Growth DeFi Goes Cross Chain On Avalanche: Here’s What You Need To Know

According to renowned crypto investor Matthew Roszak, decentralized finance has grown to an $80 billion sector in 2021 and is set to rise 10-fold. On present patterns, a 10-fold growth in DeFi might be achieved by 2022. According to DeFi Pulse, assets committed to DeFi initiatives have increased by more than 385% so far this year. At this rate, total assets will surpass $800 billion before the end of the year. Furthermore, investors seeking enormous yields, often in the double digits, available on platforms like Compound and Aave, which frequently offer incentive tokens to inflate rates and entice users, have fueled DeFi's growth.

According to CoinGecko, decentralized finance has only 5% of the crypto market, but it has seen enormous growth recently. As of June 2021, the crypto market has $93 billion in DeFi assets, up from $4 billion just three years before. And with projects like Growth DeFi, other milestones and many more records are coming on the way. The platform's goal is to develop a full suite of DeFi solutions that will provide users with optimum techniques for all existing DeFi protocols. Let's learn more about it and how Growth DeFI is Going Cross Chain on Avalanche.

What is Growth DeFi?

It's based on GRO tokens, which are deflationary tokens that give users voting and staking rights while still pursuing capital gains. The gtokens are linked to the GRO tokens and provide a direct source of appreciation for GRO tokens through fee burning.

While it may appear at first that the gTokens are the platform's interest-bearing tokens that payout based on a user's deposited monies, it soon becomes evident that they have more value since they profit from the platform's minting (deposit) and burning (withdrawal) expenses.

Growth DeFi has recently announced that it is going Cross Chain. And these are the reasons they stated for it:

1. Transaction costs are reduced.
2. Transactions that are completed faster
3. In 2021, TVL and composability for other chains and L2 solutions have been quickly rising.
4. A larger market that can be addressed
5. Combining chances from several chains can result in higher total yields.

GRO DAO Governance and the Wheat UI Update

The decentralized governance mechanisms that will manage the MOR protocol are the first to be implemented. This will be managed by DAO holders, and they're delighted to be able to provide govGRO (governance GRO) holders the chance to stake and gain WHEAT shortly. Several MOR factors, including collateralization ratios, stability fees, and the use of system surplus revenue, will be controlled by the DAO.

They've received nothing but excellent feedback about the MOR website's design, so they went ahead and hired the same designer to revamp the WHEAT site (along with the main Growth UI). This will be shown after the governance portal is complete and govGRO is ready to be added as a pool.

GRO & xJOE Holders Airdrop

The xJOE holders base will be snapshotted, and the platform will airdrop GRO to roughly 3207 xJOE holders, as previously stated.

The entire value of the airdrop adds up for 0.77% of GRO's circulating supply, and:

1. A total of ten GRO would be awarded to the top 100 people.
2. Each of the top 100-900 people would receive one GRO.
3. The remaining 900-3207 will receive 0.1 GRD.

ERC-20 GRO & stkGRO Migration

After much deliberation and consideration, the team has decided that continuing with GRO or stkGRO on Ethereum is simply not feasible. The voting setup with ERC-20 GRO will not work now that the new govGRO DAO is almost complete, as it is not on Binance Smart Chain (BSC). The time has come to make the transfer because we are no longer building on the ETH side, and stkGRO has little to no participation outside of the monthly injections. We believe that some of the newer chains have a lot of room for growth, and GRO will be at the center of it all.

Here are the things that you need to know about it:

1. Snapshot all accounts with stkGRO and GRO, then issue BEP-20 GRO on BSC to stkGRO holders at the stkGRO/GRO ratio less a charge — the ratio is approximately 1.35:1 and will be confirmed at the time of migration (There will be no need for users to unstake). Holders of Liquid GRO on Ethereum will receive a 1:1 airdrop on BSC.
2. On Uniswap, remove liquidity for the GRO/ETH pair.
3. Remove the ETH/GRO bridge and exit ETH entirely.

MOR & WHEAT Protocols turning Cross-chain on Avalanche

In October, the Growth DeFi ecosystem ($GRO, $WHEAT, and MOR, including the MOR and WHEAT protocols) will spread to the Avalanche network. The team believes the network is perfectly suited for them to move into after careful consideration of their possibilities for cross-chain expansion. They're already forming partnerships and relationships with projects and the ecosystem to ensure that the launch is a huge success for AVAX users, and we're excited about the prospect of providing even more upgrades and improvements to their products to help users extract maximum capital efficiency from the market.