Where can I learn more about the Gro DAO tokens and the proposed LBP fair launch on Sep 28 - Oct 1, 2021?
We have written up a few articles about Gro DAO tokens (including how we propose to distribute them) and the proposed Liquidity Bootstrapping Pool fair launch. Please see the following for more details.
Gro DAO Token tokenomics
When will the LBP take place? Where can I participate?
It started at 4pm UTC on Tuesday 28th September and ended at 4pm UTC on 1st October 2021 (72 hours in total).
You could participate through accessing our LBP page directly on our launch page, our launch partner Copper, or directly on Balancer. There will not be a Uniswap pool for trading GRO during the LBP. Please beware of scammers as there are a lot of fake links floating around.
Balancer pool address: 0x64e2c43ca952ba01e32e8cfa05c1e009bc92e06c
Before confirming your swap, please double check that you've got the correct token address for Gro DAO tokens: 0x3ec8798b81485a254928b70cda1cf0a2bb0b74d7
Which wallets could I use for the LBP?
To participate in the LBP, you must connect a Web3 enabled cryptocurrency wallet to Balancer. Balancer currently supports MetaMask, WalletConnect (compatible with Argent), Portis, Coinbase Wallet, and Fortmatic. You could use these wallets across all the channels where you could participate in this LBP (i.e. our launch page, our launch partner Copper, and Balancer).
To make sure your LBP participation counts towards your "Gro 4 All" Airdrop, please remember that you need to participate in the LBP with the same wallet that holds your PWRD or Vault tokens.
Which cryptocurrencies do I need for the LBP?
Once you have set up your wallet, you will need to prepare (1) ETH for gas costs and (2) USDC to exchange for GRO.
While tokens other than USDC will be accepted for the swap to GRO, we recommend using USDC directly. If you swap using other tokens, you are likely to face a higher price as Balancer’s “multihop” across pools will incur transaction costs while converting your token to USDC.
What was Gro’s seed round price? Who are the investors?
The seed round price in January was $0.38 per token.The round took place before we built the protocol. Since January, we have launched the protocol with PWRD stablecoin and Vault tokens that you can access through our dApp or our partner Argent. We are also listed on Defillama and DeBank, as well as integrated to Zapper and ONTO wallet. We are currently building our DAO treasury product and liquidity programs among other projects listed on our roadmap.
Our seed investors include Galaxy Digital, Variant Fund, Framework Ventures, Northzone, Three Arrows Capital (3AC), and more. Please see our investor page for more details. Note that seed investors' tokens are subject to a 3 year vesting period with a 1 year cliff (same as team & advisors).
How much GRO will you put into the LBP? What is the total supply?
The DAO has approved putting 5% of GRO into the LBP. This translates into 5mn GRO tokens since our total supply is at 100mn tokens. You can find more details about our tokenomics in this article.
Is there a whitelist for the LBP?
There is no whitelist, anyone can participate in the upcoming LBP. There was no private presale apart from the seed round. Team, seed investors and advisors’ tokens are subject to a 3 year vesting period with a 1 year cliff.
What will be the price for GRO?
There is no single price for GRO during the LBP. It will start at $10 and descend to $0.5 if no transactions happen in the pool. Please refer to this article for more information on how price discovery works in an LBP.
We encourage you to decide what is the right price for you to start swapping for GRO.
At what price level should I start swapping for GRO?
It is impossible to predict how the LBP goes - it's up to you to decide what is a fair price! The only thing we can hope to provide is sufficient context for you all to make informed decisions.
While we cannot advise users on strategy, based on former LBP executions, buying too early and/or too late may cause participants to pay a premium in a Balancer LBP.
Ultimately, it is the market that decides the price. We encourage you to read more about our roadmap, product, and tokenomics to determine a price that you feel comfortable about ahead of the LBP.
We recommend doing your own research beforehand to make that call. You could learn more about Gro Protocol through this article (more details available in our docs). This article documents our roadmap and progress thus far, so you can get a better idea where Gro Protocol is heading. We've also put together a brief FAQ document here.
If you'd like to learn more about past LBPs for reference, please refer to this article. You could also use this spreadsheet to understand different Gro LBP scenarios.
If you have any questions, please feel free to ask us on Discord or Telegram.
What is the minimum amount I could buy?
There is no minimum — you choose how much you want to buy at the prevailing price. However, Ethereum transaction fees are fairly high right now, so expect to spend anywhere between $25 and $200 per transaction. Fees depend on how congested the network is and varies hour-to-hour. You can track it at Gasnow or Etherscan.
The fee is the same regardless of how much you want to buy. This fee does not go to Gro or Copper; it is used to pay the Ethereum network validators who verify all transactions and make the Ethereum network run smoothly.
Will there be a lockup period for GRO purchased in the LBP?
No, there will be no lockup for GRO bought in the LBP and they will be freely tradable immediately.
Are there any unlocked tokens that can dump on me?
Only tokens purchased in the LBP will be in circulation initially. All other GRO (including those from airdrops or liquidity programs) will be subjected to vesting conditions. Specifically the team and seed investor tokens have a 3-year vesting schedule with a 1-year lockup. The team is building this protocol and community for the long-term.
What are the incentives for participating in the LBP?
We will distribute 1% of Gro DAO tokens through an airdrop after the LBP to those who hold PWRD or Vault. Those who participate in the LBP on top of holding PWRD or Vault will receive a higher amount of airdrop. Your share of the airdrop is calculated as follows.
Please refer to this article for more details. To make sure your LBP participation counts towards your airdrop, please remember that you need to participate in the LBP with the same wallet that holds your PWRD or Vault tokens.
Who else launched their tokens through a Balancer LBP?
There are a good number of protocols that share our belief in a fair launch. Perpetual Protocol were first, but since then we’ve seen Hydra, Radicle, Illuvium, Klima and Maple choose to launch this way (among others). Check out the linked articles to see why they picked this route!
When will GRO be open for trading post LBP? Where can I trade GRO?
GRO will be available to trade directly when acquired in the LBP - no constraints. The liquidity mining programs where you can use your GRO will start right after the LBP.
There will be incentivised AMMs/trading pools (including Uniswap) as part of the liquidity mining program that you can trade GRO with.
Someone claims to be a team member DM-d me and asks to register my wallet, should I do it?
No. Please only use official channels as there are a lot of scam links floating around at the moment. There is no presale and the Gro DAO Token will be distributed through an upcoming LBP. Team members will never DM you first about the LBP.