VIP-319 [Arbitrum] XVS vault configuration

Summary

If passed, this VIP will perform the following actions:

- Transfer the ownership of the XVSVault on Arbitrum one to the Guardian wallet
- Configure (and pause) the vault accepting XVS tokens on Arbitrum one

Description

Following the VIP-317 XVS bridge between Arbitrum one and BNB Chain, Ethereum and opBNB, this VIP configures (and pauses) the XVS vault on Arbitrum one.

The following steps on the Arbitrum deployment are:

1. Configure and pause the XVS vault (this VIP)
2. Configure the Venus markets, following the Chaos labs recommendations
3. Configure Venus Prime on the XVS vault and resume the XVS vault. From this moment, users will be able to deposit XVS into the vault, starting with their qualification period for Prime
4. Transfer XVS from BNB Chain to Arbitrum one, that will be used for the rewards
5. Enable rewards on the XVS vault and on the Venus markets

Security and additional considerations

We applied the following security procedures for this upgrade:

- VIP execution simulation: in a simulation environment, checking ownership of the contracts and validating the usual operations on the XVS vault
- Deployment on testnet: the same contracts have been deployed to testnet, and used in the Venus Protocol testnet deployment
- Audit: Certik, Quantstamp and Fairyproof have audited the code of the XVSVault on Arbitrum

Audit reports

- Certik audit audit report (2024/01/17)
- Quantstamp audit audit report (2024/03/19)
- Fairyproof audit report (2024/03/04)

🗳 https://app.venus.io/#/governance/proposal/319?chainId=56

Arbitrum (ETH) Blockchain Explorer

XVSVaultProxy | Address 0x8b79692AAB2822Be30a6382Eb04763A74752d5B4 | Arbiscan

The Contract Address 0x8b79692AAB2822Be30a6382Eb04763A74752d5B4 page allows users to view the source code, transactions, balances, and analytics for the contract address. Users can also interact and make transactions to the contract directly on Arbiscan.

New Snapshot Vote: ETH Mainnet Emission Adjustment

Summary

The objective of this proposal is to adjust emissions on the ETH Mainnet as new markets are onboarded and existing markets begin to stabilize.

🗳 https://snapshot.org/#/venus-xvs.eth/proposal/0xaa716ef493b090060a1f5fef3d27aa4b20c9a56e941544a0a4204fa75471a825

https://community.venus.io/t/request-for-funds-to-maintain-venus-subgraphs-on-the-graph-network/4386

Venus Community

Request for funds to maintain Venus subgraphs on The Graph Network

Summary This is a request to the Venus Community for 18,000 USDC (~57,960 GRT assuming $0.3 per GRT and the remaining swapped to ARB to fund transactions). The USDC will be swapped for GRT and ARB and used to maintain the Venus Protocol’s subgraphs for 1…

VIP-311 Configure liquidity mining (FRAX, sFRAX, BabyDoge)

Summary

If passed, the last block with rewards for the FRAX and sFRAX markets on Ethereum will be set to 20509441, 90 days after the rewards were enabled, approximately, assuming 1 block every 12 seconds.

Moreover, the last block with rewards for the BabyDoge market on BNB Chain would be set to 41487533, 90 days after the rewards were enabled, approximately, assuming 1 block every 3 seconds

Description

Rewards for the FRAX and sFRAX markets on Ethereum were enabled at block 19861441 in this transaction (May 13th, 2024 01:37:59 PM +UTC).

The configured rewards were set in the VIP-302, following the community proposal “XVS Ethereum Mainnet Development Program with Lido, Frax, Curve and Gitcoin”:

- FRAX market: 2,400 XVS for 90 days, provided by the Venus Protocol. 40% for suppliers, 60% for borrowers
- sFRAX market: 2,400 XVS for 90 days, provided by the Venus Protocol. 60% for suppliers, 40% for borrowers

Rewards for the BabyDoge market on BNB Chain were enabled at block 38895533 in this transaction (May 20th, 2024 07:18:16 PM +UTC).

The configured rewards were set in the VIP-304, following the community proposal “Isolated Lending Market for BABYDOGE on Venus”:

Additional details in VIP description

🗳 https://app.venus.io/#/governance/proposal/311?chainId=56

Venus Protocol

Venus is a decentralized finance (DeFi) algorithmic money market protocol.

Chaos Labs: Risk Parameters recommendations for the Arbitrum deployment

https://community.venus.io/t/vrc-deploy-venus-protocol-on-arbitrum/3721/7

Venus Community

[VRC] Deploy Venus Protocol on Arbitrum

Rationale We propose the cross-chain deployment of Venus Finance to Arbitrum One. Arbitrum One is the leading Layer 2 most in line with Vitalik’s vision of a rollup-centric roadmap. The ecosystem has seen successful cross-chain deployment of projects such…

VIP-310 Set RedStone as the MAIN oracle for BTC and BNB on BNB Chain

Summary

If passed, this VIP will perform the following actions:

- Configure RedStone as the MAIN oracle of the BTC and BNB tokens on BNB Chain
- Configure Chainlink as the PIVOT and FALLBACK oracles for BTC and BNB tokenson BNB chain

Description

Enabled at VIP-123, Resilient Price Feeds is the logic used by the Venus Protocol to eliminate a single point of failure while fetching asset prices from on-chain sources. Read more about it in the published documentation.

