A disorderly deleveraging of debt

Venus Has been plagued by bad debt

We are still suffering from a massive over hang of bad debt, with the recent disorderly deleveraging in VAI debt, only 2m got liquidated which was just under 2% of the outstanding VAI mint, but yet we saw a price swing of 18% on a 1 hour candle and 33% for a daily move.

Things could get very ugly, I haven’t thought through the full ramifications of this yet.

VAI minters maybe right in thinking they can’t all get liquidated, as there is not enough liquidity to wipe them out to the benefit of the liquidator.

We have also lost a vital asset in venus.finance which made seeing liquidations very easy, besides from running a node and manually queering the data does anyone have a replacement solution for this?

It also looks like weekly updates have stopped, maybe because there is nothing to update? Vault audit? stability fee? repayment of bad debt?

I saw @Danny post about VIP47 Support TRON on Venus and Withdraw reserve funds

So he is active just not doing weekly updates anymore.

Does the community want this? TRON? wouldn’t we want better assets like AVAX, SOLANA, or even SHIB at this point?

Did someone get paid from TRON for this?

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Yes. The community will benefit from this and Tron has given us 50,000$ in TRX to airdrop to Venus Holders and will bring a s*itload of TVL to Venus.

Everything that was received from the different sponsors/projects will be drawn in the #MissionToVenus contest exactly as promised and announced on Twitter.

There are also more prizes coming…

And yes, I am active 12-14 hour’s a day and I reply to every single messages on Telegram… I haven’t posted weekly updates for the last few weeks as there’s Nothing special happening other than everything that’s already being done and I would simply get the same comments… (update is same as last week)…

For the venus.finance topic: I have been pushing the team for months for a new GUI and it will come as soon as the urgent matters are handled. Their priorities are:

  1. XVS VAULT
  2. VRT SWAP
  3. VAI STABILITY FEE

I update the community everyday on our official Telegram channel. You can use the search function to look for any specific topics.

Cheers mate feel free to PM me on Telegram if you have more questions.

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Thanks for your message Danny . I follow you on Telegram and you’re right that you are very active there, informing everybody. However I also think that keeping the weekly updates even there are no major news is important, since those who don’t follow all messages in Telegram can be updated properly of the important information of the protocol where we have most of our wealth. Thanks man!!

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I don’t use Telegram, too many scammer trying to DM, I like seeing weekly updates on here, even a weekly update to explain why you will be pausing this going forward would have looked better optically than just dropping it.

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Ditto,

  1. This is the official open forum, so why using another one?
  2. Why DM? everything in Defi should be public, that’s the root principle of Defi.
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If you can’t pay it back, post more collateral as Bitcoin is testing key levels on the back of the recent US non farm payrolls number.

Winter can come very quickly round here, hope y’all have some warm clothes on!

Looks like we’ve had a huge number of mint returned, now at $67,211,590

Last time I checked it was well over 110 million.

https://bscscan.com/tx/0x9d3f1afd40f9f37aeeb33f4a8f85eaf74316cbeef2db0793d6d9364fbf26367d

(10 million paid back)

Looks like the theory of not having to pay back debt has been debunked, I would like to see the liquidations for this event, looking at pancake swap it all seemed like it was very orderly, never ran past $1.

Hopefully y’all managed to pay it back or post some more collateral.

VAI staking is starting to get a bit more interesting.

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I just noticed it, VAI yield jumped to 3.1% (despite XVS and all other cryptos going down) but didn’t find the corresponding tx. Thanks.

Looks like the ranges are holding strong.