Crosschain Expansion + Token Migrations — Growth DeFi Update
We’ve been full steam ahead at Growth DeFi since the launch of MOR one month ago. Despite some early teething problems all systems are now running very smoothly, and we are proudly offering greater capital efficiency for BSC users than ever before!
The fun doesn’t stop there however, and we have made several massive announcements about the future of the ecosystem. So let’s rewind and break down what’s coming in October:
GRO DAO Governance
First on the agenda to be implemented is the decentralized governance features that will control the MOR protocol. This will be governed by DAO holders, and we’re excited to also be able to soon offer govGRO (governance GRO) holders the opportunity to stake and earn WHEAT!
The DAO will have control over several parameters of MOR, including collateralization ratios, stability fees & the use of the system surplus funding!
WHEAT UI Update
We received nothing but positive feedback around the design of the MOR website, so it was without hesitation we continued with the same designer to overhaul the WHEAT site (as well as the main Growth UI)! Once the governance portal is finalized & govGRO is ready to be added as a pool this will be unveiled!
ERC-20 GRO & stkGRO Migration
After much deliberation, and careful thought, the team have decided that it just doesn’t make sense to continue with GRO or stkGRO on Ethereum. With the new govGRO DAO almost done, the voting setup with ERC-20 GRO will not work, as it’s not on BSC. Since we are no longer building on the ETH side, and stkGRO has little to no participation outside of the monthly injections, the time has come to make the switch. We believe that there is far MOR opportunity now with some of the newer chains for expansion, and GRO will be at the centre of it all!
The migration plan is as follows:
NOTE: there is NO user interaction required for the GRO migration, all actions will be handled automatically for you
- Snapshot all accounts holding stkGRO & GRO, issue BEP-20 GRO on BSC to stkGRO holders at the stkGRO/GRO ratio minus a fee — ratio is approximately 1.35:1 & will be confirmed at time of migration (There will be no need for users to unstake). Liquid GRO holders on Ethereum will be airdropped 1:1 on BSC.
- Remove liquidity for the GRO/ETH pair on Uniswap.
- Depart ETH completely & Remove the ETH/GRO bridge
As part of our streamlining process, we have also had to assess the value of gROOT as a token. We have noticed much community confusion in regards to its purpose within the ecosystem & the need for the token. As such we have elected to merge gROOT holders & its treasury assets into GRO, to create more unified holdings/reserves and revenue flow. This will be via a simple swap utilizing uncirculating GRO reserves.
The swap will be 30 GRO per gROOT swapped & are being done in phases beginning with people holding liquid gROOT.
The second phase for swapping gROOT will be conducted after the GRO staking pool goes live on WHEAT. The fees for unstaking your gROOT from gROOT Harvest will then be waived, and those holders can swap.
There will be plenty of time to make this transition, as this process will be conducted over the next 2–3 weeks. We want to make sure every one of our members gets the chance to participate in the swap.
We do require user action for this swap as it is a manual process, please head to our Telegram for more info.
GRO Yield & gROOT Harvest discontinuation
Along with the discontinuation of gROOT, both GRO Yield and gROOT Harvest withdrawal fees will be waived to allow users to unstake freely. These pools have been largely subsidized by the team recently, and with WHEAT staking for GRO soon available it greatly frees up reserve funding to further enhance our operations (without compromising user rewards). Please note the waiving of fees has yet to occur so we ask the community to wait until an announcement is made about that.
MOR & WHEAT Protocols going Cross-chain!
Lastly, our biggest announcement. It has been one of the worst kept secrets that the Growth DeFi ecosystem ($GRO, $WHEAT & MOR + the MOR & WHEAT protocols) will be expanding to the Avalanche network in October. After careful deliberation on our options for cross-chain expansion we feel that the network is perfectly suited for us to venture into.
We are already working to build partnerships and relationships with projects and the ecosystem to make sure our launch is a huge hit with AVAX users, and we excited about the opportunity to offer even more upgrades & improvements to our products to help extract maximum capital efficiency from the market for our users!
More details are still to come on this expansion — so stay tuned!
We felt it was important to summarize the major changes as there have been a LOT announced in a very short space of time, and we are expecting things to move very rapidly ahead beginning with the governance portal this week!
As always if you have any further questions about any of the migration plans & upcoming expansion be sure to jump in our Telegram for more information.