[Grant Application] CGA#22 - Growfi


The GrowFi team is developing a lending protocol called VaultLoan, which supports USD stablecoins, BTC pegged coins, and USD/BTC Curve LP tokens. This allows Curve LPs to deposit LP tokens as collateral to borrow stables and leverage their LP position (swap fees earned).

Summary of Grant Applicant:

The GrowFi team:
David Park, CEO (Linkedin: :https://www.linkedin.com/in/david-park-5a9805182)
Mike Mu, COO (Twitter: https://twitter.com/Grow_MU)
Jay Lee, CTO (Linkedin: https://www.linkedin.com/in/jay-lee-a24614aa/)
Brian Noh (Linkedin: https://www.linkedin.com/in/sunglae-noh-533381196)
Ian Son (Linkedin: https://www.linkedin.com/in/상윤-손-39095ba3/)
Kidori Park (Linkedin: https://www.linkedin.com/in/kiseok-park-722433177/)
Gami Wang (Linkedin: https://www.linkedin.com/in/jiamei-wang-6b85791ab)

The GrowFi team is developing DeFi ecosystem research and projects in Korea. They have previously launched an interest fundraising model called Growdrop. They are currently developing VaultLoan, a lending protocol for pegged assets. Their vision is to enable DeFi to expand its financial inclusion.

Project Details:

The GrowFi team believes their product opens the way to generate more revenue for liquidity providers, CRV token holders, and Curve DAO, and will play an important role in the Curve ecosystem.

Initial list of USD and Bitcoin market:
Stable Coin Market: DAI, USDC, USDT, Curve 3Pool, Curve YPool, Curve Compound Pool, Curve sUSD Pool
Bitcoin Market: WBTC, renBTC, Curve renBTC Pool, Curve sBTC Pool

In addition to providing leverage of the swap fee, the liquidation method works by swapping collateral assets to Curve, even if the liquidator does not have liquidity directly. This allows Curve to earn trade fees from liquidation events.

Post-Grant Plans:

VaultLoan will continue to list Curve LP tokens as they are launched. Further development efforts will be done to offer stable rate loans and flash loan functions using Curve LP tokens.

Requested Grant Size:

$50,000, all of this cost will be used for auditing contract code.

Grant Application

The full grant application can be viewed at: https://drive.google.com/file/d/1ZHPYNDq6nHq8nhHIdq9qYFw6SHR2dR9r/view?usp=sharing
The VaultLoan whitepaper can be viewed at: https://drive.google.com/file/d/1OqqA-JVbAh9UnlfaIMtL30SUxkRvQorF/view?usp=sharing