Growdrop Open BetaTestnet is Live!(+Guide&Demo)

Published in

GrowFi

5 min readJan 9, 2020

Today, We’re excited to announce the release of Growdrop beta testnet (Kovan,Mainnet). Growdrop is a model for financing open source projects through DeFi. This Beta testnet release includes the Growdrop smart contract open source and its Interface.

Growdrop app<- Click here

What is Growdrop?

Growdrop is a crowdfunding solution that minimizes the trust costs of existing third parties, deposits investment funds into DeFi Lending Protocol’s liquidity pool, contributing interest to open source projects and ensuring investor principal.

If the initial token project is not listed or there is no use, the token from Growdrop can be uploaded to uniswap to set the listing and price. You can do “uniswap create exchange & add liquidity pool” for a certain amount of tokens and interest to those who distribute to the Growdrop pool.

The project will slowly build communities to help promote public relations and technology development. Here, in the early Ethereum community, it was very similar in nature to DAICO.

General features of Growdrop BetaTestnet:

7 Interest Tokens Supported: Only seven assets (DAI,SAI,USDC,WBTC,BAT,ZRX,REP) are supported on the beta testnet. These assets are the tokens listed in the Compound.Finance. After launching Growdrop Beta Mainnet, we will review various Lending Protocols and cryptocurrencies.
Fund-raising model with guaranteed principal: We guarantee the principal by contributing the interest generated through the compound to the project. Fund / Refund / Withdraw are implemented here, so please test it on testnet!
Add liquidity to Uniswap: If the initial token project is not listed or there is no use, the token from Growdrop can be added to Uniswap to set the listing and price. You can create exchange contract and add liquidity pool for a certain amount of tokens and interest.
Donation model with guaranteed principal: The Donation model is similar to the token distribution model, where supporters secure tokens in Growdrop so that the interest generated there is raised to the donated foundation. Supporters will receive ERC-721-based donation certificates and principals. This will help to realize a donating model that minimizes risk through principal guarantees.
Create Growdrop/Donation: In this testnet, we support creating open source projects with Growdrop / Donation.

How to use Growdrop (Supporter)

This demo will show you how to fund / refund Growdrop and how to get your project tokens by withdrawing the principal at the end of Growdrop funding period.

How to use Growdrop (Supporter) demo

Supporters(user) can do the following in Growdrop:

Connect your wallet (Metamask)
Approve your account
Fund your crypto asset (Supporters can only deposit in the project with interest tokens chosen by it. In the demo video, the supporter can only deposit in DAI because the project set the interest token of it as DAI).
Additional funds and refunds may be made at any time during the funding period.
At the end of the funding period, you will also receive project tokens when you withdraw the principal.(In the demo video, since the project token unit is a REP token, you will get REP tokens when you withdraw the principal.)

The number of tokens you receive depends on how much interest you contributed to the project. For example, let’s assume that the total interest generated in this Growdrop is 100 DAI. If Bob generates 10 DAI of interest, Bob will get a 10% share of the project token.

How to use Growdrop (Project)

This demo will show you how the project goes through the Growdrop process. At the end of the funding period, you can choose whether to add the project token and funded interest set in the initial information to the Uniswap liquidity pool, and withdraw the funded interest.

How to use Growdrop (Project) demo

The process for funding the project through Growdrop is as follows.

Create must be done before Growdrop
Growdrop Create requires filling in the project’s information.(Interest Address, Select Interest Token , Growdrop Token , Uniswap Information, Projecet Description, Fundraising Period)
Growdrop After the creation, the Growdrop team will conduct a token code audit.(GitHub site address is required)
If the code audit passes successfully, you can see the created projects in My Created List on the dashboard.
Approve your wallet first and start Growdrop.
When you start Growdrop, it will be on the live list and supporters can start fundraising.
At the end of the funding period, the project may choose to add liquidity to Uniswap and withdraw interest from the supporters.

Supporters and projects can test principal protected fundraising in Growdrop. Supporters can continue to support projects, and project teams can use them to earn seed money and potential customers.

*Testing Growdrop App

If you’re testing with Growdrop Kovan testnet. You first need to configure your favourite wallet to use the Kovan Testnet and get a few Kovan ETH (the faucet here is a good start, https://faucet.kovan.network/) . Then faucet the interest token you want in Compound Kovan . In the case of DAI, SAI, you have to borrow it from Compound. If you are having trouble borrowing from a compound, come to the Growdrop community to help you.

The Growdrop Interface

Growdrop interface is made for easier asset management and fundraising for users. If you want to Beta test it, please come here.

If you want to understand the whole process of Growdrop, please refer to our paper and GitHub.

It is currently a test version and requires a lot of feedback. If you have something like improvements, please come to our Telegram and Discord community.

Future Plans

NFT Growdrop: ERC 721 version of Growdrop is planned to publish game assets more smoothly.

Reserve Economy: It’s a solution for supporters to choose an open source project to build a smoother fundraising project. This is the same as decentralized accelerator.

*Notice

Growdrop is open on mainnet as well as kovan testnet, but it’s still only available as a test. The mainnet official opening will proceed after the code audit. If you want to test it on the mainnet, please use the Kovan testnet because of the high risk.

About Growdrop Community