AutoFarm Updates Venus Vault Situation, Potential Funds Await Investors

Autofarm has suggested that its users in Venus vaults withdraw their funds. This advice is part of Autofarm’s recovery plans in the wake of severe complications its assets experienced in Venus Vaults, which affected the compounding of assets and withdrawal.

Update On Venus Hack Experience

Autofarm has issued an update regarding recovery and moving forward plan to its users after the Venus VIP-12 implementation. These events occurred between April 20-April 22, 2021 in which users were unable to withdraw and resulted in severe loss of funds.

Part of the recovery plans involves the development of an interface and smart contracts for users to vote about refunds through on-chain polling on the Venus platform. This will be released in the next few weeks. Also, Autofarm plans to use up to 20% of fees collected by the treasury to increase assets in autoSAFU and use it to bolster the recovery plans. Moving forward the team will be hiring at least three additional developers from various time zones, onboarding 12 new volunteers for the past two weeks, and creating a basis for an internal community for active monitoring of underlying farm protocols in Autofarm vaults.


Recollection of Events

According to this Medium post, Autofarm gave a detailed recollection of the events that happened between April 20 and April 22, 2021, which caused the situation they now find themselves and as previously reported on BSC news, other protocols on Venus were also affected.

What Exactly is Autofarm and Venus Protocol?

Autofarm is a cross-chain yield aggregator that allows users to stake in Autofarm vaults and earn returns on their assets from yield farming pools. It also consists of a product suite in Defi for DEX aggregation on several blockchains. Autofarm recently announced that BGOV and BNB-BGOV V2 vaults have now been launched on its network. BGOV is the primary token of the BZx protocol. It also announced that its token ($AUTO) has been listed on the stealth exchange.

The Venus protocol is a BSC-built decentralized AMM and synthetic stablecoin Defi protocol. On April 29, 2021, Venus announced that Binance visa cardholders can spend Venus stablecoin ($XVS) and Venus token ($VAI) or convert them to fiat at more than 60 million locations globally and even earn 8% cashback in Binance. Venus also announced that it has deployed its VIP-23 proposal to complete its Chainlink upgrade. Venus is now working with Chainlink and Band protocol to strengthen the security of their oracles. Venus plans to release its vXVS vault and polling very soon.

While no one party can be held solely responsible for what happened, faster and better communication among projects within the BSC ecosystem would have made the situation smoother. Autofarm continues to form partnerships with other projects within BSC to further improve the BSC community. Regular updates like this will give Autofarm users hope and confidence that a solution is on the horizon.

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