Growth DeFi Community Recap — May 2021
It’s been a difficult month across the crypto markets, but downturns in price & sentiment offer the greatest opportunities for builders and investors alike. We’ve been as busy as ever, with no intention of slowing down. Let’s take a look back at what’s been and gone in May.
Development
The WHEAT platform has already branched out extraordinarily over the last month, with the following additions:
- Autofarm strategy 3-layer vaults
- Belt Finance single asset 5-layer vaults
- APE vaults — beginning with PantherSwap support
Along with the existing PancakeSwap farms we now host a wide variety of options for users across BSC, with something to fit all kinds of yield farming profiles. The success of this range of vaults is especially exciting as we begin to explore opportunities on other chains to make the WHEAT platform multi-chain!
The team are currently in the midst of a buyback trial involving the gROOT treasury concentrating more of its revenue flow towards direct gROOT buybacks instead of BNB payouts to gROOT Harvest. At current prices the buyback rate under trial is reducing the circulating supply of gROOT by 20–30% annually. So far it has been successful in directing more gROOT off the open market & will be reviewed once the trial period comes to a close.
Community
We’re continuing to look for new ways to engage and expand our community, and this month we’ve taken some serious steps to making that a reality!
You can now find us on the Growth DeFi subreddit!
You can now track your WHEAT farms on the 0xTracker dashboard!
We also have multiple community initiatives and opportunities to get involved, including prizes! Check out some of our current opportunities to get involved below:
🚀gROOT TikTok Challenge!!🚀
Calling all TikTokers! We have a special challenge for you all, so it’s time to get trendy!
Here’s what to do:
1. Make a TikTok all about gROOT, be simple in your message but creative in how you deliver. This is all about getting meme-y people!
2. Use the hashtags #grootchallenge & #groot100k
3. Share the link in the Growth DeFi telegram — https://t.me/growthdefi
(https://t.me/growthdefi)
Tips:
⁃ talk supply & price (the supply of gROOT is 10000x smaller than Bitcoin, imagine how much 1 could be worth if it got even 1/10th that value!)
⁃ Be light, we all know gROOT has great fundamentals but some people just want a number to go up
⁃ You can provide a link for people to buy, but it’s not a requirement
And yes, obviously there is no challenge without a nice prize on offer!🤑
The best 5 videos will be judged by the community at the end of the contest, with a total of 10 $BNB up for grabs!
1st — 5 BNB
2nd — 3 BNB
3rd — 1 BNB
4th & 5th — 0.5 BNB
Entries close June 6th 11:59pm UTC.
Videos will be judged on creative flair and how trendy they are! (So it may be of benefit to get your video going viral any way you can)
Good luck everyone!
Growth DeFi Protocol Stats
*all figures are as of time of writing
Staking
GRO
We’ve seen another decrease in staked GRO over the past month, as users either cash out due to current market conditions or choose to preference the lower fees of BSC & returns of GRO Yield or WHEAT farming. The current total of GRO staked is now 201373.19, a decrease of 4.8% from over the past month. This represents roughly 35% of the total GRO supply.
GRO Yield also now has 27584.16 GRO staked to earn BNB, an increase of 8.7% in the last month and representing approximately 4.75% of total GRO supply.
All up around 39.75% of all GRO (circulating & non-circulating) supply is currently staked.
gROOT
gROOT Harvest has a total of 1041.59 gROOT staked, a whopping 61% of circulating supply!
WHEAT
WHEAT presents the highest yield opportunities of all three Growth tokens. It’s clear users are taking advantage of this, as currently ~65% of all WHEAT reside in the staking pool!
TVL
ETH
Having been hammered by the recent market-wide downturn, the value of the currently staked GRO is just over $2.95m at the time of writing, down from the ~$5.8m figure from last month.
BSC
GRO Yield: $294,309.04 (27584.161291 GRO)
gROOT Harvest: $461,465.40 (1041.599273 gROOT)
WHEAT: $4,770,215.52
(Fee Collector TVL: $248,011.72, TVL/MC ratio = 0.31)
BSC Total = $5,525,989.96
Current total TVL across the Growth ecosystem is approximately $8.47m.
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 420,263.57, over 42% 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 current buyback trial ongoing, and continuing buybacks from gROOT Harvest, there isn’t much gROOT left to go around! The total amount of gROOT removed from circulation has now reached ~18295, cutting the remaining tokens in circulation to just 1705!
WHEAT
The WHEAT buyback contract has been accumulating & burning steadily, with a noticeable increase in the rate over the past week, proving the effectiveness of the unique buyback mechanism. All up close to 7900 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 — May 2021
The market may be down, but the building doesn’t stop! We are continuing to enhance the WHEAT platform, optimize UI/UX of all our websites as well as market and further incentivize utility for all three tokens. We also have the hotly anticipated Consensys audit commencing June 14th! This will open the doorway to further cross-chain implementation for WHEAT, bringing superior yield to the broader crypto-sphere! Here are some of the major events to look forward to:
- Growth DeFi website upgrade
- gROOT DeFi & WHEAT website upgrades
- Autofarm Apevaults
- Consensys Audit (beginning 14/6)
- Review of additional chain support options (Arbitrum, Optimism, Cardano etc)
- Further Marketing
Follow us on twitter: @GrowthD_Comm
Join us in the telegram: https://t.me/growthdefi
Join our NEW 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://grootdefi.com/
Farm on the most sustainable yield optimizer on BSC- WHEAT!: https://wheat.growthdefi.com/
Read the docs: https://docs.growthdefi.com/
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.
