I agree. These were issues that should not be overlooked. Hope it gets checked again.
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The loss was caused by auto’s low-level error. Venus made a two-week announcement when it changed the withdrawal fee. If auto wants to restore the user’s loss, it should come up with a more sincere plan instead of misleading and ethical Kidnapping, and venus community users do not agree with such a stupid solution！！
Yes, the proposal is very good.
It can benefit both Autofarm and Venus.
Venus gets more TVL and Autofarm’s damaged users get back their losses.
Hopefully the BSC ecosystem can get better and better. Both projects are top projects of BSC, progressing together and building the ecology.
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No. The proposal is not “very good”. It is far from being “very good”.
It is just a proposal that is seeking to blame Venus.
@NoOneVII has perfectly summed things up in this post.
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Autofarm can use the coins that hasnt been farmed… lock for 12 months … and refund their users… instead ask Venus to pay for their mistake easy as that… this proposal is an insult for Venus community wich had survived to the bad ator…
More like a good win/win situation!
Thanks in advance to both teams and both communities
Ju
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Nicely written! Can’t agree more
为什么Venus应该把资金还给Autofarm的用户
我也先给结论，部分XVS holder并不值得信任，这些holder只是很自私，只是想保留本来并不属于自己的资金。Venus清算损失，就是XVS的最大持有者导致的，这些XVS holder只是自私，蚕食Venus。
-
Autofarm在该事件中确实有错吗？
这一点不用过分讨论，无论Venus是否调整了策略，导致用户资金意外损失，都是不应该。 -
Venus金库是否要把这笔意外的资金留给自己？
Autofarm的用户损失，现在都在Venus金库，Venus金库需要帮助的不是Autofarm项目，而是Autofarm的用户。Venus帮助Autofarm用户退还资金，可以提升Venus在Defi生态的影响力。 -
Autofarm的用户应该怎么办？
Autofarm在这次事件中非常被动，Autofarm项目是没有足够的资金进行补偿的，请求Venus一起帮助Autofarm的用户，是最佳选择。即使是Autofarm的用户，也认同这种方式。而不是像Bunny等一些项目赔偿一些没有用的token，根本无法弥补用户。
最后，希望所有Venus、Autofarm以及所有BSC生态的用户，可以有大局观，让整个BSC生态可以更好的协同发展。
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I am an XVS holder and an Autofarm user. I am very much in favor of this proposal.
I am also someone who has been following this event closely from the beginning.
About whether Autofarm is at fault in this incident? Yes, Autofarm has some responsibility.
But think about it, many other projects that work with Venus have been affected by Venus charges - Belt, MOBOX, Beefy, etc.
Next, I’ll talk about this proposal too. And give a very serious reply.
1 This is completely Autofarm fault. It is not something that concerns or is responsible for Venus. You should know this, announce it and make the offer accordingly.
- As an Autofarm user, you can’t not return Autofarm users’ funds just because the Autofarm project is responsible.
2 This offer is not an endorsed offer by the Venus community or Venus team
- This is an offer endorsed by the core management team of Venus, you are not a member of the core team of Venus.
3 The mathematical data you have given in the offer is wrong. This offer is nothing more than an effort to show that it is a good option within Venus.
- This data will be verified by the Venus core management team, so I don’t think this part is a concern.
4 If your request to open the new XVS Vault you mentioned in the proposal was profitable for you, you would have already opened it, if so why haven’t you done something that will benefit your users yet?
- To open the new Vault, it would be best if you could communicate with Venus before opening it. I’m just a user, so this is just the way I see it.
5 If you are serious about your offer, why didn’t you accept the requests for the guarantee? Why are you hiding them from your users?
- Autofarm has also been communicating with users about how the incident was handled.
6 The person who wrote the offer just wanted to advertise Autofarm, it was completely Autofarm’s fault, and we were shocked that they tried to gain an advantage with it.
- Also don’t understand what you mean by this statement, you are just guessing without going deeper into the BSC and helping the BSC ecology.
7 If they want to be taken seriously, Autofarm must change the people who deal with it, but also put their arrogance aside
- Still don’t understand what you mean by that, are you just venting your selfishness?
8 The truth is, there is nothing that concerns Venus. If you have a request from us, you should be more serious. First of all, you must admit your mistake, pay your part and provide a guarantee to Venus for the other and demand it.
- Autofarm does not deny responsibility. You don’t represent Venus either, there is a small percentage of XVS Holder who are just assholes for Venus.
Here is my proposal.
I hope this proposal will pass, it will be beneficial for Autofarm users, Venus project future development, and BSC ecological cooperation. After the proposal is passed, everyone will accelerate into positive and prosper together!
Dear NoOneVII:
You are selfish! You are not a real supporter of Venus! You are not a supporter of BSC ecology! You just want money that is not your own. You will ruin Venus!
