Growth DeFi: a User Guide to veGRO and MOR Staking
Growth DeFi launched veGRO and MOR Staking on 31 January 2022 as an exciting evolution of our ecosystem. These innovative products focus on maximizing potential returns to token holders and provide a long term and sustainable approach to generating yield through DeFi 2.0.
For some users, there may be a bit of a learning curve to understanding how to stake veGRO and MOR, but learning the basics is not as hard as it may seem, and after you’ve learned, you’ll be able to have access to some of DeFi’s best returns.
We’ve created this guide to provide a simple step-by-step overview from the user’s perspective on how to interact with veGRO and MOR Staking, followed by answers to some frequently asked questions from our Telegram channel.
1. Growth DeFi: Overview of Ecosystem Tokens
Before we explain veGRO and MOR Staking, let’s start with a basic overview of what tokens exist on the Growth DeFi ecosystem, including how they can be purchased or minted.
Growth DeFi has two main tokens — GRO and MOR. The following is a simple explanation of each token followed by links to where each token can be purchased or minted.
GRO
GRO is Growth DeFi’s deflationary governance token. GRO holders receive revenue from MOR protocol fees, exponential buyback collectors, and more. GRO holders can swap their GRO for govGRO, and subsequently, veGRO (which will be explained below).
- What is govGRO? This is the governance version of GRO. govGRO holders may participate in the DAO. Users may swap to and from govGRO 1:1 at all times on our govGRO swap page. There is no fee for swapping besides standard network transaction fees.
- What is veGRO? Using the veToken model made popular by Curve Finance’s veCRV, veGRO is ‘time locked govGRO’ that boosts holder rewards the longer it is locked.
MOR
MOR is Growth DeFi’s over-collateralized stablecoin and borrowing protocol. Users can leverage their farming tokens and LPs while taking out self-repaying loans. Revenue from MOR is directed to GRO holders via distributions to veGRO holders. MOR’s surplus can also be used for buyback/burn for GRO.
Where Can I Purchase MOR and GRO?
Please click on the links below to purchase MOR and GRO. If you’d rather purchase MOR with a stablecoin directly from our website instead of from the sites below, you can always use MOR’s swap page here. You’ll generally get a better rate buying from our MOR website, as the fees are much less.
MOR Stablecoin Swap
• MOR (BSC)
• MOR (Avalanche)
Binance Smart Chain (ApeSwap)
• MOR
• GRO
Avalanche (TraderJoe)
• MOR
• GRO
Fantom(SpookySwap)
• MOR: Will launch on 23 February 2022
• GRO
2. veGRO: a Step-by-Step Guide
The following is a step-by-step guide to firstly explain how to stake veGRO.
Step 1: Swap GRO 1:1 to govGRO
You firstly need to have GRO in your wallet. When you have GRO in your wallet you then need to swap it into govGRO. You can do this through the Growth DeFi site using the following swap function:
Step 2: Connect Wallet to MOR
Then proceed to the MOR site and load MOR on the correct chain. This will be either AVAX (here) or BSC (here). Then click on GRO Diamonds on the icon panel.
Step 3: Deposit your govGRO to generate veGRO
You can now deposit your govGRO in the box that says ‘Lock govGRO’. Choose how much govGRO you wish to deposit, and also select what timeframe you want to lock govGRO for, and then click the approval and Lock button.
You will then see your balance of govGRO that is locked, and a balance of veGRO will appear.
veGRO: Frequently Asked Questions
The user interface says ‘Choose a period to lock up’. What does this mean, and can I change it afterwards?
veGRO requires users to stake it to take advantage of higher APYs for veGRO rewards and MOR Staking rewards. The longer the lockup period, the higher the rewards. Once set, users can allow their lockup period to either run to 0 or can choose to extend it, but lockup time cannot be reduced.
Once I lock up my govGRO/veGRO for the chosen period, is there an emergency withdraw function or do I have to wait for my chosen period to expire?
Once a user has locked up their govGRO they only need for the unlock date to arrive in order to claim the govGRO back. There is a safety emergency function that would allow everyone to withdraw instantly, it is only there for extreme scenarios and most likely will never be used (it can only be triggered by the owner).
The veGRO/GRO Diamonds user interface has buttons called ‘Update Lock Time’ and ‘Update Lock Amount’ — what do these do?
Update Lock Time extends your lock time without needing to deposit anything. Update Lock Amount adds extra with same lock time since you can only have one given lock time per address
I have deposited my govGRO and now have a balance of veGRO. However I am not seeing any Rewards being generated. Why not?
There are two potential reasons for this:
1-veGRO rewards are paid on a weekly basis so you might just need to wait a few days more until you see your rewards on the UI.
2-You are able to unlock your govGRO, if you have 0 weeks left till unlock then your veGRO balance will be 0 and as such you will receive 0 rewards. In order to receive rewards you would need to relock for a future unlock date.
The user interface shows ‘GRO Rewards with Penalties’ and ‘GRO Rewards without Penalties’. What does this mean?
In order to reward longer term participants we have implemented the rewards setup used by Ellipsis and Geist.
The way it works is that if the user harvests rewards that have been given out for less than 3 months then those rewards will have a 50% penalty applied to them, this penalty is distributed to veGRO holders. If 3 months have passed then those rewards will no longer have the penalty and the user can claim 100% of the amount.
