Growth DeFi Announces a New Hybrid Bridge for Cross-Chain Decentralized Farming and Launches on Avalanche
Growth DeFi, a cross-chain decentralized farming protocol, has launched on the Avalanche blockchain ecosystem. The DeFi ecosystem was launched on the 13th of November with its new and innovative Hybrid bridge system. The new hybrid bridge system aligns incentives between WHEAT holders on different chains and also for the platform’s overcollateralized stable coin, $MOR on Avalanche.
$WHEAT is the Growth ecosystem’s incentive token that can be gotten through the staking of GRO, MOR, or WHEAT. The WHEAT hybrid bridge is a revolutionary concept that is designed to change the way cross-chain DeFi works. According to Growth DeFi’s official announcement, the hybrid bridge launch will benefit WHEAT holders & the whole ecosystem at large.
The WHEAT hybrid bridge is a significant feature that creates value for WHEAT holders. It facilitates supply reduction through arbitrage and provides incredibly high APYs on the Avalanche chain. The hybrid bridge would be “bankrolled” by approximately 10% of Avalanche’s daily emissions, & it would regularly update the change in price in both the Avalanche ecosystems and BSC.
The Growth Ecosystem launch will ensure that all of its features, including the new hybrid bridge and MOR & xJOE leverage farming loan structure, will run on the fast and scalable Avalanche blockchain. MOR is an overcollateralized stablecoin in the Growth Ecosystem that allows users to earn yield while leveraging and borrowing their yield farming positions for liquidity providers and assets. MOR collects more performance fees on yield earned and converts them to USDC.e, which is then injected into a secondary PSM (Peg-Stability Module) and converted back to MOR.
Banker Joe is an essential component for both the users and Growth DeFi protocols because it allows for the self-repaying mechanism by lending on Avalanche. All collaterals, including JOE, AVAX/ETH, and AVAX/WBTC, would be eligible for self-repaying loans. The self-repaying mechanism also adds to MOR’s status as a stablecoin by generating a direct flow of USDC.e daily into the PSM, making it far easier for customers/users to borrow and redeem MOR.
Growth DeFi’s partnership with TraderJoe, Avalanche’s leading DEX, has established the ecosystem as a credible platform. JOE users will get the first advantage from the new MOR self-repaying protocol. The partnership’s official announcement also noted that Liquidity providers could utilize their capital up to 3x or three times to boost their farming yields.
Notably, liquidity providers will gain from Trader Joe’s enhanced volume flow as a result of MOR. The ecosystem also announced an airdrop for xJoe holders who successfully passed their short quiz as part of the celebration of this integration with the Trader Avalanche ecosystem and the Joe as a whole. The top 100 winners would each receive 500 dollars in xJoe, the top 1000 would each receive 75 dollars, and the remaining winners would each receive 5 dollars.
The new hybrid bridge and launch on Avalanche of the Growth ecosystem appear to have positioned the DeFi platform as a Project adding more value and incentives to the DeFi ecosystem as a whole.