Vote 16: FAQs
Treasury distribution to rebuild trust in Gro and broaden Gro DAO

Background

  • Gro Protocol was impacted by the recent depegging of the UST stablecoin, the third largest stablecoin by market cap. One of four strategies was exposed to UST through Curve on Ethereum. As the leveraged product, Vault took a larger share of total protocol losses since it also took on the loss of PWRD. Since then, some improvements have been made to make Gro protocol more resilient that you can read more here:
Making Gro protocol more resilient
Medium
  • We have listened to community suggestions for distributing Treasury funds to rebuild trust with impacted users. Subsequently, a draft vote was shared on the community forum to invite further feedback in how it’s formulated.
  • Vote 16A and Vote 16B was live for 7 days and concluded on Tuesday 14th June. See below for FAQs in Treasury distribution voted by the DAO to rebuild trust with Vault users impacted by UST depeg.
  • Please see the community post below for the total distribution amount, distribution to each wallet, and the distribution mechanism.
Vote 16 follow-up: Treasury distribution to rebuild trust in Gro and broaden Gro DAO
Gro DAO
Important dates in UTC timezone Wednesday 22nd June: Deadline to report any inaccuracies in wallet distribution list
The list has now been locked as of 24th June 2022, after a 7-day window to report inaccuracies. Thursday 23rd June (Argent zkSync users only): Deadline to reply to Argent's email to share a mainnet (L1) wallet address for end of June distribution
If you missed this deadline but submit the address before mid-August, your distribution will be processed in end of August.
Friday 1st July - Saturday 2nd July: First distribution for GVT/PWRD completed (100% in GVT for those receiving <$1000; 1/24th in PWRD for those receiving $1000+). GRO rewards have also been distributed in the Rewards Centre.

Where can I see the first GVT/PWRD distribution done on 1st-2nd July?

Please see the transactions below. You should also see GVT or PWRD on Etherscan, your wallet, and on our dApp. If you cannot see them on Etherscan but not in your wallet, you'd need to first add either GVT or PWRD into your wallet through the contract address listed in Token addresses - Ethereum mainnet.
https://etherscan.io/tx/0x1697dec27adbe21a5804763df78b73fc9f5f752092e9e4d448eddb94c4fba78d
etherscan.io
PWRD transaction
https://etherscan.io/tx/0x24183a2a0e45c8cccb435aae845fecb56db4c36211f4ce4b3aeaaefc8a80c0c4
etherscan.io
GVT transaction (1/2)
https://etherscan.io/tx/0x766d709ef67d4169f340793c9ea7e91bacb5a31c9e3613d56f6f5f2625811ed6
etherscan.io
GVT transaction (2/2)

Which network has the distribution been made?

The distribution will be on Ethereum mainnet (L1) for all users. If you've been using Gro Vault on Argent zkSync, please fill in the form in Argent's email to provide us with your L1 wallet address.

How much would I get in this distribution?

Please see the spreadsheet in the community forum post for distribution to each wallet. The distribution amount is calculated through the formula shared in the post.
Vote 16 follow-up: Treasury distribution to rebuild trust in Gro and broaden Gro DAO
Gro DAO
You can also find numerical examples in the community post. Note that the final distribution may change once we process all inaccuracies reported by users.
Argent zkSync users may need to go into "Transactions" tab on the app and look up the transaction in zkscan.io to find your zkSync wallet address. See the below Q&A for more details.

I'm on Argent zkSync – what do I need to do?

If your wallet is on the spreadsheet listed in the community forum post, you should have received an email from Argent. Please follow the instruction in the email to provide a mainnet (L1) address by Thursday 23rd June so that we can distribute the funds to you by end of June. If you submitted an L1 address by this deadline, you should see your L1 address on the distribution list.
If you miss the deadline, you can still submit your wallet address through that form until 16th August 2022, but the distribution will only be batch-processed after the 60-day period.
If you do not provide any L1 wallet in this 60-day period, you will miss this distribution. Filling in the form would take less than 2 minutes - don't miss out!
As you would also receive GRO token airdrop in this wallet, please make sure it is one you could use to connect to the Gro dApp. You can use any L1 wallet that could connect through WalletConnect (e.g., Argent) or Metamask.
Unsure if your L1 wallet works on Gro? Follow this step-by-step guide to give it a try!

Why don't I see my wallet address on that list?

If a wallet would receive less than $10 distribution, the wallet would be excluded from distribution and the funds will be directed to other wallets so that the total distribution amount remains the same. Based on the voted amount, that means wallets that had $100 in GVT pre-depeg will receive this distribution.
If you believe your wallet address should be eligible but it's not currently included in the list, please report this through this form by End of Day on Wednesday 22nd June 2022 (UTC timezone).
Deadline to report inaccuracies is now past; the distribution list has been finalised.

Why are some distribution in GVT and others in PWRD stablecoin?

Vault (GVT) is distributed to users receiving <$1000 because that is what the user has used before, so the distribution matches what you originally hold rather than giving out a different token.
PWRD/USDC is distributed to users receiving $1000+ over 24 months. Given the vesting arrangement, it would be better off using a stablecoin. As PWRD is shielded from losses by Vault if any yield strategy fails, it would be a more natural choice for commitment with a longer time horizon. But there may be complications in setting up a vesting contract with a rebasing token, so there may also be a chance that the remaining sum would come in USDC instead.

When will I receive the GVT or PWRD distribution in wallet?

For L1 users and Argent zkSync users who submitted an L1 address on or before 23rd June 2022, we sent all GVT distribution by Saturday 2nd July 2022.
If you'd receive $1000+ distribution, that sum would be distributed over 24 months, where the first 1/24th was delivered on 1st July 2022 through a multisend. The remaining sum would be delivered through a vesting contract. We're still looking into setting up the vesting contract, so the remaining distribution could come in either PWRD or USDC. More details will be available once we’ve set up the vesting contract.
For Argent zkSync users who submitted an L1 address after 23rd June 2022, we will process all distribution in late August.

Once I receive the GVT tokens in my L1 wallet, what are my options?

On L1 you can choose to keep the tokens in wallet, stake into the single-sided pool for more GRO rewards or withdraw to either DAI, USDC, or USDT on the dApp or Argent wallet interface.
If you decide to withdraw to other stablecoins, please note that swapping GVT on Uniswap may not give you the same value as withdrawing on dApp or Argent wallet. This is because Uniswap pricing relies on liquidity pools rather than the smart contract value of the token. Learn more about it here.

Why don't I see GRO tokens in my wallet yet?

GRO tokens were distributed on 1st July 2022 to all L1 users and Argent zkSync users who submitted an L1 address on or before 23rd June 2022.
You need to connect to the Gro dApp at http://app.gro.xyz/rewards to claim these tokens. You will have until 29th August to claim these tokens.
Once the tokens are claimed, it would follow our standard vesting mechanism where you can choose to vest them over 12 months or withdraw 30% immediately while forfeiting the remaining 70%. Please see the following pages for more information about the vesting mechanism and a step-by-step guide to the Rewards page.