VIP-353 [Ethereum] Risk Parameters Adjustments (WETH)

This VIP will perform the following Risk Parameter actions as per Chaos Labs’ latest recommendations in this Venus community forum publication: Chaos Labs - Risk Parameter Updates - 08/02/24.

- WETH (Liquid Staked ETH):
- Reduce Collateral Factor, from 90% to 0%
- Increase Kink, from 80% to 90%
- Increase Multiplier, from 3.5% to 4.5%
- Increase Reserve Factor, from 15% to 25%

Complete analysis and details of these recommendations are available in the above publication.

Please note that reducing the collateral factor to 0% will not cause current borrowers to be liquidated as the liquidation threshold will not be modified.

References

- VIP simulation

Disclaimer for Ethereum VIPs

Privilege commands on Ethereum will be executed by the Guardian wallet, until the Multichain Governance contracts are fully enabled. If this VIP passes, this multisig transaction will be executed. Otherwise, it will be rejected.

Vote ? https://app.venus.io/#/governance/proposal/353?chainId=56

Venus Community

Chaos Labs - Risk Parameter Updates - 08/02/24

Summary Using historical observations and our methodologies, Chaos Labs recommends parameter changes for WETH in the Liquid Staked ETH pool. Motivation Growth in the aforementioned pool has been relatively limited over the past two months. In order to better…

VIP-351 [opBNB] Update XVS address in the XVSVault

Summary

If passed, this VIP will update the XVS address considered by the XVSVault contract on opBNB, using 0x3E2e61F1c075881F3fB8dd568043d8c221fd5c61

Description

The XVSVault contract on opBNB is using an old version of the XVS token address deployed to that network. This VIP sets the right XVS token address in the vault, which is the one used by the bridge contracts. No actions are required from users.

Security and additional considerations

We applied the following security procedures for this upgrade:

- VIP execution simulation: in a simulation environment, validating the XVS address is properly set
- Deployment on testnet: the same operation has been successfully executed on opBNB testnet
- XVSVault is paused on opBNB, so no funds are at risk

References

- VIP simulation
- TX on opBNB testnet
- Temporary XVSVault contract used to set the XVS address

Disclaimer for opBNB VIPs

Privilege commands on Ethereum will be executed by the Guardian wallet, until the Multichain Governance contracts are fully enabled. If this VIP passes, this multisig transaction will be executed. Otherwise, it will be rejected.

Vote ? https://app.venus.io/#/governance/proposal/351?chainId=56

Opbnbscan

opBNB Address 0x7dc969122450749A8B0777c0e324522d67737988 - opBNBScan

opBNBScan is a blockchain explorer and analytics platform for opBNB - L2 solution for BSC. It enables users to explore transactions, blocks, addresses on opBNB.

Education is at the heart of Venus Stars mission. Our ambassadors have prepared an article with everything you need to know about what a Resilient Oracle is and how it works.

Check it out and learn more!
? https://venusstars.io/community/index.php/2024/08/12/venus-resilient-oracles-explained/

https://x.com/VenusStars_io/status/1823044803703062632

Venus Stars - Participate in the DeFi revolution

Venus Resilient Oracles Explained - Venus Stars

DeFi protocols are vulnerable to price oracle failures. This is why Venus Protocol has introduced Resilient Oracles in the Venus V4. Read more...

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