Gro joins forces with Idle through the B2B program to access Idle stablecoin pools with extra $IDLE rewards.
As Gro continues growing our presence in the DeFi space, we are glad to announce that we will join the B2B program hosted by Idle — a decentralized rebalancing protocol that allows users to automatically and algorithmically manage their digital asset allocation among different third-party DeFi protocols. The B2B program started in April 2021 with a pilot kick-off integrating Yearn, Harvest, and WasabiX. For more details, check out Idle’s program kick-off post.
Gro will integrate with Idle Finance after the upcoming Gro DAO token LBP fair launch that will start on Tuesday 28th September at 5pm UTC+1 if the Gro DAO votes for $GRO tokenomics and LBP proposal go through this week. We will keep the Gro community (you!) updated when we have completed the integration and provide an estimated timeline on when we will start receiving $IDLE rewards.
How the partnership works
Our integration with Idle Finance will generate higher yield for Gro through additional $IDLE governance token rewards. Currently, Gro has allocated about 20% of our capital into Idle. By joining its B2B program, Gro will earn 20% of the fees generated from Gro’s deposits in Idle in $IDLE. The fee sharing ratio will grow from 20% as our deposit at Idle increases.
The rewards will be calculated monthly based on the time-weighted average partner deposited assets (PDA). Our rewards will be subject to a 3-month linear vesting period and will be released to us when it hits the minimum 500 $IDLE threshold. The fees will keep accruing if the minimum threshold is not met initially.
Holding $IDLE will also allow Gro to participate in Idle DAO governance. Idle launched its DAO in December 2020. It has implemented a “Leagues structure” to allow active community members to self-organize and build up organizational units of contributors to manage and maintain the day-to-day protocol’s activities.
We believe that this integration will pave the way for further collaboration with Idle Finance beyond this B2B program. With investors deeply involved in the crypto space like Galaxy Digital, Variant Fund, and Framework Ventures, Gro is launching more products catered to the ecosystem such as treasury management for DAOs, while deepening its roots in the consumer finance space. We look forward to working more closely with Idle Finance in the future!