Recent updates to Gro Protocol via G2
Gro DAO is a community-driven platform that aims to empower users to create & share wealth via its simple & powerful DeFi products. Gro Protocol is 1 of #GroDAO’s major product — a #DeFi yield aggregator that enables users to earn stablecoin yields.
Gro DAO recently announced the upgrade of Gro Protocol to Gro V2 — G2. The new G2 architecture comes with higher security, better yields, and composability.
Here are the highlights of G2: 🔥
- Security:
🔐 Security has always been a top priority for Gro DAO, & with G2, the security of its infrastructure has been scaled to the next level. The revamped architecture simplifies the structure & creates fewer dependencies with standalone modules, thereby increasing overall security.
Even smart contract audits can not provide a 100% guarantee that a protocol is safe; there is no magic solution that can. To provide users with a product that is as secure as feasible, numerous procedures must be taken, beginning with the design of the architecture.
2. Better yields
💰 Gro DAO has made it easier for users to be able to earn yields with the removal of 0.5% withdrawal fees for both PWRD and Vault. Plus: PWRD is now a fixed yield product, so you can enjoy a fixed yield, as controlled by the DAO, without having to worry about fluctuating yields.
The only expenses are the 5% performance fees on the yield created, which makes calculating the projected yield when you deposit stablecoins into Gro simpler. The sole “breakeven” factor without a withdrawal charge is whether your yield will be more than your gas cost, and this is valid for all on-chain interactions!
Not only that. Easy-to-farm yields are more dependable and less expensive. PWRD is now a fixed-yield product as a result of this.
3. Composability
🧩 G2 has an composability structure enabling builders to be able to tranche their tokens to any tokenized vault/vault tokens. Any wallet can interact with Gro’s smart contracts.
The groundwork for Gro protocol to become a building block for builders to tranche any yield token they desire has been laid by the new architecture of Gro’s yield and risk tranching protocol. Tools are required as the market develops to enable more consumers to discover and even create their own DeFi products.
Migration Update
On February 27, 2023, before 18:00 UTC, the migration to G2 took place, with additional features that come with this upgrade. The primary advantages of G2 are its much higher level of security and enhanced composability.
The new architecture of G2, which modularizes each of its Vaults, tactics, and tranching components, is one of the game’s key features. We have been able to do this by lowering the amount of dependencies, which eventually results in less complexity and higher security.
G2 passed through a grueling testing procedure. A community-driven crowd-testing phase was followed by three rounds of smart contract audits from Fixed Point Solutions (Kurt Barry), Trail of Bits, and yAcademy.
Finally, it was deployed and tested on the Ethereum mainnet using DAO assets. Hence, G2 will continue to be covered by the Gro Protocol’s $1,000,000 bug reward on Immunefi, giving users additional security.
In Conclusion,
Gro DAO is aiming to keep the balance and patching up DeFi’s gaps. Users can participate in the adventure to innovate more solutions for different consumers and use cases attributed to a completely decentralized structure. So many more updates to be expected from Gro DAO. Stay updated on the following channels;
Website: https://www.gro.xyz/
Twitter: https://twitter.com/gro_dao
Discord: https://discord.gg/gAFjS3e6