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Gro Rewards Vesting

Where do my GRO rewards vest?

Please first refer to our Medium article below. It provides the formula to calculate how claiming affects vesting period and the vested amount, as well as how to claim the Vesting Bonus.
GRO Rewards and Vesting
Medium
As Vote 5 passed on 27th November 2021, the following changes on Gro Rewards Vesting will be implemented over the next few weeks.
  • Performance fee of 5% for Vault and PWRD yields.
  • Performance fee of 10% for new Labs products.
  • Performance fee buys back GRO from the market.
  • GRO acquired from performance fee delivered as Vesting bonus to users. 10% of the performance fee delivered to the DAO treasury.
  • Users can partially exit the vesting contract to take a portion of their GRO.
  • Users can claim Vesting bonus at most every 4 weeks.
  • Users can lock externally acquired GRO into the vesting contract.
  • Users can voluntarily extend their vesting duration up to the max length (12 mths).
  • Users can claim rewards immediately as liquid GRO or vesting GRO. If liquid GRO, 30% will go to their wallet and 70% to the Vesting bonus. If vesting GRO, 100% will be added to their vesting position. The 30% will be a parameter that the DAO can adjust.
  • Users’ 1 year vesting schedule will change from current 10->100%, to 0->100%. Already existing vesting schedules will also rescale as if they had started at 0%.
  • Users can claim multiple pools in one single claim for some gas savings.
This FAQ will be updated as these steps are implemented over the next few weeks

When will rewards claims be enabled?

  • Liquidity rewards claims were enabled on 13th October 2021.
  • Vesting Bonus rewards claims were enabled on 13th October 2021.
  • Airdrop rewards claims for Early Frens and OG programs were enabled on 15th October 2021.
  • Airdrop rewards claims for Gro 4 All were enabled on 19th October 2021.

Are all types of GRO rewards subject to a 12 month vesting?

  • Yes. All types of GRO rewards (whether from liquidity mining, airdrops or Vesting Bonus rewards) will all add into your personal vesting position.
  • You can exit vesting at any time to take your unlocked share, but you lose anything locked at that time.
  • Your vesting calendar will never have longer than 12 months left to go (i.e. it’s capped at 12 months from your latest claim date). So if you claim all your rewards today and then do nothing for 12 months you would be able to exit for the full amount you claimed.
  • Any additional claim will extend the time remaining on your vesting calendar: e.g. if you made a small claim today and in 9 months made another claim, your overall calendar would take more than 12 months to be fully unlocked (from the date you first claimed) - especially if that second claim was larger. See below for more details on how the vesting calendar extensions work.

How do extensions to my vesting calendar work?

  • While your calendar is vesting, you can continue to claim additional GRO rewards. Each claim extends the time remaining in your vesting calendar by updating your vesting start date as the GRO weighted average of all your claims dates and then running for 12 months from the new start date.
  • The new vesting start date is based on the weighted average between your existing start date and your new start date: e.g. if you had 900 GRO vesting with an existing start date of 1st June 2021 and you claimed another 100 GRO on 1st July 2021, your new vesting start date would be 4th June 2021.
  • The vesting calendar then runs for 12 months from the new vesting start date.
  • This mechanic is important as if not, the vesting system would be easy to game: you could start off multiple wallets with tiny amounts vesting, and then in future use them as a path to get huge amounts of GRO claims instantly unlocked.
  • It also means your opportunity to claim rewards from the Vesting Bonus is both bigger (as you build up your vesting position) and lasts for longer. See more on this below.
  • The total vesting period is only more than 12 months if you choose to make further claims during that time. You always have the option to stop making further claims and just wait for your claimed rewards to fully vest.

Can I exit immediately?

  • All rewards vest over 1 year. However, on day 1 (i.e. the first day you claim) you can exit, collecting 10% of your claimed rewards and give up the remaining 90%.
  • If you decide to stay, you continue to vest and you also get the chance to claim given up GRO from others who decided to exit (Vesting Bonus rewards).

What happens to the given up rewards — do they get burned?

