Hey, Gro Community! It’s been one month since we partnered with DegenScore, and we have accomplished a lot in our first month. We completed Code Arena to add to our previous audits, went live on mobile with Argent (including an Alpha WalletConnect launch), we pushed our new website live, launched a bug bounty with Immunefi and our Public Beta Launch has pushed our TVL to $10m 🚀
Last week we asked what you want next from Gro protocol. Options included decentralising governance through a token, Layer 2 integration, higher APYs, gas refunds and lots of other cool stuff.
Thank you for all your responses, your feedback has been crucial in building our first public roadmap. We ticked one item off straight away: Our first airdrop! You wanted gas refunds, so we gave them to you.
Besides what is queued up below, talk with us on Discord if there are more things you think we should tackle or that you want to join us and do!
⭐️ Governance token launch
- We will decentralise our protocol as quickly as possible and a governance token is instrumental to this. It is not yet released and more details will be shared before it is.
- More details will be shared in the tokenomics announcement, but our principles around governance distribution are to encourage active participation and long term commitment. We want to align the interests of all community members around the success of the protocol.
⭐️ Decentralise governance
- Establishing governance through a token, and not just through Discord, formalises the ability for those with a stake in the protocol to provide direction on its future.
- Governance participants will be able to vote both on strategic direction of the protocol as well as changing key parameters of the protocol.
⭐️ Airdrops — after the warm up of a Gas PWRD refund, we are starting to distribute governance to users of Gro protocol who are actively involved and shaping our journey.
⭐️ Higher APY strategies — we continue to update our strategies regularly to make sure they are best in the market that match our exposure levels.
⭐️ Impermanent loss protected LP strategy — impermanent loss refers to the decline in value when tokens are held in a liquidity pool rather than simply holding them in a wallet. We are working on a new set of strategies which get the benefit of liquidity providing while limiting impermanent loss. This doesn’t exist in any other DeFi protocol, and will significantly increase APY for users.
⭐️ Liquidity incentives — creating ways for users to earn extra APY in the form of GRO tokens while using the protocol. Our liquidity incentives will be designed to incentivise engagement and long term commitment to Gro.
⭐️ New Partnerships — integrating with more DeFi lists (DeFiLlama now live), aggregators (Zapper link here— go vote!) and wallets (like Argent). If there are other DeFi products you’d like to see us partner with, please tell us.
Scoping (let us know what you think!)
⭐️ Layer 2 — enabling Gro protocol to be used on Layer 2 chains on Ethereum, or other Layer 1 chains that mean lower gas fees for users. This was much more popular than we expected (second after Governance token) so went straight up the priority queue!
⭐️ B2B and treasury strategy — we are exploring with treasuries the use of PRWD savings as a way to get yields on their liquidity while enjoying protection. This is exciting for a couple of reasons: (1) increased protocol TVL, and (2) increased PWRD utilisation resulting in higher Vault APYs. This may involve product changes like reducing or eliminating the withdrawal fee (HODL contribution).
⭐️ Referral program — we already have the building blocks in place for a referral program and are exploring more ways of encouraging users to bring in more users.
⭐️ Fiat onramp — the ability to deposit fiat currencies (GBP, US dollars, euros) into Vault and PWRD. Our mission is to enable people to easily share and create wealth, and that includes those who are not yet using protocols. But (perhaps not surprisingly?) while it wasn’t the most popular option with our current community who are experienced in this world, it’s still on our roadmap to open up access.
⭐️ Native mobile support — there was less interest in our first community vote for a native mobile app, but let us know if you’d like to be able to use our dApp on your phone!
⭐️ User stats — we just released historical APY graphs and and have some other small changes coming up, but will deprioritise this workstream based on community input.
Note about safety: Please remember that DeFi is a very new space and while that’s exciting, there are risks involved. Make sure you do your own research and invest responsibly to avoid severe losses. Always exercise best security practices when it comes to wallet and private key management.
We are grateful for all the feedback we’re receiving and would love to have you contribute to developing Gro Protocol. Join us on Discord and chip in your ideas in the “ideas-and-feedback” channel.
Last but not least, you can:
- follow us on Twitter;
- speak to us in our Discord;
- follow us on Instagram;
- chat to us on Telegram in our discussion group;
- join Gro Announcements channel on Telegram;
and finally, if you didn’t already, check out the Gro protocol app!