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

New Snapshot Vote
Subject: List Frax Finance assets on Venus Ethereum Mainnet

Summary
Frax Finance's innovative stablecoins and staking options have made a significant impact in the DeFi space, making them valuable additions to Venus Protocol. Integrating FRAX will offer users stable assets for their financial activities, while sFRAX and sfrxETH as collateral will provide additional yield-bearing opportunities.

Frax Finance plans to collaborate with Venus Protocol to incentivize lending activities, driving adoption and liquidity within the ecosystem.

By embracing the FRAX ecosystem, Venus can enhance its platform with stablecoins and staking solutions, catering to the evolving needs of the DeFi community. Supporting these assets not only diversifies Venus's offerings but also strengthens its position in the competitive DeFi landscape.

Conclusion

This proposal presents a strategic opportunity for Venus Protocol to expand and enrich its platform, fostering a vibrant and sustainable ecosystem for its users.

Vote 👉🏻 https://snapshot.org/#/venus-xvs.eth/proposal/0x1716b6daa8ce1ce4a098a5ad29bc4bfe1bec42b4a318f418bd66da2573ea725d

New Snapshot Vote
Subject: Gitcoin Grants Stack Partnership

Summary

The proposal aims to establish a partnership between Gitcoin and Venus to implement quadratic funding and direct grants, with a total funding ask of $150,000.

This funding will be divided into $50,000 for a Quadratic Funding round and $100,000 for direct grants to support innovative projects within the Venus ecosystem. Gitcoin also requests a 10% fee to assist with designing and implementing these initiatives.

The Quadratic Funding mechanism enables the Venus community to democratically support projects by voting with their contributions. This inclusive model emphasizes community involvement and support. The Direct Grants mechanism provides targeted financial assistance to projects of strategic importance, ensuring their growth and success within the ecosystem.

The expected outcomes include stimulating innovation and growth, increasing community engagement, and strategically enhancing the Venus ecosystem.

To proceed, the proposal needs approval from the Venus Protocol community, collaborative planning with Gitcoin, and the implementation and oversight of the funding initiatives. This partnership between Gitcoin and Venus aims to leverage community engagement and strategic funding to foster innovation and growth within the ecosystem.

Conclusion

If approved, this collaboration has the potential to significantly benefit the Venus community and support the development of innovative projects within the ecosystem.

Vote 👉🏻 https://snapshot.org/#/venus-xvs.eth/proposal/0x42854cb16b63cba93ec27a67ff24e16201d264982e2a9cfd936ba8bd16a8517f

VIP-270 Risk Parameters Adjustments (TUSD, FDUSD, lisUSD)

This VIP will perform the following Risk Parameter actions as per Chaos Labs’ latest recommendations in these Venus community forum publications:

- Chaos Labs - Risk Parameter Updates - 03/07/24
- FDUSD (Core pool)
- Increase supply cap to 20,000,000 FDUSD
- Increase borrow cap to 16,000,000 FDUSD
- Chaos Labs - lisUSD Supply Cap Increase - 3/7/24
- lisUSD (Stablecoins isolated pool)
- Increase supply cap from 500,000 lisUSD to 1,000,000 lisUSD
- Chaos Labs Risk Parameter Updates - TUSD - 4/3/24
- TUSD (Core pool)
- Unpause MINT, BORROW and ENTER_MARKET (will allow users to start using TUSD as collateral)
- Reduce Reserve Factor from 100% to 10%
- Increase Collateral Factor from 0% to 75%
- Decrease Supply and Borrow Caps from 5M and 4M to 1.5M and 1.2M, respectively

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

VIP simulation: https://github.com/VenusProtocol/vips/pull/226

Vote 👉🏻 https://app.venus.io/#/governance/proposal/270?chainId=56

Venus Community

[EXT] Chaos Labs - Risk Parameter Updates - 03/07/24

Venus Protocol Governance Topic Summary FDUSD (Core Pool) - Increase supply Cap to 20,000,000 FDUSD (Core Pool) - Increase borrow Cap to 18,000,000 Motivation As FDUSD market cap and adoption continue to grow, and as we have seen high borrowing demand…

VIP-269 Partial liquidation of the BNB bridge exploiter account Summary Following the proposal published in the community forum, if passed, this VIP will perform the following actions: - Redeem 326,081,635.9401868 vUSDC held by the Venus Treasury, getting…

VIP-269 Partial liquidation of the BNB bridge exploiter account

Summary

Following the proposal published in the community forum, if passed, this VIP will perform the following actions:

- Redeem 326,081,635.9401868 vUSDC held by the Venus Treasury, getting around 7.6M USDC
- Liquidate the BNB bridge exploiter account repaying part of its USDC debt, using 100% of the USDC tokens obtained in the previous step. The seized tokens will be vBNB
- Redeem 100% of the seized vBNB tokens and transfer them to an OTC provider, to be converted into USDC that will be sent to the Venus Treasury in the following days

#### Description

After executing the VIP:

- The balance of vUSDC in the Treasury will be zero
- The USDC debt of the BNB bridge exploiter will be reduced by (around) 7.6M USDC
- Around $8.36M in BNB will have been transferred to the OTC provider, that will convert them to USDC and send them to the Venus Treasury in the following days

Review the full plan regarding the liquidation of the BNB exploiter account in the above publication.

