Growth DeFi Ecosystem Expansion to Fantom (FTM): What to Expect
Growth DeFi is continuing at pace to execute on our cross-chain expansion plans with our launch on Fantom (FTM) in the coming weeks. The team is hard at work behind the scenes preparing for launch and striving to deliver the most value from this exciting next step for our ecosystem.
Successful launches on BSC and Avalanche have provided opportunities to refine Growth DeFi, with a focus on achieving sustainable tokenomics, high yields, and maximizing benefits for our community and token holders. We can now apply the best approaches to subsequent chains from the outset, and our launch on Fantom will benefit from this hugely.
The purpose of this article to briefly summarize key aspects of our emerging plans for Growth DeFi on Fantom and to address some FAQs about the launch we’ve picked up in our Telegram channel.
Introducing Bonds from Day 1
Fantom will be our first chain expansion with a 100% bonds-based launch, which means there will be no LP mining.
With Olympus Pro bonds already live on Fantom, this will allow us to have deep liquidity from the start and smooth out the WHEAT token price volatility we’ve seen in the past launches on BSC and Avalanche.
To put the benefit of a ‘bonds-only’ approach in perspective, after launching Growth DeFi on Avalanche, roughly $4MM was paid out to LPs in exchange for them providing liquidity. Of course in many cases LPs then simply sold their WHEAT in the market, depressing the token price.
But following our partnership with Olympus DAO, the days of needing to ‘rent liquidity’ in this way are now behind us. On Fantom, it will instead be the Growth DeFi community that benefits from building protocol-owned liquidity from the outset, with the value accruing directly to our token holders.
WHEAT (FTM) will also be airdropped to BSC WHEAT and Avalanche WHEAT holders in the following ratio: 60% to BSC holders and 40% to Avalanche WHEAT holders. To be eligible, you must have your WHEAT staked in either chain’s WHEAT auto-compound vault. Specifics on the airdrop are yet to be decided, as it is still being decided how many snapshots will be taken and when. The airdrop will likely happen within one week post-launch and we will update the community on specifics as we near launch.
New Collaterals and EBCs
At launch, ideally at least half of the bonds will go towards WHEAT liquidity. After liquidity has been secured, our focus will shift to obtaining Exponential Buyback Collector (EBC) assets. Since emissions are predictable (i.e. you know how much WHEAT can there be at a maximum at a certain date, assuming no burns), then that allows for actual economic estimates. This is something that can’t be done with an OHM fork-type rebase token with runway metrics.
Through Olympus Pro bonds we anticipate to add many key bonds, LPs, and assets across all chains, including:
- WHEAT/MOR LPs
- WHEAT/FTM LPs
- GRO/MOR LPs
- gOHM/MOR LPs
- WHEAT/AVAX bonds
- gOHM/AVAX bonds and EBC
- USDT bonds into a TriCrypto EBC
We are also exploring the opportunity to add new WHEAT EBC (Exponential Buyback Collector) strategies, such as TriCryptoV2 through Curve Finance, that can be accumulated through bonds in line with our long-term growth and buybacks goal. This will mean EBCs focused on holding high quality underlying collateral, including, gOHM, BTC, ETH, and stablecoins. For the TriCrypto EBC, since it holds 1/3 USD, 1/3 BTC, and 1/3 ETH, it’s a semi-bullish asset that can be held during any period.
How this Benefits the Exponential Buyback Collectors (EBCs)
Funding gained from WHEAT’s bonds with Olympus Pro is used to create stronger even stronger EBCs. The more assets the EBCs stake, the more they buybacks and burn WHEAT. Only the yield of these EBCs is used to buyback and burn WHEAT, without the principal ever being spent. This provides constant buy pressure for WHEAT as our WHEAT EBC balances only ever increase.
Stablecoin Swaps and Strategies
Ahead of launching MOR on Fantom, we are developing an approach to implement Curve and Ellipsis stablecoin pools for a PSM. This will greatly increase MOR surplus profits.
This will also allow us to decrease the MOR peg spread from its current $.99–$1.001 range to $1.00–$1.001. We will also look to lower the PSM spread to allow swapping between stablecoins (including USDC, DAI, USDT ) and MOR easily and at low cost.
When is Growth DeFi launching on Fantom?
We have not set an exact date, as further preparation lies ahead and ensuring the integrity and security of any launch is always paramount.
We presently expect to launch on Fantom in the beginning of 2022, and a more specific date will be communicated as soon as possible.
What partnerships will Growth DeFi have on Fantom?
The team is already making inroads in developing partnerships with large established operators on the Fantom chain. As readers will know from our partnerships with Trader Joe and Apeswap on Avalanche and BSC respectively, we always look to identify and build mutually-beneficial arrangements on each chain that can add huge value to our ecosystem.