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Autofarm volume climbs to $40 billion in the last 7-days

Posted by
Ian Kane

DeFi dapps finding success on Binance Smart Chain

Autofarm, a Binance Smart Chain (BSC) decentralized finance app, has overtaken Ethereum competitors to climb to second place in the overall DappRadar dapp rankings across all blockchains and categories. Ironically, second only to another BSC DeFi dapp, Venus. In the last 7-days Autofarm has generated over $40 billion in volume and usage is up by almost 170% at the time of writing. 

Source: DappRadar

Furthermore, this is not another Uniswap fork like PancakeSwap. AutoFarm is a yield optimizer on the Binance Smart Chain and Huobi ECO chain with currently more than $1 billion total value locked (TVL) into its farming pools.

Source: Autofarm

Looking at the 30-day trend we can see that a significant spike in interest occurred around the 8th of February, and that’s continuing. The main driver for the surge was the cross-chain integration into the Huobi ECO chain (HECO) on the 8th of February focusing on yield farming.

Thanks to this and a user interface revamp, Autofarm has become the first yield optimizer project to successfully launch a cross-chain platform on BSC.

Source: DappRadar

They have two main products: Vaults and Swap. Vaults auto-compounds yields at optimal intervals while pooling gas costs through smart contract code and yield optimizing tactics. Autofarm also claims that it uses an optimization tool to enable the highest APYs on its vaults. 

Their second product, Swap, is a decentralized exchange (DEX) aggregator aimed at getting users the best prices from DEX trades. Fundamentally it’s designed to split trades across multiple DEXes to ensure the best prices and lowest slippage possible.

BSC making a dent 

The last 7-days have been very interesting to observe as Ethereum continues to be hampered by high gas prices Binance Smart Chain DeFi applications have been reaping rewards. Autofarm’s 7-day volume of $65 billion eclipses that of Ethereum counterparts Uniswap and SushiSwap. Not to mention the first place, Venus, as reported on previously

Source: DappRadar

Looking back just 12-months Binance Smart Chain didn’t exist and Ethereum dominated the headlines and the DeFi and Exchange rankings. The decentralized finance space is moving at an alarming rate and it will be fascinating to observe the coming weeks and months as each blockchain jockeys for pole position. We will find out if Ethereum can retain its crown. 

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