How to deposit into Labs
This "how to" guide will walk through how to begin using Gro Labs on Avalanche.
- USDC or USDT or DAI on Avalanche for deposit*
- AVAX on Avalanche for gas fees*
- [Optional] 500 GRO tokens on ETH mainnet (in your wallet or in a vesting contract or in a staking pool associated with the wallet you’re using) for maximum deposit allowance for all 3 vaults (USDC.e, USDT.e, DAI.e)
Access to Labs is open to all with a deposit cap of $5,000 per vault for a total of $15,000 across 3 vaults.
To reward our most committed DAO members, those holding 500+ Gro DAO tokens (GRO) on Ethereum mainnet will get $25,000 deposit cap per vault for a total of $75,000 across 3 vaults. GRO tokens that count towards this gate include those in your wallet and your GRO in vesting contracts and staking pools. We take snapshots weekly.
Since Argent wallet does not support Avalanche yet, users will need to switch to Metamask (or other wallets that connect to Metamask) to access Labs. If you’re an Argent wallet holder with 500+ GRO, please reach out to us in this Discord channel for support.
To access Labs, you will need to switch from Ethereum mainnet to Avalanche. You can do so by toggling the network dropdown menu at the left side bar, right below your wallet address. If you have not added Avalanche network to your Metamask, a Metamask window will pop up and ask for your permission to do so.
If you’ve already got stablecoins and AVAX on Avalanche, you can directly go to Step 3.
If you’re new to Avalanche, you’ll need to bridge your assets over.
We recommend using the official Avalanche Bridge for the first time as it would also airdrop you 0.1 AVAX in the process (if you bridge over $75 worth of assets). To get to the bridge, simply click the button above Deposit and Withdraw.
Note that this only works if you bridge assets from Ethereum mainnet. For more details, please see this video tutorial for this step.
For questions about using the Avalanche Bridge, please refer to this FAQ.
Alternatively, you can also on-ramp directly from fiat currencies to Avalanche. Transak offers on-ramp from bank transfer or card payment to AVAX on Avalanche directly. Note that this only works for non-USD fiat currencies. You can then swap AVAX for stablecoins on Avalanche AMMs like Trader Joe or Pangolin to use in Labs.
With stablecoins and AVAX in your wallet, you’re now ready to explore Labs!
Any user with access would have a deposit allowance up to $5,000 per strategy, adding up to a total of $15,000. If you have 500+ GRO tokens, you will have $25,000 per strategy for a total of $75,000 deposit allowance.
This cap is imposed since there are limited funds available for borrowing on Alpha Homora v2. As Alpha's lending program expands, Gro will be able to remove the cap to allow higher initial deposits.
To claim your allowance, all you’d have to do is to start depositing. Start by making sure you're on Avalanche network by clicking "Connect to Avax".
As at 30 January 2022
Scenario A: You have less than 500 GRO
If you'd like to deposit more than this cap, you will need 500+ GRO, click on "Unlock higher allowance > " below "Your remaining allowance" and the below will pop up.
Here this wallet does not have 500+ GRO and thus it cannot claim the maximum allowance of $25,000 per vault. To acquire the required amount, click "Get more GRO DAO tokens".
Remember — any GRO including those in your wallet, vesting schedule, or staking positions count so there are many ways to increase your combined GRO!
Scenario B: You have 500+ GRO
You will directly see the maximum allowance ($25,000 per vault). Once you click on “Request allowance”, your Metamask window will pop up asking you to confirm the transaction — the transaction cost will be in AVAX so it’s important to first get some AVAX through the bridge or on-ramp before this step!
After you’ve claimed the allowance, you are free to deposit up to “Your remaining allowance”. Depositing will take two steps — the first to approve the use of your stablecoins on Labs, the other to deposit the funds.
You don’t have to deposit up to the allowance limit in one go; you can also deposit some stablecoins first then come back later on if you need to on-ramp or bridge more stablecoins over to Avalanche.
Once you’ve deposited, you can sit back and let the strategy take over! Your returns will be accrued in stablecoins and you’d be able to track them under “Your position”. Your returns will start showing up once the current position is closed and gains realised in the system.
Hop over to our discord to ask away!