The future of rAAVE
This post will explain what will happen with rAAVE going forward and how those who were in the farming contracts when the exploit happened will be compensated.
1-rAAVE to gROOT Migration
We have decided to migrate rAAVE to a new token called gROOT which won’t rebase, this is being done to mitigate future vulnerabilities that may come up otherwise with rebasing.
Tokenomics of gROOT
Total Supply: 20,000 gROOT
Initial Circulating Supply (from the rAAVE airdrop): 1,500 gROOT
Ecosystem Incentives: 8,000 gROOT
gROOT Treasury: 10,500 gROOT
Liquidity Mining:
All the contracts are being reviewed and tested intensively, we will launch it when we are 100% certain that it’s safe to do so.
The initial circulating supply of gROOT will be 1,500 (all from rAAVE swaps).
There will be two incentivized liquidity pools:
BNB/gROOT will start receiving 150 gROOT/month in incentives
Treasury model:
The goal of the treasury is to increase the value of gROOT, it will focus on DeFi in BSC.
It starts with 10,500 gROOT to expand the treasury, it will also use its profits to buyback gROOT when the price is low relative to the treasury.
How will the swap work?
The gROOT will be airdropped to the BSC wallet with the same address, a snapshot will be taken the 20th of February.
Compensation for the exploit attack
We have taken snapshots of the farming LP balances before the exploit happened. 1.4 MM $ was drained by the attacker, of which 12% was from users (168,000 $). We will issue 168,000 SAFE proportionally to the stkGRO/rAAVE tokens held in the farming contract before the exploit happened.
SAFE tokens will be airdropped to BSC wallets.
SAFE tokens will be bought up in the future for up to 1$ each as the protocol earns fees from the different products it offers, it won’t be instant but eventually all of the tokens will be bought back and destroyed.
You can see how much SAFE you will be elegible for in the following sheet:
If you have any other questions, join our Telegram and ask.
