Autofarm and Beefy have announced they are pausing deposits and urging people to withdraw funds on any Venus vaults due to the V2 upgrade causing chaos among yield-farmers.
Multiple people are reporting they are losing money on Autofarm due to the fees and even running into trouble withdrawing their funds. Autofarm and Beefy leverage your Venus deposits to maximize APY but this leaves users deposits susceptible to the withdrawal fee change implemented in the Venus V2 upgrade. Beefy has paused the vaults since yesterday allowing people to withdraw funds without the loss from fees.
The Autofarm Announcements Telegram channel released a message saying “Due to Venus protocol’s introduction of additional fees, our Venus vaults will be stopped. Please withdraw from all Autofarm Venus vaults.”
Beefy.Finance Announcements- “Beefy Venus v1 vaults have reach end of life due to Venus vTokens update in 24h. If you have assets in a red vault, you can either wait for a future update which could happen in a week or 2 or migrate to another available vault for this asset. Gas has been optimized for users who wishes to withdraw now. All funds safu , obviously.”
Beefy’s Twitter also posted an update with some more information on the reasoning behind the sudden change. “After discovering that Autofarm Venus contracts aren’t prepared for Venus fee upgrade we decided to pull out all Beefy user assets from affected contracts. If you staked into Venus (Auto) Beefy vaults your funds are SAFU now, but not accruing interest.”
Updated to clarify Beefys actions to mitigate losses.
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