Look at https://cryptofees.info/ : Aave collected fees per year with 23B TVL. I think its easy to do the math.
For the guarantee its in the interest of both parties to have a high TVL and continue working together.
4 Likes
That shows that the 1bp fee was not a good idea. This fee halved Venus TVL from day 1 till now.
We need a fresh start with YO Autofarm are they are in BSC ecosystem together with Venus.
Let’s do business with Autofarm for more TVL and profits!
2 Likes
Aave tvl: $23b
Aave fees : $1,7b
Autofarm tvl : $1b
1,7/23 x 1= 73,9m
Autofarm incomes suggested : $75,4m
Ok it matches with Autofarm calculation
4 Likes
This should definitely happen, been a long time coming.
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This will definitely increase Venus TVL and revenue. Both parties are happy and working together. Cant’ seem to find a flaw.
No cost, more revenue, great advertisment for both projects growing out a difficult situation with professionalism.
Cant’ wait to vote.
Really looking forward for this VIP!
2 Likes
Please comment my suggestions
If Autofarm is not able to pay $75,4m before November, 1rst, 2022, we could beg :
(1)
- to collateral the gap ($75,4m - paid) into our protocol with Auto tokens.
- to provide a bonus APR for Venus NFT holders.
(2)
- to embed farmfolio’s dashboard into our dapp. It will require 1 Venus NFT to get access.
- to grant access to AutoPortfolio and Autotrade for Venus NFT holders.
(3)
- to help us to bridge XVS. If we are able to collateral XVS on Aave, it will be BIG !
Furthermore, we can split $75,4m per quarter and define a no-claim bonus:
- if Autofarm didnt provide at least $15m at the previous quarter, AF team will have to deposit the difference in our protocol (until November 2022).
- if Autofarm pays $75,4m before Q3 2022, it will only have to deliver the points below (2)
Additional requirements:
-
Venus and Autofarm will have to create a BSC Ecosystem* website. It will be driven by Venus team during 1 year. They will have to build together BSC Ecosystem’s DAO.
-
Autofarm and Venus team will have to publish a quarterly report on BSC Ecosystem website and to their communities (reddit, telegram, twitter, medium).
*Brand name to define
3 Likes
Excellent collaboration proposal when reading it!
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Autofarm TVL : 1B, that’s it. And not all of those will go to Venus. That’s the biggest fault of the whole math because 1B isn’t going to happen. Autofarm is not going to drop their WHOLE TVL into Venus.
Aave weekly report’s collector figure represents the profit. None other tracking platform is as accurate as the weekly report (been there by getting data sets outside of Aave). The idea of NET earning (profit), and GROSS earning (revenue) is different. Autofarm tried to pass revenue as profit. There are all the APY from suppliers that has to be paid (which is around 65-80% of the revenue across the board).
The only reason i am 100% against this proposal is that Autofarm is using false figures to promise Venus a TVL that does not exist even in their own vaults. Then twist the data to misdirect the community about the potential profit that can be generated with such non-existent TVL. Until they get serious and come back with a detailed report and move-forward plan. The answer is no. As much as i feel for all the autofarm users that got stuck in the process.
2 Likes
My calculations were done from Aave report and Autofarm proposal.
Fee collectors = Aave profits
I did a simple cross multiplication. It’s correct.
I checked Autofarm TVL and they had $2b TVL. They are able to provide it.
I’ve written penalty lines if Autofarm wouldnt respect the commitment.
4 Likes
OMG, you are the 6th Beefy Maxi on this discussion to say no sense about this collaboration proposal.
Stop fudding on Venus and BSC projects for wrong reasons please!
#WeAreVENUS and not Beefy
I am not Vegan tbh
2 Likes
To sum up the different options:
-
we refund $11m to get $75m each year (x7).
-
we complete the initial offer or suggest a counter proposal.
-
we decline and we lose ex/future Venus customers.
5 Likes
As a longterm XVS holder, i know Joselito well. Joselito introduced the 0.01% fee on every Venus withdrawal (except BNB which came to be 0 fee later on… surprise!).
I disagreed with that 0.01% fee as it would reduce TVL (and it happened: TVL is halved before this fee).
This useless 0.01% fee had most YO in some trouble (most except ACryptoS who is very close to Joselito Lizarando): taking ~$10M to Autofarm (BSC) users, which many are XVS holders.
Venus and Autofarm are together a huge part of BSC DeFi!
