2023 Development Team Expense Reimbursement

Development Team Expense Reimbursement


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.

About the Development Team

  • Leadership is composed of Product Management and Engineering talent from one of the largest global banks, technology firms like Accenture, and web3 firms including Consensys. Together we bring over 30 years of combined technology experience with 10 of those in blockchain.

  • Leadership helps inform the community’s direction for protocol development through continuous discovery and continuous improvement. Our research inputs include community engagement across surveys, AMAs, forum discussions and recruitment of invaluable contributors in risk management, economics, and more.

  • This year’s recruited contributors include background from esteemed projects like MakerDAO (Steakhouse Financial), and industry leading risk managers (Chaos Labs) and top tier security audit partners (Code4arena, OpenZepplin, Quantstamp).

  • The dev team iis also composed of a complete roster of engineers covering the gamut of protocol development across front-end, back-end, smart contract and user experience squads.

Key Highlights

  • As of 2023, Venus is the most security audited protocol in its category
  • The most revenue performant lending protocol in DeFi per $ of TVL
  • Ascended to be the most highly rated lending protocol in security across nearly every category

List of Accomplishments

  • 50% of all VIPS, a total of 100, have been made since Q2 2023.
  • Multichain Deployment preparations: Development and preparations for a multichain deployment on
  • Isolated Pools: Deployment and support of 5 isolated markets with 26 new tokens.
  • Venus Prime: Development for Venus Prime and Soulbound Tokens integration for real yield opportunities.
  • Resilient Price Oracle: Deployment and support for the industry’s first, multi-source resilient oracle, creating the first solution in DeFi to mitigate oracle failures.
  • Automatic Income Allocation: Development of automatic income distribution from interest reserves and liquidation fees.
  • Peg Stability Module: Development, integration, and support for the VAI-pegging PSM.
  • Token Converter: Development of the multiple token converter contracts that allow for the automation of the conversion process.
  • V4 Deployment Support: Technical assistance for Isolated Pools, Risk Fund, Shortfall Handling, VAI Stability, Liquidation Mechanics, Resilient Price Oracle, Decentralization, User Experience, Stable Rate Borrowing, and Venus Prime Soulbound Token.
  • Risk Fund and Shortfall Management: Risk fund management and successful repayment of $11.2M USD for BTC, ETH, and BUSD.
  • Governance improvements: Ongoing support for governance model changes, including VIP fast-tracking, role-based access, and a pause mechanism.
  • User experience improvements: Enhancements to the user interface and reward system.
  • Venus introduced wallet screening for AML/illicit funds to improve compliance positioning of the protocol


  • For - Endorse the 3-quarter allocation
  • Against - Oppose the 3-quarter allocation
  • Abstain - Neutral stance on the decision

For someone who has been around since day one collaborating with the community, and has seen closely the development of the project, especially everything that has been done and achieved this year, my vote is for a FOR


Quality work also requires quality evaluation, I understand that it is necessary to deal with these expenses now and it is necessary to balance it. So we will be able to focus on next year.


I think that the development team has demonstrated a very serious list of achievements for 2023. Venus can rightfully be considered an advanced and progressive Defi protocol.
Considering the serious work on security, innovative products, new technological solutions and the subsequent transition to other chains, I believe that we are simply obliged to continue with such an effective team of professionals.
I think that I will not be the only one “For”.
At the same time, I believe that we must be careful about spending and find ways to optimize both debt and costs. Therefore, it would be a good idea to study the costs more carefully.


First of all, I would like to point out that my vote is FOR
In all the events I attended and in all the interviews I had, the most curious topic for DeFi followers was how we managed to make so many improvements during the Bear season. We were able to overcome these problems thanks to our successful team and Venus, which continues to make revenues even in the worst times.

I support this proposal in order to complete these payments and enter the new year with the same energy.


2023 has been great for Venus. It is important to evaluate this. My vote is definitely ‘For’.


:spiral_calendar: 2023 has been a busy year with a lot of Web3 :dizzy: construction for the Venus protocol!!

Guaranteeing security through the audits carried out makes Venus a very reliable medium. In addition to seeing all the updates and implementations of new improvements for lam good experience for all users.

That’s why and more is that I would love to continue supporting the project in this proposal and beyond for what is coming in 2024 :star2:


I agree with this proposal.
Venus Protocol is being developed as a powerful DeFi thanks to an excellent team.
I hope that Venus Protocol will continue to build various features and services in the coming year to increase the number of users and TVL and realize its unshakable position.


A year full of success and progress. I am excited for the coming year


The development team absolutely deserves this, think of them helping develop the protocol during bearish season.


It is very important to be a project that stands on its own feet. This solid stance is achieved through developments and partnerships. I give my vote to “for” . Because achieving requires focus and a dedicated team that knows their job.


Totally agree, besides the amount itself (good payment), it transforms into incentives for the upcomming eforts to be made.


In this year 2023, significant progress and improvements have been observed in Venus Protocol. One aspect I would like to highlight is the focus on security, recognizing its fundamental role in the DeFi ecosystem. Venus has become the most audited protocol across the entire DeFi landscape, providing users with the assurance that their funds are secure.

I support the proposal and eagerly anticipate the year 2024 to witness further growth and evolution of the protocol.


I totally agree with the proposal

The success has been that all the professional areas are there for the development of the product, and it is made up of a top-level team that is super committed.

Congratulations on the great work in 2023, Venus never stopped growing in a bear market, your hard work is reflected in the results!

A 2024 with more growth for the protocol


The development of Venus Protocol in 2023 has been one of the largest in the DeFi ecosystem. Without a doubt, the results of all the joint efforts made by the project leaders and developers are already being seen. This is a good opportunity to reward your work and continue your direction and execution in 2024.


I don’t see any other option that to pay for all the work that has been done.

The only thing I would like to mention is the exact cost of everything.

It would be good to know all the details of the costs to present the situation clearly. From this statement we get only the summary.

The other thing worth to mention is to get the estimated costs for future developements. I’m sure that team know what they are planning and what could be average cost of developement/salaries for the nex year.

Anyway, we have to push the developement…


I’m most definitely voting ‘FOR’.
A lot has been developed and implemented this 2023.
I believe next year is going to be even better. Thanks to the development team. They’ve done a tremendous work so far. Especially in terms of security.:clap:


I agree with your opinion.

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This year has truly been a success story for our protocol, especially in contrast to the times when the old team took off. The hard work put in by the new team not only won back user trust but also brought in some significant upgrades, like the Prime token, isolated markets, and beefed-up security measures. Looking forward, there’s a lot more exciting stuff on the horizon.

While it’s a solid move to vote “For” the overdue payment since Q2, I’m curious about the decision to remove the ops allocation in the new tokenomics. Some clarity on that and a breakdown of our expenses by segment would go a long way in keeping our community in the loop. Additionally, presenting a well-detailed budget plan for the upcoming year, aligned with our outlined strategies and policies, would be beneficial. Transparency in these aspects builds trust and ensures continued support from our user base. Appreciate it!

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I endorse the proposed reimbursement for the development team’s 2023 expenses. Their achievements and commitment have undeniably propelled Venus Protocol forward…

I agree with this proposal and my vote is for.