This VIP uses two contracts to complete the commands:

- TokenRedeemer. It is used to redeem the vUSDC and transfer 100% of the withdrawn underlying tokens to another contract (in this case the Temporary Liquidator contract)
- Temporary Liquidator contract for the Core pool. It doesn’t split the fees between the liquidator agent and the protocol, it redeems the seized vTokens, and it transfers 100% of the withdrawn underlying tokens to an address (in this case the OTC provider)

The owner of both contracts is the Normal Timelock. They won’t hold any tokens after the VIP execution. The last command of the VIP restores the original Liquidator contract in the Core pool.

Additional details in VIP description

Vote 👉🏻 https://app.venus.io/#/governance/proposal/269?chainId=56

Venus Community

Move Bad Debt from the current debtors to the BNB bridge exploiter account to eliminate remaining shortfall

With the current market conditions there’s an opportunity to finish clearing all of the Venus shortfalls. I am proposing Venus moves the most significant bad debt from the current debtors to the BNB bridge exploiter account. The total bad debt moved to the…

VIP-233 2023 Development Team Expense Reimbursement

Summary

If passed, this VIP will transfer 2,100,253 USDT to the Development Team.

Description

Following the community post 2023 Development Team Expense Reimbursement, and the associated snapshot, this VIP transfers 2,100,253 USDT to the Development Team.

Venus Protocol has made substantial progress in the area of DeFi innovation, security, integrations, and community contributions. The development team’s efforts have saliently altered the protocol’s trajectory.

New offerings have been developed such as Isolated Lending, an multichain XVS bridge, Venus Prime, Industry-First Resilient Price Oracle, Peg Stability Module for VAI, Reward Distributor, and a Rapid Pace of Governance execution to serve the community.

Following the new tokenomics, the 20% team/ops allocation was removed starting in Q2 2023, meaning no reserves were set aside for continued protocol development. However, protocol development has continued with V4 deliverables and more, funded by the team.

Considering the monthly token closing prices, the total protocol revenues for Q2, Q3, and Q4 (up to December 26) are $11,264,937. This proposal seeks to reimburse the team’s expenses for Q2, Q3, and Q4 of 2023, totaling $2,100,253.

Additional Details in the VIP description.

Vote 👉🏻 https://app.venus.io/#/governance/proposal/233?chainId=56

BNB Smart Chain Explorer

Address 0x48e9d2128321cbf75cd108321459865357c00f15 | BscScan

The Address 0x48e9d2128321cbf75cd108321459865357c00f15 page allows users to view transactions, balances, token holdings and transfers of BEP-20, BEP-721 and BEP-1155 (NFT) tokens, and analytics.

VIP-232 XVS bridge BNB Chain - Ethereum

Summary

Following the community proposal [VRC] Deploy Venus Protocol on Ethereum Mainnet, and the associated snapshot, this VIP is the first one directly related to the multichain deployment of the Venus protocol. It configures the bridge contracts between BNB Chain and Ethereum using LayerZero (snapshot). After the execution, it will be possible to send XVS from BNB Chain to Ethereum mainnet and vice versa.

$XVS -> ETH Mainnet 😎

👉 https://app.venus.io/#/governance/proposal/232?chainId=56

✨The Prime Calculator feature has now been deployed to the Venus UI.

https://app.venus.io/#/prime-calculator

Venus Protocol

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

VIP-226: Conversion of BUSD to USDT to Mitigate BUSD Depreciation Risks and fix BUSD price to $1
Summary

If passed, this VIP will perform the following actions:

- Redeem the vBUSD from the community treasury (7,021,262.3 vBUSD to 156,571 BUSD, approximately)
- Transfer BUSD reserves (2,373,087.5 BUSD) and redeemed BUSD liquidation revenue (156,571 BUSD, approximately) to Binance, where it will be exchanged for USDT. The converted USDT will then be sent back to the Community Treasury
- Set a fixed price of $1 for BUSD, preparing for the deprecation of BUSD price feed on Chainlink, scheduled for January 5th, 2024

Description

The Community Treasury holds 7,021,262.3 vBUSD (redeemable to approximately 156,571 BUSD), and the BUSD reserves are 2,373,087.5 BUSD (block 34837453).

This VIP will redeem the vBUSD tokens currently held by the Community Treasury, and transfer the BUSD to Binance for the conversion to USDT. To do that, the VIP will use the TokenRedeemer contract. This VIP also withdraws all available BUSD reserves to Binance for the conversion to USDT. The converted USDT will then be redeposited into our Treasury.

This VIP fixes the BUSD price to $1. The collateral factor of this market was set to zero in the VIP-223, users cannot supply BUSD to the market and they cannot borrow BUSD from the market either. Therefore, setting the price for BUSD to $1 fixed does not have any impact on the protocol, it is only a cosmetic measure aligned with the Paxos statement.

VIP simulation: https://github.com/VenusProtocol/vips/pull/147

References

- VIP-215 BUSD debt mitigation
- VIP-216: Conversion of BUSD to USDT to Mitigate BUSD Depreciation Risks
- TokenRedeemer contract deployed to mainnet

Vote 👉🏻 https://app.venus.io/#/governance/proposal/226?chainId=56

BNB Smart Chain (BNB) Blockchain Explorer

Venus BUSD (vBUSD) Token Tracker | BscScan

Venus BUSD (vBUSD) Token Tracker on BscScan shows the price of the Token $0.0223, total supply 83,706,099.41689502, number of holders 10,937 and updated information of the token. The token tracker page also shows the analytics and historical data.