Now that Binance and BSC - replacing Joselito - decided to remove that 0.01% fee (good choice Binance & BSC!!).
This ~$10M is not a regular INCOME and, not deserved - it is a reminder that we have BSC users funds in our treasury due to lack of communication between Venus dev Team and Autofarm dev Team. This not-deserved money is just the consequences of this confusion.
Autofarm proposed a $75M net revenues per year that will bring 1B TVL and revenues to Venus on the long run. This is positive! And do not blindly listen to Beefy MAXIs trying to hurt the BSC ecosystem.
Lets make big Business with Venus & Autofarm, it will HUGE !!
VOTE YES to this collaboration, so Venus remains KING !
5 Likes
If it goes to SIP, as i expect it to be, we should vote for it. I have 3k+ XVS (earned by staking my SXP bag on Binance last year).
We need to do what is fair ($11M were not deserved and is BSC users funds). Autofarm seems to do its best to solve this and to BUIDL with Venus in an unmet magnitude.
I will vote for YES. I expect XVS holders to understand the rational of the proposal and give back the money to users, and BUIDL with BSC biggest YO so Venus remains KING!
5 Likes
Good answer ! Vote Yes to this collab’
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Bonjour,
Some of you know me as a French Mod who operates & help different communities.
I would like to begin my 1rst message with an acknowledgement to the new Venus Team, you do an awesome job !
Like a part of Venus users, I delegated my assets to yield optimizers. Depending on your strategy, it can be interesting or not. Some projects beg permissions and others don’t. At the end, it’s an ethical problem when an event occures.
I’m a Venus user and Xvs holder so I will briefly share my feelings on this topic.
It’s a proposal posted with the agreement of Venus team. It shows the mature mindset of both teams which negociated during 4 months to find out a solution.
The current proposal is submited to us and to pay our attention on a potential VIP.
Both parties are reading our feedbacks and could modify the current offer. It’s certainly the best way to meet a consensus for all of Venus users.
I point out “Venus users” because some profiles here are certainly not concerned by this proposal. Trollers are everywhere. Please take your time to read constructives comments. Figures are trustable. If not, a Venus Official Representative would have replied with the correct ones. They are professionals.
This proposal is interesting and should be considered as a strong opportunity for Venus. Our current business model depends on the liquidity available (supply-borrow) and the utilities of our tokens (XVS, VAI, VRT, Venus NFT). Our growth will depend on our capacity to attract more and more consumers.
I read different comments forecasting on +70m$ per year for Venus . I would not state this proposal as a duty to Venus - with additionnal fees if they are not paid on time. The withdrawing of those tokens locked in our Treasury wont impact our price value. They are not deposited on any LP or supplied in our vaults. But those tokens can impact on our reputation.
Those people concerned by Autofarm were/are Venus users too. We cannot afford to say “no” after 4 months of negociation.
I believe we can afford to accept their proposal and create a strong partnership with Autofarm.
I invite all users to vote YES.
10 Likes
Thank you for this honest proposal, suggesting something concrete. I would vote definitely Yes !
5 Likes
Wow, just read the proposal for DeFireX 
, that is exactly what I expect from Venus Team!
Also in my opinion, you can exchange DeFireX with Autofarm, and it matches exactly this case!
For anyone nitpicking “…through legitimate protocol usage fees…”:
- Yes the mechanism through which autofarm user funds ended in treasury was a fee
- No, that was not how it was meant to work, not by venus when designing the fees, and not by autofarm when designing the contract.
I love the clear standpoint from the Venus Team
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Unfotunately this is not the case, it seems like there’s a lot of opposition to this proposal coming from Venus hodlers who believe the treasury funds are theirs, which is obviously not the case.
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I strongly support the AutoFarm proposal.
I was invested in both Venus and AutoFarm.
7 ETH of mine were erroneously transferred to the Venus vault.
I believe this is a business decision between two entities who are part of the same community. It is an important decision for the people. It is an indicator of trust and ethics.
The emotional finger pointing is not constructive.
I guarantee that there are big investors sitting on the sidelines waiting for this to be resolved. I hope the two teams find common ground.
We should share the same vision: to help our users, work together and behave ethically.
The byproduct is greater prosperity for both projects.
The AutoFarm proposal is logical and well thought through. I vote yes.
Let’s do what’s best for the ecosystem.
Let’s move forward together.
Let’s do what’s right.
10 Likes