Growth DeFi Ecosystem Going Cross-Chain, Starting With Avalanche
Over the past months, we have seen tremendous growth in DeFi, and millions if not billions of dollars are being invested in it daily. DeFi can affect the way traditional banks operate and might even change the structure of the whole financial system in the future. One of the projects that have recently caught people’s attention with its recent news is Growth DeFi and its plan to launch on AVALANCHE. With this new improvement, the GrowthDeFi ecosystem might be the new king of decentralized farming cross-chain. Let’s get a clear picture of Growth Defi and its cross-chain expansion to Avalanche to understand why.
What is Growth DeFi Ecosystem, and why is it working?
Growth DeFi is a decentralized finance ecosystem whose aim is to enable capital efficiency and help investors maximize their returns using various products. The project is focused on maximizing stakeholders’ value while also maintaining sustainable highest yield in the market. Growth DeFi is a multi-chain ecosystem.
GRO is the first token in the ecosystem. It is a deflationary token with governance authority on the Growth DeFi ecosystem. GRO tokens can be staked to earn rewards in BNB.
WHEAT is another token on the GrowthDeFi ecosystem. It serves as an incentive for investors that use products provided by GrowthDeFi. In order to make WHEAT completely deflationary, vast portions of the revenues are given to buybacks and burns. WHEAT was recently launched on BSC (Binance Smart Chain).
MOR is Growth DeFi stable coin that was recently launched around late July/early august. The coin serves as an over-collateralized stable coin that Maker DAO’s DAI inspired. MOR allows users to borrow using other tokens, including LP tokens backed by WHEAT. MOR can leverage high-yield farming positions.
$GRO, $WHEAT, and MOR is launching on Avalanche
The team at GrowthDeFi has decided to go cross-chain on Avalanche after careful examination of their cross-chain expansion options. Avalanche Network is a platform for creating a programmable smart contract for dApps (Decentralized application). The Avalanche network will receive the Growth DeFi ecosystem $GRO, $WHEAT, and MOR in November, including the MOR and WHEAT protocols. The company has put work in place to ensure their launch is a massive success on the platform and for AVAX users. Their justification for doing this is:
- To reduce transaction costs.
- To shorten transaction time.
- TVL and composability for other chains and L2 solutions are on the rise in 2021.
The Avalanche launch comes with a few surprises. WHEAT will be launched on Avalanche with no correlation at first to the old WHEAT, therefore on launch, you could see very high APY’s in the millions, and WHEAT could go to hundreds of dollars each. A few weeks later, the WHEAT bridge will be installed, causing them to reunite in terms of price.
The surprise did not also stop at that; they partnered with Trader Joe — the leading DEX on Avalanche. JOE users will have access to first-hand benefits of MOR protocol. Joe LP single and pair assets will be used as collateral to leverage capital up to 3X on pairs such as AVAX or USDC to increase farming gains
GRO governance and staking is live. You can now stake GRO and MOR to earn WHEAT. If you stake on the AVAX network the GRO DAO governance protocol will allow you to earn WHEAT in incentivized product ecosystem. GRO holders have now access to participate in DAO governance and vote on the network because of the launch.
An announcement has been made on Twitter that introduces MOR Self-repaying Loans: get paid to borrow. It is leverage yield farming first with a simple user outcome: your debt goes down while your yield goes up.
Everything will be launched on Avalanche very soon after the team finishes the backend modifications and troubleshooting.
We are excited about all these new potentials of the projects. This would assist consumers in getting the most out of the market.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Bitcoinist, @Khareem Sudlow