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NO… and autofarm has been manipulating data and doing faulty calculation in order to trick the community of Venus to hand over 11 million dollars worth of assets that autofarm paid to Venus due to the inability to adjust their code, Venus should not pay autofarm for their mistakes.
Here is why and what was actually faulty in their claims.
Bring about ~$800m to $1b in TVL (Available Liquidity) increase to Venus platform as per the previous numbers when Venus vaults were still available on Autofarm. This will result in ~20.84% increase in Venus’ TVL.With this increase in TVL, Venus platform is estimated to receive nett earnings of ~$206,613 daily and ~$75.4m in a year.
Autofarm has 1.02 billion TVL ACROSS ALL YIELD PRODUCTS. Their claim of bringing 800m-1b to Venus is fraudulent as that their ENTIRE TVL, not the TVL for Venus vaults, is 1.02B. Autofarm CANNOT provide their extravagant numbers that they are claiming. The daily “net earnings” (aka profit), based on the basis of 1 billion TVL for Venus, is not ~$200,000. Based on Aave’s weekly report performance this week with TVL $13.57 Billion generating $1.07 million, $1 Billion TVL is going to have a profit of a ~$100,000 or less PER WEEK earnings. Using fraudulent data to promise the Venus community TVL and profit that does not exist to threaten a ransom of 11 million paid from our protocol due to Autofarm’s mis-management is unprofessional. They are claiming the net earning will be huge but in reality even gross earning (interest revenue before sharing the interest with suppliers) is not at $200,000 daily. A massive miscalculation happened from Autofarm.
Another thing that all Venus Community member should pay attention to when staking in DApps or yield aggregators outside of Venus.io or Venus.finance has to keep in mind when staked XVS tokens (vXVS) has voting function is: your yield aggregator will have your XVS votes.
Suggestions:
Autofarm shall take up the financial responsibility to compensate users that are affected in the incident due to their own mismanagement either through refunding assets or airdropping Auto token or a combination of both. Then provide truthful and accurate calculation and “move-forward-plan” with detailed Vault information, strategies, codes, and financial projection for Venus. Venus should then consider a collaboration again with Autofarm when both conditions are met.
Editing to define terms with more clarity.
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This is a great proposal for collaboration.
Just adding the Venus refund makes you feel unhappy? The money didn’t belong to you in the first place.
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11million should be returned to the user, the money does not belong to you.
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Yes the money should be returned to the user BY AUTOFARM. The assets currently in our vault was fees that were charged openly and fairly. The loss was due mismanagement, hence became assets that are paid to Venus. Every VIP was announced way prior to vote, and launch, Autofarm had enough time to react yet never reacted accordingly. Their actions (or inactions rather) incurred the loss, which autofarm have to be responsible for. Do you ask a refund from your local retailer or do you ask for a refund from Samsung when your TV isn’t working?
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We lose users and just want to get our money back. T_T
Marcus
Have you heard of compounding ?
At each lend/borrow (loop), 0,1% is charged.
Therefore with 7loops on 2M$ of initial deposit with safemax position (50% borrow), Autofarm can pay what they suggest.
$2,000,000*(1.5)^7*0.1/100= $22,780
If they do it once a day … The monthly revenue would be :
$22,000*30= 683,400$
Look at their single asset vaults : there is more than 400M deposited !
Do the math.
FYI : Aave doesnt compound … They are on ethereum (LOL)
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I agree with you : We cant close the topic.
The current offer suggests to :
- increase our tvl
- get monthly revenues
If it doesnt happen can we charge penalities?
@Danny
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“At each lend/borrow (loop), 0,1% is charged.”
Can you explain a little bit on this? 0.1% is charged by who?
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I think the collaboration between project is really important and would be great this solution for all the people that had this problem.
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I would love to see this proposal passed, i agree autofarm was slow to implement new strategy on their vaults and they have to be accountable to that and in my opinion they are maning up to it, they are using their fund to pay the yield of the lost funds to its users and at the same time agreeing to reduce fees for the venus vaults when they reinstate them, to me thats a good move that will benefit both platforms in longterm.
The other option is for the venus not to agree to reimburse the funds, yes it will hurt autofarm for a short term as they struggle to payback its users but i trust the team they will do it, but the reputation of venus will be tainted for ever to the remaining partners because this is defi mistakes will happen and they will know how they will be treated also.
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That is a good analogy!
I really think if that proposal would have been online 2 days after the incident, there would be no complaints at all for refunding the assets send by accident.
Unfortunately we had our own problems with team change and XVS and I understand that users hurt by that see an opportunity here.
But let me ask you this: which project in their right mind would want to work with us in the future if we set as precedence that we are uncooperative and utilise mistakes by partners to our advantage.
Let’s stop this venus vs autofarm and start acting as a BSC community!
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