Major Updates: Introducing veGRO, MOR Staking, and Options Trading!
We are delighted to make the following major announcements to the community outlining substantial planned changes to the Growth DeFi ecosystem. These changes will both address the issues we have experienced in recent weeks with token performance, while capitalizing on the very best opportunities for innovation to maximize our market share for DeFi 2.0.
We are now pleased to announce a significant overhaul and evolution of Growth DeFi where the focus is on more streamlined tokenomics and where, more than ever before, building and returning value to token holders is at the center of everything we do.
In this announcement, we outline the main proposed changes. This is a lengthy announcement, yet we encourage you to read the details carefully and in full. We hope you share our excitement about what these changes will mean and, as ever, we’d be pleased to answer any questions you have.
We will also be holding a AMA in our Telegram channel very shortly with a focus on these new developments for the ecosystem.
What changes are coming to the ecosystem?
1. Introducing veGRO
As we take the next step in our evolution, with a stronger focus than ever on capturing market share and driving returns back to token holders, we are delighted to announce the forthcoming launch of veGRO!
“ve” stands for “vote-escrow”, which is a token model made popular by Curve. Curve has locked over $2bn of CRV — over half of its supply — using veCRV. This model has proven to be so successful in essentially reducing circulating supply that other protocols have adopted the veToken model, such as Frax, Spirit Swap, Hundred Finance, and more. Growth DeFi now joins the ranks of these DeFi protocols with our implementation of veGRO.
veTokens, or in our case veGRO, is govGRO that will pay a holder bonus GRO and MOR the longer a holder stakes, and grants the holder more DAO voting power.
This leads to GRO that is effectively locked, and provides a much higher payoff for long-term holders. There will also be fewer GRO in circulation, leading to a higher value for GRO tokens on BSC, Avalanche, FTM, and future chains as well, thanks to our bridge which will still burn GRO.
On our platform, these veGRO will be called “GRO Diamonds.”
This represents a great opportunity for token holders to secure much higher returns, including MOR dividends, for staking GRO for an extended period.
veGRO will be live on Growth DeFi on Monday, 31 January and we will share the URL in a subsequent announcement beforehand. Be sure to follow our Telegram announcement channel for details.
2. Introducing MOR Staking
Our second new addition to the ecosystem is MOR Staking (stkMOR), where you can now stake MOR and receive GRO!
When staking MOR you will have the option to either claim GRO rewards prior to a 3 month vesting period and you will receive half (the other half goes to veGRO holders) or you can claim GRO after the 3 month period and receive the full amount. The choice is yours!
But there’s more…it will also be possible to boost your GRO rewards by up to 150% (2.5x) by holding veGRO. If you hold at least the same percentage of veGRO as the amount of MOR staked — relative to the total veGRO in that chain and the total MOR staked amount — then you get the maximum boost.
Payouts will happen weekly and there are no lockup periods. Holders may also unstake at any time.
This is a new, exciting way to earn GRO rewards through holding and staking MOR (as stkMOR) and GRO (as veGRO) within the ecosystem. And this give further utility to GRO as a way to incentivize users to hold GRO for higher rewards.
MOR Staking will be live on Growth DeFi on Monday 31 January and we will share the URL in a subsequent announcement beforehand. Be sure to follow our Telegram announcement channel for details.
3. Merging the WHEAT token with GRO
To ensure the ecosystem’s profit flow stays focused into GRO — Growth DeFi’s flagship and governance token — we have thoroughly reviewed WHEAT in light of our ecosystem changes and have determined that WHEAT will no longer be a part of the ecosystem going forward. Consequently the WHEAT token will be discontinued on BSC and Avalanche and will no longer launch, as previously announced, on Fantom as part of Growth DeFi’s expansion. Key reasons behind this decision are as follows:
- Following the withdrawal of LPs, WHEAT has experienced a declining utility. While it still serves an important function as an incentives token, this function could now just as easily be served by GRO based on our new streamlined approach. Therefore, the setup of our ecosystem going forward will no longer require WHEAT.
- With WHEAT‘s merge with GRO, we can save significant development time and achieve a stronger yet simpler and more consolidated ecosystem overall by not following through with this previous plan of launching WHEAT on Fantom. This will help GRO to better sustain value, now that MOR profits are simply directed at GRO/veGRO holders.
