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Blockchain Defi news

Growth DeFi Ecosystem to Expand to the Avalanche AVAX Network

One of the biggest official announcements made recently by the Growth DeFi Ecosystem is the expansion of its ecosystem to the Avalanche Network in the month of October. Avalanche Network is an open, programmable smart contract platform for decentralized applications along with aiming to allow anyone on the network to launch or trade assets and steer them in a decentralized manner making use of smart contracts.

As revealed in the latest list of announcements, $GRO, $WHEAT & MOR + the MOR & WHEAT protocols will be stretching to the Avalanche Network, which is being traded under the ticker name of AVAX. 

The officials of Growth Defi consider the AVAX network perfectly suitable for decentralized finance to broach into after circumspect contemplation on their options for cross-chain expansion. It should be noted that the Growth Defi ecosystem is operating on building partnerships and relationships with several projects and the ecosystem to ensure the successful launch with the users of AVAX. In addition to this, as per the official revelations, the decentralized platform is exuberant about the right set of circumstances to offer even more updates and improvements to their products in order to assist in the process of extraction of maximum capital efficiency from the market for users. 

Launch of MOR and Increased Capital Efficiency for BSC Users

On September 2, Growth Defi made an announcement regarding the launch of MOR, the overcollateralized borrowing platform and stable coin on the Binance Smart Chain for assisting users make the most out of their crypto assets. 

With the introduction of MOR stable coin, the users will no longer be required to leave their capital sitting idle while obtaining a loan and they can use their borrowed funds to anchorage their farming positions. 

Since the time when MOR was launched, the Growth Defi ecosystem has been dedicated to moving forward regardless of some early issues, the platform is offering substantial capital efficiency for Binance Smart Chain users. 

Along with this, there are a lot of other announcements that the platform made. 

GRO DAO Governance and WHEAT UI Update

From the list of announcements made by the Growth Defi ecosystem, the first on the agenda to be administered is the decentralized governance features that are going to establish control on the MOR protocol. As per the release of the statement, this is going to be governed by the holders of DAO, and the platform astonishingly said that it will be capable of offering govGRO (governance GRO) holders the opportunity to stake and earn WHEAT. In addition to this, it should be noted that the DAO will be having control over several parameters of MOR, involving the stability charges, collateralization ratios, and the utilisation of the system overabundance funding. 

Moreover, the platform has been revealed to have gathered only positive feedback around the structure of the MOR website, and the same design was implemented to the WHEAT site without any second thought. However, further information is yet to be disclosed once the portal of governance is finalized and govGRO is all set to be added as a pool.

The Amalgamation of ERC-20 GRO & stkGRO

Following a lot of consideration and careful thought, the team has taken a decision that it just does not make sense to continue with GRO or stkGRO on Ethereum. As the new govGRO DAO is not on the Binance Smart Chain, the voting setup with the ERC-20 GRO is not going to work. 

The Airdrop of GRO to xJOE Holders 

As revealed, the xJOE holders base will be snapshotted and the platform will airdrop GRO to approximately 3207 xJOE holders. 

The total worth of airdrop accounts for a total of 0.77% of the circulating supply of GRO and:

  1. Top 100 would get 10 GRO 
  2. Top 100-900 would get 1 GRO
  3. The rest 900-3207 will be getting 0.1 GRD

Moving further to the migration details, the snapshot of all accounts holding stkGRO & GRO, issue BEP-20 GRO on the Binance Smart Chain to stkGRO holders at the stkGRO/GRO ratio minus a fee. The ratio is around 1.35:1, however, the exact ratio will be confirmed at the time of migration. Moreover, Liquid GRO holders on Ethereum are going to be airdropped 1:1 on BSC.

gROOT Amalgamation and Discontinuation of GRO Yield & gROOT Harvest

Evaluating the value of gROOT as a token, the platform kept a note of the community confusion in regards to its purpose within the ecosystem and the requirement for the token. They have elected to amalgamate gROOT holders and their treasury assets into GRO, in order to generate increased unified holdings/reserves and revenue flow. 

In addition to this discontinuation of gROOT, both the GRO Yield and gROOT Harvest withdrawal charges are going to be waived to allow users to unstake freely. It should be laid an emphasis on the fact that these pools have vastly been subsidized by the team in recent times.

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