Growth DeFi Community Recap — June 2021
Things are heating up at Growth DeFi! It’s been a quiet month on the public front as we’ve been busy preparing for a monster July. New releases, new chains & an audit report are all set for the coming weeks, but first lets look back at what’s been in the month of June.
Development
Backend
Two big ticket items have been keeping our dev team nice and busy over June. First was preparing documentation for our second Consensys Diligence audit, which commenced on June 14th. Current reports are that no major issues have been found, and we are expecting the full report to be made available in the next week!
Second has been the development of MOR, a revolutionary take on overcollateralized stablecoins, which enables users to borrow whilst they earn! At this stage the initial launch is slated for the end of July — however this is subject to the success of the current testing phases. Stay tuned!
Read all about MOR here: https://growthdefi.medium.com/mor-capital-efficiency-for-bsc-a-novel-way-to-borrow-and-get-paid-for-doing-so-by-growth-20c97b542633
Frontend
In the meantime the team have been able to tidy up our websites and UIs, giving Growth a fresh look and connecting the visual elements of our sites & projects.
Check out the new look Growth DeFi website here: https://growthdefi.com/
Community
In anticipation for our new launches and welcoming new users into our ecosystem, the community continues to look to expand our access across social media. Users can now find us on the revamped Discord server, as well as on Reddit, Telegram & Twitter.
In June we paid out some big community prizes too! Congrats to all our winners, and to those who missed out don’t fret, there will be plenty more opportunities in the near future!
🤑🚨gROOT Tiktok Challenge Results!!🚨🤑
Thanks to everyone who took part, we saw some great videos and some exceptional creative talent! The community have spoken and you can check out our winning videos below!
1st — https://vm.tiktok.com/ZMeoYdJ4T/
2nd — https://vm.tiktok.com/ZSJ9AsfCL/
3rd — https://vm.tiktok.com/ZMeE57Qbf/
4th — https://cutt.ly/xnmoibB
5th — https://vm.tiktok.com/ZMeErStxk/ & https://vm.tiktok.com/ZMeEUW894/
Growth DeFi Protocol Stats
*all figures are as of time of writing
Staking
GRO
GRO Yield continues to become the preferred choice over stkGRO, a trend which may slow as we look to reintegrate the Ethereum network back into the ecosystem. The current total of GRO staked is now 197819.49, a decrease of 1.76% from over the past month. This represents roughly 34% of the total GRO supply.
GRO Yield also now has 31189.3 GRO staked to earn BNB, an increase of just over 13% in the last month and representing approximately 5.38% of total GRO supply.
All up around 39.38% of all GRO (circulating & non-circulating) supply is currently staked.
gROOT
gROOT Harvest has a total of 1088.47 gROOT staked, still representing over 60% of circulating supply!
WHEAT
WHEAT continues to to provide users with a clear staking option, currently ~71% of all WHEAT reside in the staking pool, which is an increase of 6% in the last month.
TVL
ETH
stkGRO: $2,760,490.87 (197819.493701 GRO)
BSC
GRO Yield: $305,423.31 (31189.309463 GRO)
gROOT Harvest: $562,652.30 (1088.470366 gROOT)
WHEAT: $3,725,333.83
(Fee Collector TVL: $197,774.63, TVL/MC ratio = 0.38)
BSC Total = $4,593,409.44
Current total TVL across the Growth ecosystem is approximately $7.35m.
Burns
We like to keep things warm and toasty at Growth DeFi! The mechanisms for burning GRO, gROOT & WHEAT are all fully functional and reducing the supply of each every day!
GRO
GRO is now being burnt from a host of different sources, including:
- GRO bridge fees
- stkGRO deposit/withdrawals
- GRO Yield
- WHEAT buyback contract
The total amount of GRO burnt overall now stands at 420,585.91, over 42.5% of the initial total supply.
gROOT
gROOT also has multiple sources of drawing its already limited supply out of circulation, making it by far the most scarce asset in the ecosystem (and in crypto!):
- gROOT Harvest
- gROOT Treasury buybacks
With the continuing buybacks from gROOT Harvest & the gROOT treasury, there isn’t much gROOT to go around!
WHEAT
The WHEAT buyback contract continues to accumulate & burn steadily, with a noticeable increase in the rate this month as prices have dipped, proving the effectiveness of the unique buyback mechanism. All up over 12,500 WHEAT have already been burnt in total.
The team are continually looking at ways to increase WHEAT burning, as well as token utility, so we hope to see this figure continue to accelerate in the near future!
What’s Ahead — July 2021
The building continues! There are some hotly anticipated events on the calendar for July — so be sure to stay tuned! Here are some of the major events to look forward to:
- MOR launch
- Consensys Audit report release
- Cross-chain implementation
- UI upgrades
- Further Marketing for MOR release
Follow us on twitter: @GrowthD_Comm
Join us in the telegram: https://t.me/growthdefi
Jump into the Discord server: https://discord.gg/FnXdkKuYk6
Join our subreddit!: https://www.reddit.com/r/Growth_DeFi/
Head to the website + use the GRO Bridge: https://growthdefi.com/
Check out stkGRO: https://growthdefi.com/staking
Earn BNB with your gROOT or GRO!: https://growthdefi.com/yield
Farm on the most sustainable yield optimizer on BSC- WHEAT!: https://wheat.growthdefi.com/
Read the docs: https://docs.growthdefi.com/
Learn about MOR: https://growthdefi.medium.com/mor-capital-efficiency-for-bsc-a-novel-way-to-borrow-and-get-paid-for-doing-so-by-growth-20c97b542633
Disclaimer: This article and any work of Growth Defi Community (GDC) are not official communications of the Growth DeFi team, as such no information should be taken as official guidance or investment advice.
