Growth DeFi Ecosystem Update (Dec 2021)
We have plenty we’d like to update the community on, so this article provides a comprehensive official update from the team.
Firstly, general crypto market conditions have been volatile recently and there is no escaping the fact WHEAT and GRO have experienced downward pressure on token prices. However, the fact is our ecosystem has been developing strongly in the background and the fundamentals are better than ever before.
The coming weeks and months offer a hugely exciting time, with increasing value being created, and we firmly believe your loyalty will be rewarded.
Here are some of the key points we’d like to share:
Fantom Launch Date
We are pleased to confirm our ecosystem launch on Fantom (FTM) will be in late January or early February.
Between now and then the team is working hard to ensure both a flawless launch and for the best aspects of what we’ve learned on Avalanche and BSC to be available at the outset. This will include bonds, offering deeper WHEAT liquidity from Day 1, and providing an airdrop to WHEAT holders staked in the AVAX and BSC auto-compound pools.
Further details regarding how the snapshots will happen and timings for the airdrop will be released as the launch date nears. However, one point to make clear is that longer term holders of WHEAT will be especially rewarded.
If you haven’t already, please read our Medium article on the upcoming Fantom launch for further detail:
Bonds on Olympus DAO
With over $600,000 now secured since launch, our bonds on Olympus DAO are rapidly fulfilling their objective of generating protocol-owned liquidity. This is of huge benefit to the project and our token holders as it presents deeper liquidity, more MOR in circulation, additional profits from swap fees, and opportunities to invest in protocol-owned assets that will directly buy back and burn our native tokens.
EBC funds are now growing at approx. $30,000 per day as a result. Soon there will be detailed charting on the WHEAT UI to illustrate these asset positions, so people can have a much better idea of the value proposition, and give clear reasons to hold it, showcasing its deflationary elements.
MOR Yield: Revenue-Sharing Partnerships
An exciting next stage of our evolution is now underway. We are currently developing revenue sharing partnerships with other large projects looking to maximize capital efficiency: “MOR Yield.”
Growth DeFi generates additional revenue from new MOR being brought into circulation and therefore we can offer to share some profit from this process with partners based on how much they contribute MOR they mint. That could be holding MOR in their treasury or providing incentives to any pair that includes MOR. This is a ‘win-win’ for both Growth DeFi and partners, and we are pleased to confirm agreements in principle to commence this process have already been entered into with one large AMM decentralized exchange, and conversations with other large projects are progressing well.
WHEAT (AVAX) Buyback and Burn
WHEAT can now begin to increasingly benefit from its own revenue share through MOR Yield. We would like to advise that the team proposes to shortly commence buying back and burning WHEAT (AVAX) using a proportion of the MOR system surplus generated.
Alongside EBC growth and yield, revenue sharing and performance fees on MOR collaterals, this will continue to drive benefit to token holders and help to address some of the recent sell-side pressure experienced in the market.
We are pleased to update that over 60,000 WHEAT (BSC) has now been burned through the Hybridge. The WHEAT Hybridge will also launch on Fantom, which will lead to substantial further burning of WHEAT, and this early success shows that it is possible for a farming token to have a sustained source of significant burns.
….and last but not least………
Crypto.com Collaborative Partnership
Recently we have held a dialogue with Crypto.com to discuss collaboration. You will shortly see a crypto.com price widget integrated within the growthdefi.com website and Crypto.com will be incorporating a feature on Growth DeFi in their forthcoming communication to a seven figure readership. This is exciting exposure for our ecosystem and dialogue is ongoing to discuss further collaboration for Growth DeFi with one of the largest operators in the cryptosphere!