Launching veGRO on Fantom!
We’re delighted to finally launch veGRO Diamonds on Fantom Opera (FTM), offering our community a further opportunity to secure strong and sustainable revenues with GRO.
veGRO Benefits on Fantom
On Fantom user rewards will be paid in cLQDR. Additional rewards will also be paid in MOR, subject to protocol performance. veGRO holders will also earn higher APYs for MOR staking (our overcollateralized stablecoin) when it is live on Fantom in the next week or so.
Using the veToken model made popular by Curve Finance’s veCRV, veGRO Diamonds are ‘time locked govGRO’ that boost holder rewards the longer it is locked.
veGRO is already live on BSC and Avalanche, and we produced a step-by-step user guide for veGRO in a previous Medium article that also answers some FAQs. This can be viewed here:
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There is an updated User Interface this time around through, so please have a read of the following step-by-step guide for veGRO Diamonds on Fantom.
veGRO Diamonds: a Step-by-Step Guide
The following is a step-by-step user guide to explain how to secure your veGRO Diamonds on Fantom.
Step 1: Approve GRO, and Swap GRO to govGRO
Firstly, you should ensure your wallet is connected to Fantom and you have GRO in your wallet.
- Click on ‘VeGRO Diamonds’ on the main MOR menu.
- Then scroll down and click on Approve GRO and process the transaction.
- Then you must swap GRO to govGRO.
The swap rate is 1:1 in either direction (GRO to govGRO or govGRO to GRO) and there are no additional fees. Click on the arrows in the middle of you’d like to swap the other direction.
Step 2: Lock your govGRO to generate veGRO
- Now look at Lock/Manage. You should see you now have a govGRO balance.
- You can now deposit your govGRO. Firstly click Approve to permit the transaction. Now choose how much govGRO you wish to deposit.
- Use the slider to select what timeframe you want to lock govGRO for. This can be for a period between 1 month and 4 years. Lock ups for longer periods will generate higher rewards each epoch.
- Then click the approval and Lock button.
In User Stats you will then see your balance of govGRO that is locked, the future unlock date and a balance of veGRO will appear.
Step 3: Claiming Rewards
You can see the rewards you have accrued from your veGRO position under the ‘Rewards’ section:
The current APR is shown, along with the cLQDR and MOR rewards you can claim. Just click “Claim.” There is no vesting period for rewards.