (it still is now). We intend to streamline this process and possibly even automate the entire process, hence having more developers would not increase the pace of vault integration. By so doing, we will be able to maintain low fees sustianably for vault users and make autofarm a truely sustainable project.
KDOT (AMA Host): Ah, wow! Automating it, that sounds brilliant.
@Mildgiraffe:We’re autofarm afterall, Haha!
Q6: With all the Yield Optimizer competition + similar strategies, how do you plan on gaining a higher market share?
@Mildgiraffe: I guess the short answer would be, low fees (enabled via lean costs + automation) and rapid innovation.
@Cryptoshrimp5: To add, knowing what the community wants is important, taking in feedback and acting on it makes giraffe and autofarm what it is today. Building the trust and also letting people know we are in for the long term!
KDOT (AMA Host): Amazing! great answer.
While we are on the topic of trust…
Q7: Are all vaults audited?
@Mildgiraffe: We have engaged Vidar, the community auditor to audit our vaults.
KDOT (AMA Host): Ah! amazing, so are all vaults audited before release?
@Mildgiraffe: Actually, most vaults operate the same way. So we are actually using just 1 contract to operate most of our vaults.
KDOT (AMA Host): Okay, so since the contract has the same code as other audited vaults and just changing the contract address so the code doesnt change, correct?
@Mildgiraffe: Yes. The constructors (which are the parameters/inputs to the contract) change but not the contract itself. We took much effort in designing the contract this way before the audit.
@Cryptoshrimp5: This is the Audit report by Vidar:
autofarm.network/audit_vidar_autofarm_v2.pdf
@Cryptoshrimp: Thus, the automation in vaults is in the future.
@Mildgiraffe: Which honestly, is more attributable to our flexible, robust backend (rather than the contracts).
KDOT (AMA Host): Perfect, thank you! This will give alot of people peace of mind!
Q8: Currently you incentivize people to use the vaults with farming AUTO token as a reward, once the total supply has been farmed, do you have any other plans to incentivize vault users?
@Mildgiraffe: Actually we feel that the AUTO token being farmed this way is just a more fair way to distribute the tokens as compared to a pre-farm. The team takes on the full development cost and the risk of the product launch completely failing, and users get to earn AUTO tokens by using a product that already works, albeit not optimally when we first launched. Ultimately, through sustained low fees, automation, innovation, we intend to continuously attract new customers and retain existing ones.
KDOT (AMA Host): I agree! this way is very fair! great answer!!
@Cryptoshrimp5: And this was further balance after taking in feedback to make things more attractive as well.
KDOT (AMA Host): Okay, enough about vaults, lets talk front end.
Q9: Do You plan on making the site mobile friendly?
@Mildgiraffe: We have just onboarded a dev to specifically look into the UI/UX. So yes, he will be also working on making the mobile site more user-friendly.
KDOT (AMA Host): Perfect! Myself, I only use desktop, but I know we have so many mobile users.
Q10: Do you also plan on updating the UI?
@Mildgiraffe: Definitely! Our new front end (FE) dev has been building websites since he was 13. No pressure, but internally, we are really looking forward to AutoFarm looking great.
KDOT (AMA Host): ah, thats amazing! So just a few more questions, I want to dive into the team again if possible.
Q11: Can you give a crypto background of yourself and other devs on the team, if any?
As in other projects they’ve worked on?
@Mildgiraffe: Hmm. Actually, imho, I think to do well in crypto, the most important attribute is the – “Just get it done” attitude, rather than credentials. So, when I found my AutoFarm teammates, I actually didn’t really look into their past performance / credentials. But I mean, we can still talk about it if the audience is interested.
KDOT (AMA Host): I think they are interested, plus I am also!
@Cryptoshrimp5: Just wanna share how giraffe got me onboard the team…
“I just hope autofarm goes with the philosophy of just being the best. No fluff. Just the best. Overtime, I feel that this model will outshine everything else.”
This is something that I wanted to share regarding the UI previously, simple and no fluff. Thus, the design.
KDOT (AMA Host): Yes I totally get that, but alot of investors, look at UI and base trust off that, not the code.
@Cryptoshrimp5: I got ya! For me nothing much into BSC. Involved in crypto with some ASIC farming in 2017 where LTC was at a high of 300+, but mod wise JetFuel was my first project! Till now, I love both Fuel and Auto. Legit and great leaders in both!
@Mildgiraffe: Okay. As for me, I’ve always been building random projects since I can remember. My experiences more aligned with this space would probably start from 2019 where I started doing algo trading on a Centralised Stock Broker’s API. It’s still automated, profitable and running till today. I then moved to crypto arbitraging in 2020, also still automated, profitable today. And this is my first public facing project.
KDOT (AMA Host): Wow, okay! After this, share that with me.
Q12: Do you plan on bridging over to ETH?
@Mildgiraffe: Hmm. Definitely, that’s always something we consider often. However, we feel that the ETH chain is pretty well served by many projects, and given that the value of the project is derived from the value that the project provides, we feel that there’s just more opportunity serving under served chains for now. Obviously we are constantly monitoring opportunities as they arise
KDOT (AMA Host): Amazing, agreed, tbh that answers my last question, but I’ll ask it anyway.
Q13: Why Binance Smart Chain?
@Mildgiraffe: Haha, yeah! I guess BSC was just less well served compared to ETH. And we also generally like low fees. I think BSC has a low fees : total liquidity ratio. Which really made sense for a service like autofarm to live on. Somehow also, farming seems to be very popular on BSC.
KDOT (AMA Host): Amazing! Thank you so much for coming on and giving up your busy schedule to take part in the AMA – As we would say in the UK, “SMASHED IT”. Wishing AutoFarm all the success! Keep building!!
@Mildgiraffe: Thanks for having us!! Really appreciate that BSC news covered us in our much earlier days. Will never forget that.
@Cryptoshrimp5: Just a disclaimer these questions weren’t prepared beforehand. Thanks for hosting us.
@Mildgiraffe: Hope to be back for more AMAs with BSC news in time!
KDOT (AMA Host): Anytime! you are welcome.
Source : bsc.news
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