Growth Ecosystem, King Of Cross-Chain Decentralized Farming Announces Launch On Avalanche
18 November 2021 - 3:35AM
NEWSBTC
Growth Ecosystem, a primary DeFi cross-chain farming protocol, has
finally launched on Avalanche, one of the world’s fastest-growing
blockchain ecosystems. The Growth Ecosystem launched on November
13, with a revolutionary new hybrid bridge system for its
incentives token, $WHEAT, as well as a self-repaying loan feature
for its overcollateralized stable coin, $MOR on Avalanche. WHEAT is
the Growth DeFi ecosystem’s incentive token, and it can be farmed
organically by staking WHEAT, GRO, or MOR. It also plays an
essential role in Growth DeFi’s new hybrid bridge product.
According to the announcement post by Growth DeFi, the WHEAT hybrid
bridge was created to serve both WHEAT holders and the Growth DeFi
protocol. The hybrid bridge aligns incentives between WHEAT holders
on different chains and provides self-adjusting incentives based on
market demand to each chain. For example, users can use the hybrid
bridge to exchange WHEAT from BSC to Avalanche and vice versa based
on the USD prices of each token. The hybrid bridge is funded by
roughly 10% of Avalanche’s daily emissions and would be updated
regularly to reflect price changes in both the BSC and Avalanche
ecosystems. The WHEAT hybrid bridge is an important feature that
adds value to WHEAT holders on Avalanche because it aids supply
reduction through arbitrage, increases yield generating assets, and
provides very high APY’s on the Avalanche chain. With the launch of
the Growth DeFi ecosystem, all of its features, including the newly
implemented hybrid bridge and the concept of self-repaying loans
for MOR and xJOE leverage farming, will be carried over to
Avalanche. MOR is a Growth DeFi overcollateralized stablecoin that
allows users to earn yield while borrowing and leveraging yield
farming positions for LPs and single assets. The Growth DeFi team
explained that the concept of MOR self-repaying loans was created
with the Avalanche launch in mind. MOR collects higher performance
fees on yield earned and converts them to USDC.e, injected into a
secondary Peg-Stability Module (PSM), which converts the
high-performance fees collected in USDC.e back to MOR. By lending
through Banker Joe on Avalanche, the injected USDC.e earns yield,
making the self-repaying mechanism profitable for both users and
the Growth DeFi protocol. Self-repaying loans would be available
for all collaterals, including AVAX/WBTC, JOE, and AVAX/ETH. The
self-repaying mechanism also contributes to MOR’s status as a
stablecoin by generating a daily direct flow of USDC.e into the
PSM, making the process of borrowing and redeeming MOR much easier
for users. Growth DeFi also recently announced a significant
partnership with Trader Joe, the leading DEX on Avalanche. As a
result, JOE users will be the first to benefit from the new MOR
self-repaying protocol. The announcement also stated that LP
providers could leverage their capital up to three times to
increase farming yields. Furthermore, LP holders will benefit from
the increased volume flow generated by MOR for Trader Joe. As part
of the celebration of this newly formed integration with Trader Joe
and the Avalanche ecosystem as a whole, Growth DeFi also announced
an airdrop for xJoe holders who successfully passed their short
quiz. The top 100 would receive $500 in xJoe, the top 1000 would
receive $75, and the remaining winners would receive $5. The launch
of the Growth DeFi protocol on Avalanche, as well as the
implementation of new mechanisms such as the HYbridge for WHEAT and
the self-repaying loan for MOR, indicate that there are many more
positives to come from the partnership between DeFi’s leading
cross-chain farming protocol and one of the fastest-growing
blockchain ecosystems Avalanche, further incentivizing and adding
value to DeFi.
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