The following proposal is based on the previous proposal we posted (see references below for link). We are pleased to announce that after a long time, the AutoFarm team has come-up with a new proposal we think will greatly benefit both our communities.
On 21st April 2021, there was an incident on the Autofarm platform that resulted in a loss of tokens for users leveraging the Autofarm Venus vaults.
The total number of affected transactions on the Autofarm platform amounts to 10839 transactions (see References below). The funds in question are currently residing in the Venus Treasury and are awaiting a successful resolution through the appropriate governance channels.
A list of all transactions affected by the incident can be found here.
Breakdown of lost assets
- 277,079.581483831 BUSD
- 1,914,074.59126978 USDT
- 1,369,406.64665034 USDC
- 37.00913319105 BTCB
- 666.16156780432 ETH
- 13,709.7090667452 DOT
- 10,703.2057613293 LINK
- 12,388.2870590230 SXP
- 201,408.8075515110 ADA
Both Venus and Autofarm protocols are key pillars of the BNB Chain network and a resolution of this issue would allow for both projects to continue to grow and strengthen the overall ecosystem, as well as reinforce trust & transparency in both communities. The purpose of this proposal is to suggest a structured return of the funds in question to the affected Autofarm users. The breakdown of the proposed refund is included below.
Venus will refund ~85% of the total funds in question to Autofarm.
Venus can keep ~15% of the affected funds as a reward for their commitment to helping BNB Chain users to recover the lost funds and for Venus to cover the missed 0.1% withdrawal fee income.
As of 16 August 2022 - CoinGecko opening prices
Autofarm will commit to the following
Reinstate Venus vaults on the Autofarm platform with a newly-worked strategy.
In addition, Autofarm will permanently provide discounted fee rates for the reinstated Venus vaults. These will only have a total of 3.6% performance fee and <0.1% deposit fee, in comparison to the other BNB vaults on Autofarm which are at 4% and <0.1% respectively.
In the future, these new Venus vaults will also be allocated to earn additional $AUTO or other additional token rewards that would further boost the APY of the vaults.
Venus will commit to the following
Refunding ~85% refund of the lost assets as mentioned in the breakdown above.
Venus will keep a reward bounty for helping solve this issue of 15% of the assets to fund community approved endeavors.
There will be no additional out of pocket cost from Venus protocol.
Restore users who suffered a loss during the incident, as well as reinforce trust & transparency in both communities;
Given the lower fees charged by Autofarm as compared to other yield optimizers + will be providing additional $AUTO in the future; these factors would increase the APY of existing assets & help to keep deposit into Venus vaults attractive;
This will be beneficial for the Venus platform because of the traffic that Autofarm will bring as one of the top yield optimizers on BNB Chain. This traffic includes increased TVL and volume for the Venus protocol;
Venus Treasury address -
Previous Autofarm Venus Collaboration Proposal -
Venus Tweet December 18th, 2021 -
Autofarm Tweet December 18th, 2021 -
Autofarm - Venus withdrawal transactions -