Gro is getting ready for the Merge!

Gro is getting ready for the Merge!

Tl;dr - Gro has taken steps to ensure the protocol is ready for the Merge coming up next week. Check out changes made and please chime in if you have any questions or suggestions!

Context

Ethereum will shift from a Proof-of-Work consensus mechanism to Proof-of-Stake when the terminal total difficulty of 58750000000000000000000 is hit. It is estimated to take place next week between 13th and 15th September 2022.

Will I need to do anything?

As a Gro user, you do not need to do anything to continue using Gro on the Ethereum proof-of-stake chain. The contracts and interfaces will remain the same.

Developers have taken stock of Gro’s external dependencies to ensure it is Merge-ready. You can find more details in the following sections. We will keep updating this post as more information becomes available – if you see any materials you’d like to share, please reply with suggestions!

However, please note that there could be unexpected downtime around the Merge despite best efforts. While Gro protocol will remain operational throughout the Merge process as a decentralized application, it is advisable to transact a few hours before or after the Merge in case of issues. As always we will share any updates in Discord if any interruptions arise.

DevOps

  • Chainlink: Gro uses Chainlink Price Feed as a security measure against oracle manipulation. Chainlink has confirmed that its services will remain operational on Proof-of-Stake Ethereum while the Proof-of-Work forks will not be supported.
  • Gelato: Gro uses Gelato Ops to run decentralised harvests. As of writing this post, Gelato has not made any announcement regarding the merge. We would continue to monitor and make update(s) as we hear them. You can monitor the protocol harvests on the Gelato Ops dashboard links posted on our docs here.
  • Flashbots: Gro uses Flashbots in some transactions such as manual harvests. Compared to mev-geth which has been running on the Proof-of-Work Ethereum for some time, Flashbots has built mev-boost for Proof-of-Stake Ethereum. The protocol has made the necessary changes to switch to the new version of Flashbots. However there is inherent risk for a new software like mev-boost so we would fall back to sending tx to mem-pool in case mev-boost has an incident.

Yield sources

All yield sources have indicated a commitment to Proof of Stake Ethereum. There is no direct suspension of smart contracts or centralized redemption operations in the yield sources. See below for announcements, votes, or analyses if you’d like to dive deeper.

With official announcement

  • Aave (in our whitelist but we dont farm as of now): Aave has announced to pause the ETH market temporarily, while all other markets operate as usual.
  • DAI (MakerDAO): Risk Core Unit’s monet-supply has shared a detailed analysis of the Merge’s potential risks and impact to MakerDAO here.
  • USDC: Circle announced that it will solely support the Ethereum PoS chain.
  • USDT: Tether announced that it will solely support the Ethereum PoS chain.
  • GUSD: Gemini has announced to support the Ethereum PoS chain for GUSD.
  • Frax: Frax DAO voted to make FRAX only redeemable on the Ethereum PoS chain.

Without official announcement

  • mUSD: 10% of mUSD’s exposure are under sUSD which has announced that they would suspend the protocol 3h before the merge until Chainlink confirms to be working.
  • alUSD: Since alUSD is minted from DAI we assess the protocol does not bring additional risk aside from the ones shared above under DAI.
  • oUSD: Their exposure is currently on Aave as well as USDC and DAI.
  • Curve: Since Curve is a self-sustained decentralized application we assess there is little risk during the merge.
  • Convex: Convex only depends on Curve which is self-sustained, we assess there is little risk during the merge.
  • TUSD: We are under assumption that TUSD would follow other major issuers to support the Ethereum PoS chain while we would keep monitoring for any update.

Treasury

  • Gnosis Safe: Gro DAO treasury uses Safe with multi-sig to secure treasury funds. Safe has released an article clarifying that no action will be required from users (Gro DAO) and it will support Proof-of-Stake Ethereum going forward.
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