Vote 16: FAQs
Treasury distribution to rebuild trust in Gro and broaden Gro DAO
- 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:
- 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.
- Please see the community post below for the total distribution amount, distribution to each wallet, and the distribution mechanism.
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 was processed on 30th-31st 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.
End of July: Vesting contract set up for those with $1000+ distribution in stablecoins for the remaining 23/24th of funds.
Tuesday 16th August (Argent zkSync users only): Final deadline to reply to Argent's email to share a mainnet (L1) wallet address for distribution conducted in end of August for those who missed the June deadline.
End of August (Argent zkSync users only): Final distribution for users who mussed the June deadline and submitted a mainnet (L1) wallet address by 16th August.
This applies to eligible L1 users and Argnet zkSync users who submitted an L1 address on or before 23rd June 2022.
Total amount distributed in GVT and the first 1/24th of the sum in PWRD sum up to $226,397 (out of $2,171,850 that was approved by the DAO vote).
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. See the distribution transactions below.
Those with PWRD vesting over 24 months can find the vesting position in the following contract. Total PWRD amount in this vesting contract is $1,870,752.
Total amount distribution so far in GRO tokens sum up to 199,449 (out of 229,475 that was approved by the DAO vote).
You can see the airdrop at the Airdrop contract address listed in gro-rewards-and-lp-incentive-contracts with tranche ID
10 - see below screenshot.
This applies to eligible Argnet zkSync users who submitted an L1 address between 24th June 2022 and 16th August 2022.
Total amount distributed in GVT and PWRD in August sum up to $31,462. This brings the total distribution thus far to $2,128,611 (98% of $2,171,850 that was approved by the DAO vote). The remaining sum was forfeited by Argent zkSync users who did not submit an L1 wallet address in the 60-day window.
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. See the distribution transactions below.
Total amount distributed in GRO in August sum up to 9,391. This brings the total distribution thus far to 208,840 (91% of 229,475 that was approved by the DAO vote). The remaining sum was forfeited by Argent zkSync users who did not submit an L1 wallet address in the 60-day window.
You can see the airdrop at the Airdrop contract address listed in gro-rewards-and-lp-incentive-contracts with tranche ID
12 - see below screenshot.
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 had until 29th August 2022 to claim these tokens.
GRO tokens were distributed on 31st August 2022 to all Argent zkSync users who submitted an L1 address between 24th June 2022 and 16th August 2022. You need to connect to the Gro dApp at http://app.gro.xyz/#/rewards to claim these tokens. You had until 31st October 2022 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.
The distribution is on Ethereum mainnet (L1) for all users.
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.
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.
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 missed the June deadline but submitted an L1 address on or before 16th August 2022, you should have received distribution on 30th and 31st August. Please see this update for more details.
If you did not provide any L1 wallet in the 60-day period ending on 16th August 2022, you have missed the distribution.
Deadline to submit L1 addresses is now past; the final distribution has been completed.
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.
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 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.
Those with PWRD vesting over 24 months can find the vesting position in the following contract:
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 between 24th June 2022 and 16th August 2022, GVT/PWRD distribution was completed on Tuesday 30th August 2022.
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.
Last modified 7mo ago