What does this mean for current GRO token holders?
It means now concentrating all the value generated through the ecosystem back into GRO. Although there will be an increase of circa. 80,000 GRO tokens in circulation (to cover the WHEAT swap), this is more than offset by the following:
- For starters, GRO holders will immediately benefit from the corresponding addition of all assets currently owned by the WHEAT Treasury transferring over to the GRO Treasury. As a holder of GRO you benefit from this increase in treasury-owned assets, which exceeds $500,000, and which are employed to generate further returns for GRO.
- GRO will now also see a doubling of future revenues through the new ecosystem, from only a 25% increase in supply. The full concentration of product value accrues to GRO from hereon.
- GRO will also now benefit from increased liquidity. All protocol-owned liquidity currently supporting WHEAT on DEXs will now migrate to GRO.
- As a holder of GRO you also now hold the sole token within the ecosystem that will be the focus of all value being created and returned to token holders.
What does this mean for current WHEAT token holders?
This change results in two actions: (1) a manual swap for all WHEAT holders so they can receive GRO in return, and (2) a MOR airdrop for users who held WHEAT in the Autocompounding WHEAT vaults.
Both the WHEAT-to-GRO swap and airdrop cover both BSC and Avalanche chains and will be set at the fair market exchange rate to ensure existing holders of WHEAT tokens are appropriately compensated for this change.
WHEAT-to-GRO Swap: When will the token swap be made, and what is the swap rate?
WHEAT will be swapped for GRO on Monday 31 January.
The swap rate will be:
- 11.1 WHEAT (BSC) will give 1 GRO
- 3.9 WHEAT (AVAX) will give 1 GRO
This is based on the market prices taken today (25 January 2022) in line with this announcement:
- GRO Price: $21.3
- WHEAT AVAX: $5.47
- WHEAT BSC: $1.92
What will you need to do as a WHEAT holder?
A front end will be deployed, and anyone holding WHEAT (BSC) or WHEAT (AVAX) will be able to swap it for GRO in the respective chain at the above mentioned fixed swap rate. The page will be up for an indefinite time period.
MOR Airdrop for WHEAT Autocompounders: What will WHEAT (BSC and Avalanche) holders receive in place of the WHEAT (FTM) airdrop?
As mentioned earlier, holders will now receive MOR rather than WHEAT (FTM) for this airdrop.
The airdrop process previously announced has had to be adjusted somewhat, and is now as follows:
- 40,000 MOR in total will now be airdropped to those who have held WHEAT in the auto-compound vaults on BSC (20,000 MOR) and Avalanche (20,000 MOR).
- We will not be publishing detail on snapshots, however if you have held WHEAT in the auto-compound vaults (as clearly advised) you will qualify for and receive the MOR airdrop.
4. Options Trading on Growth DeFi
In an exciting evolution of our ecosystem, we are also delighted to announce that options trading is coming to Growth DeFi!
We are presently developing an options trading platform that will allow market participants access to physically-settled Call/Put options on a host of tokens across each chain (including GRO). This will include Single Staking Option Vaults (SSOVs) where users can lock up tokens for a specified period and earn yield on them, while the system sells your deposits as options to buyers at fixed strikes for a given expiry date.
This will essentially give users the potential for selling covered calls at low risk and will be a catalyst for onboarding significant additional capital into Growth DeFi. Profits generated through commissions on the trading platform will of course be used to increase veGRO’s cashflows and buyback and burn GRO! This is then yet another revenue stream for Growth DeFi to deliver increased value back to GRO token holders.
We will be creating and launching a bespoke site for the options trading platform, which will also benefit from a significant marketing campaign.
The options trading platform is anticipated to be live in Q2 2022.
5. Coming soon….
We hope the community is delighted by this update, and we want to make something clear — this is not everything!
Soon we will of course also be launching on Fantom (23 February) and we look forward to announcing a suite of marketing and partnerships announcements to make sure we arrive there with a splash. Developments for our FTM launch are progressing really well and we’ll cover this in detail in our next major announcement.
We can also reveal that a major new approach to generating additional yield through MOR has now gained traction, and so stayed tuned for a further announcement shortly on this. It will be another game changer for GRO holders...