  • No. Given up GRO are put into the Vesting Bonus contract where you can claim from them once every two weeks if you want to (but it’s not compulsory).
  • The amount you can claim from the bonus pool is proportional to your total share of rewards that are currently vesting. You will be able to see from your personal dashboard what amount of GRO you’re eligible to claim at any time.
  • Note: this amount will change depending on the behaviour of other users, so it can go up or down. That means if you don’t claim, it doesn’t necessarily keep increasing — so you will get more rewards if you claim regularly (vs waiting for rewards to accrue).
  • Once you click claim on the Vesting Bonus, you can’t click it again for another four weeks.
  • As it turned out, we have a lot of diamond hands so the average claim every two weeks was smaller than expected, making the claiming transaction less cost effective given high Ethereum gas fees. As a result, the DAO voted to increase the cooldown period from 14 days to 28 days, so that it doesn’t disadvantage people with smaller positions (because a larger amount will build up, so it makes more sense to pay the gas). Gro DAO can conduct another vote to adjust the cooldown period in the future as it sees fit.

Can I stake my GRO rewards while they are vesting?

  • No, you can’t stake GRO rewards while they are vesting, but you can gain more GRO in other ways instead (using the vesting bonus).
  • While your GRO rewards are vesting, you have the opportunity to claim the Vesting Bonus from the bonus pool of any given up GRO every two weeks.
  • Although it isn’t possible to calculate the return as there are many variables (including how often you claim, the behaviour of other users and gas fees), this will provide a way to keep increasing your vesting GRO position without staking.

Does this mean the liquidity I provide to GRO is locked?

  • No. You can withdraw your initial stablecoin liquidity (Gro Vault or PWRD) whenever you choose within that time period without suffering a penalty (other than the 0.5% withdraw fee that goes into APY for all users).
  • If you start staking or using pools, you can unstake your staked assets at any time with no protocol fee.
  • The airdrop and liquidity mining GRO rewards have a 12 month vest and if you exit the GRO rewards then you will give up the locked portion.

When does my vesting contract begin?

  • Your vesting contract begins when you claim the rewards, then you can withdraw 10% on day 1, 55% after 6 months and 100% after the year is complete.

Can I transfer vesting positions between wallets?

  • No, it’s not possible to transfer your vesting position.

What is the rationale behind this vesting mechanism?

  • The basic principles of the design is to reward long-term committed DAO members who are also engaged.
  • If you’re long-term and continue to stay engaged, then the protocol will reward you with an increased stake in its governance.

How will this affect GRO’s circulating supply?

  • Because of this mechanism, all the community incentives would come into circulation at different point of time rather than all GRO being unlocked at the same time.

Will I need to pay the gas fees every 28 days to claim from the Vesting Bonus Pool?

  • Yes, each claim you make will need to be executed by the user.
  • As it turned out, we have a lot of diamond hands so the average claim every two weeks was smaller than expected, making the claiming transaction less cost effective given high Ethereum gas fees. As a result, the DAO voted to increase the cooldown period from 14 days to 28 days, so that it doesn’t disadvantage people with smaller positions (because a larger amount will build up, so it makes more sense to pay the gas). Gro DAO can conduct another vote to adjust the cooldown period in the future as it sees fit.

The tokens we collect each 28 days from Vesting Pool — where do they get added to, once we do our monthly claim from the Vesting Bonus contract? Are they added to an existing vesting contract or is a new one created?

  • They get added to your existing vesting position. So let’s say you have 100 GRO. 10 (10%) are unlocked and 90 are locked. Then you claim a vesting bonus of 50 GRO. After that you’ll have 150 GRO total in vesting contract of which 15 will be unlocked and 145 will be locked.

Will the team be eligible to claim from weak hands during the first year? Are their locked tokens completely out of the equation for now?

  • Team, advisor and seed investors’ tokens are all subject to a 3 year vesting period with 1 year lockup.
  • During the 1 year lockup these tokens cannot be accessed meaning they cannot (a) claim Vesting Bonus or (b) stake the tokens.
  • Any tokens bought in personal capacity go through the same route as everyone else.

What’s the GRO contract address?

0x3ec8798b81485a254928b70cda1cf0a2bb0b74d7
Last modified 4d ago