This VIP configures the price feed provided by RedStone as the MAIN oracle of the BTC and BNB tokens on BNB Chain. Chainlink will be configured as the PIVOT and FALLBACK oracles. Therefore, on every transaction, by default the USD price for BTC and BNB provided by RedStone will be used, but if the discrepancy with the prices provided by Chainlink are greater than a configured threshold, then the Chainlink prices will be used.

The difference in the prices will be considered too large if the ratio “pivot_price / main_price” is not between 0.99 and 1.01. These thresholds can be modified in the future via VIP.

Example 1:

- RedStone price for BTC: $71,016
- Chainlink price for BTC: $70,979
- Ratio ($70,979 / $71,016): 0.9994. In [0.99, 1.01]
- So, the RedStone price ($71,016) will be used

Example 2:

- RedStone price for BTC: $71,016
- Chainlink price for BTC: $70,200
- Ratio ($70,200 / $71,016): 0.988. Not in [0.99, 1.01]
- So, the Chainlink price ($70,200) will be used

Security and additional considerations

There were not any changes in the deployed codebase. We applied the following security procedures for this upgrade:

- Prices pre/post upgrade: in a simulation environment, validating the asset token configurations on the ResilientOracle system is the expected one
- Fork tests: specific fork tests simulating different bounds, and verifying the expected behaviour

Additional details in VIP description

🗳 https://app.venus.io/#/governance/proposal/310?chainId=56

redstone.finance

RedStone delivers frequently updated, reliable and diverse data for your dApp and smart contracts.

New Snapshot Vote: Support Pendle’s LRT PT Tokens as collateral on Venus Protocol

Rationale

Restaking narrative has gained tremendous traction over the past month with various LRT protocols capturing significant liquidity, of which Pendle currently contributes approx $600M liquidity across various LRT pools.

Through supporting Pendle’s Principal Tokens (PT) as collateral, Venus Protocol can tap into Pendle’s LRT liquidity and capture borrowing demand from the rising restaking narrative.

Proposal Summary

-Support Pendle’s LRT Principle Tokens (PT) as collateral on Venus’s Ethereum mainnet.
-Delegate full discretion for Venus’s risk managers to decide which LRT assets on Pendle to support, including decisions on whether to include PT tokens in existing pools or creating separate pools for restaking related assets, and also parameters such as collateral factors, borrow limit etc.

Additional details in linked forum post.

🗳 https://snapshot.org/#/venus-xvs.eth/proposal/0x9e704b24b252abda2a3bf6c6724a24ee7185f71fa833b87c83cb56a3b11140f4

New Snapshot Vote: List Pepe Market on Venus

The PEPE team would like to suggest adding support for PEPE on Venus as a collateral asset in a MEME Pool on BNB Chain Isolated markets. The addition of PEPE as an asset for lending and borrowing would create fees, flexibility, yields and other opportunities for Venus users, especially those interested in accumulating more PEPE.

The fundamentals of PEPEs growth are unprecedented. PEPE has been listed on leading global exchanges and has exceeded records of every token in it’s class that has come before it.

Motivation

PEPE continues to further decentralize itself, crossing borders and breaking records with volume and adoption. Adding PEPE to Venus will increase demand for PEPE and expand yield opportunities in new markets on Venus.

With such incredible retail distribution, CEX distribution and multi chain distribution, PEPE is a unicorn level event.

Benefits

This unlocks new DeFi possibilities for PEPE token holders as they can use their PEPE tokens as collateral in the Venus Isolated Markets to access liquidity. Venus will also tap into PEPEs rapidly growing network.

Pepe is listed on Binance, Gemini, OKX, KuCoin, Bybit, Huobi, Mexc, Crypto.com and more.

🗳 https://snapshot.org/#/venus-xvs.eth/proposal/0xed13012c5fa0da5df028cb788bf88f2ba7e1a2107a30c0218cac1f5fb028ecf8

New Snapshot Vote: H1-2024 Development Funding

Development Funding

Summary

Following the execution of VIP-233: 2023 Development Team Expense Reimbursement, a new proposal is needed to fund the first half of 2024.

After a year filled with significant accomplishments and improvements, the path is set forward to support the initiatives that the community advocates for.

🗳 https://snapshot.org/#/venus-xvs.eth/proposal/0x4092c51400c3fe3128c35c9533b049bfcf85f497094425b147e7b18a8deb063c

New Snapshot Vote
Subject: XVS Ethereum Mainnet Development Program with Lido, Frax, Curve and Gitcoin

Summary

The proposal outlines a comprehensive development program for Venus on the Ethereum Mainnet in collaboration with Lido, Frax, Curve, and Gitcoin. Key points include XVS rewards allocation, Ethereum vault base rewards, liquidity provision on Uniswap, multichain development grants, partnerships with Lido, Frax, and Gitcoin, as well as incentive mechanisms for supported assets.

In summary, the proposal introduces various initiatives to promote the growth and adoption of Venus Protocol on Ethereum, including rewards distributions, partnership incentives, and grant programs to support multichain expansion.

The overall objective is to establish Venus as a leading player in decentralized finance, leveraging partnerships and incentives to incentivize liquidity provision and community participation. This strategic approach aims to drive innovation and growth within the Venus ecosystem while fostering collaboration with key industry players in the DeFi space.

Vote 👉🏻 https://snapshot.org/#/venus-xvs.eth/proposal/0x39947aa28f834f73a607b506cf495925eda7ba2b5ab9e591ab23adb1f802cceb