There are two buttons, one allows you to claim all the GRO Rewards that don’t have any penalties (to maximize your earnings) and the other allows you to claim all GRO rewards regardless of the penalty.
This penalty solely applies to GRO rewards. MOR and any other tokens distributed to veGRO holders are penalty free and can be claimed instantly.
How are GRO and MOR Rewards generated for veGRO? Where do they come from?
There are four sources for veGRO rewards:
- Set rewards allocated to the GRO Reward Distributor (this transfers ownership from liquid GRO holders to the more vested/aligned holders veGRO holders)
- Penalties from early claims from stkMOR go directly towards veGRO holders
- MOR Surplus distributions
- Other revenue sources that are distributed from other products (option premiums and derivative fees amongst others)
MOR Rewards come from:
- Set rewards allocated to the GRO Reward Distributor (provides a base level of incentives for MOR Staking)
- We are exploring different options to completely remove GRO rewards to MOR Staking in the long term future)
When and how often are Rewards for MOR Staking and veGRO paid out?
1- MOR Staking rewards are paid weekly, cumulative balances are used so it can’t be gamed by staking right before the weekly payout (it is proportional to the time spent in the pool).
2-veGRO GRO rewards are paid weekly too, no cumulative balances are applied due to the lockup nature of Voting Escrow (ve).
3-veGRO MOR rewards depends on the frequency with which the DAO withdraws MOR from surplus. In the future some reserves will be kept aside to ensure that there’s some consistency of weekly payouts.
4-Other rewards for veGRO that aren’t MOR or GRO depend on the specific product that is feeding it and its fee structure. Ideally a weekly consistency is targeted here too though monthly timeframes could be chosen instead if it makes sense for the specific token to be paid out.
I’ve staked a little veGRO, but my Boost Multiplier says x1.00 still. Why doesn’t my Boost Multiplier increase?
The Boost Multiplier is based on the amount of veGRO the user staked divided by the total veGRO staked on that chain.
If your veGRO is a small percentage of the global veGRO balance relative to your percentage of ownership in the MOR staking pool then the Boost Multiplier will show x1.00. However, this is just what it shows on the UI. In reality, you will be getting a fraction more than x1.00, based on what you have staked. So if you have staked any veGRO, you will be getting more rewards than if you hadn’t staked any at all. It may just be such a small amount that the UI won’t register it in your Boost Multiplier.
3. MOR Staking: a Step-by-Step Guide
The following is a step-by-step guide to explain how to stake MOR. The MOR Staking APY is based on how much veGRO a user has staked, and for how long. It doesn’t matter if you stake veGRO or MOR first, as the APR will adjust appropriately.
Step 1: Obtain MOR and visit MOR Staking
You firstly need to have MOR in your wallet. Then proceed to the MOR site and load MOR on the correct chain. This will be either AVAX (here) or BSC (here). Then click on MOR Staking on the left icon panel.
Step 2: Deposit Your MOR
If you have MOR in your wallet, your balance will be visible on this page.
Enter the amount of MOR you want to deposit into MOR Staking in the field ‘Enter amount to stake’. Then accept and process the transaction.
Your MOR is now staked and you will receive GRO Rewards.
MOR Staking: Frequently Asked Questions
How often and when do I receive GRO Rewards?
GRO rewards are paid weekly, cumulative balances are used so it can’t be gamed by staking right before the weekly payout (it is proportional to the time spent in the pool).
MOR Staking says I will earn GRO Rewards ‘with penalties’ and ‘without penalties’. What does this mean exactly?
In order to reward longer term participants we have implemented the rewards setup used by Ellipsis and Geist.
The way it works is that if the user harvests rewards that have been given out for less than 3 months then those rewards will have a 50% penalty applied to them, this penalty is distributed to veGRO holders. If 3 months have passed then those rewards will no longer have the penalty and the user can claim 100% of the amount.
There are two buttons, one allows you to claim all the GRO Rewards that don’t have any penalties (to maximize your earnings) and the other allows you to claim all GRO rewards regardless of the penalty.
How is the APR in ‘Current APR’ calculated?
The Current APR takes into account your boost multiplier, the amount of GRO being distributed per week, the current GRO price in USD, and the TVL of the MOR Staking Pool.
What does the ‘APR Range’ mean? Why is there a range?
APR Range is the lowest and highest APR users can currently earn on their vaults. The lowest APR is applied if you hold 0 veGRO, the highest APR is applied if you hold a larger % of the total veGRO balance than the % of the total TVL of MOR Staking.
Can I withdraw my MOR from MOR Staking whenever I want to?
Yes. There is no lockup period for MOR Staking.
If I add some more MOR to the staking in the middle of e.g. my 3 month period — is the period being re-set again to 3 months?
No, MOR staking and unstaking is completely unrelated to the penalty periods for the GRO rewards you’ve accumulated. You are free to stake and unstake as much as you want.
What’s Next on Growth DeFi’s 2022 Roadmap for MOR
The following features will launch first on FTM and then be ported over to BSC and Avalanche before we launch on Polygon or a Layer 2 such as Arbitrum or Optimism.
- Levered yield indexes
- Physically settled options
- New types of ilks (collaterals)
- Derivatives on top of Voting Escrow tokens
We look forward to explaining all these and more in subsequent Medium articles.
