First thing, pretty sure you haven’t followed recent protocol developments. The old withdrawal fee was 0.01% instead of 0.1% you claimed. Said fee is currently 0 after VIP33.
Your math is invalid because there isn’t such item to begin with. Protocol income of Venus comes from interest APY from borrowers.
This is your math? And you are saying other people do not fully understand the proposal? You don’t know Venus’s source of earnings, you don’t know the earning figures of similar protocols. You don’t do you homework same as Autofarm. Convince me with concrete figures, not something like “oh 1.5% sounds realistic”.
Go check out yourself at Aave Weekly: Protocol Performance & Governance Update - #97 by Alex_BertoG - Governance - Aave
The latest weekly report says that the weekly income from interest reserve is $1,071,300 and this is the highest in recent weeks. Please at least do some research and tell me what is AAVE’s TVL, I don’t want to feed all figures to your mouth. Then you can come back and say whether $75.4m a year is realistic for Venus assuming $5b TVL.
Thanks Marcus for this feedback
Admins explained me fees were cheaper on the Venus.finance than Venus.io ! 
About my calculations, it was a low estimation.
In fact, we get more.
For example:
USDT lending is 4,9%
USDT borrowing is -6,63%
We gain 1,73% on the TVL provided by Autofarm vaut.
Then we add 0,01% on each compound.
Assuming they provide 7M$ tvl on their Venus USDT Vault with 7 compounds and safemax position (50%)
7,000,000x (1,5)^7 x 1,73/100= $2,069,107
7,000,000x (1,5)^7 x 0,01/100*365= $4,365,467
The annual net income for Venus would be between $2,069,107 and $6,434,574.
I’m sure Venus team get fees even if they announce waive of withdrawal fees. I dont get why bnb tx fees are so expensive.
Nevertheless my estimation is still uncorrect, we would get more :
The more Autofarm will compound, the more is borrowed, the lower liquidity is and the higher borrowing APR we get ($$$).
Please correct me if i’m wrong
I think we should NOT discuss on how they estimated those figures.
I prefer to elaborate what they will pay to us if they dont provide the incomes announced (we have Binance on our side they will cooperate).
I viewed your Aave weekly report and I didnt verified sources or figures.
It talks about liquidities, generated tokens and collector fees.
It’s a weekly report from ETH project (there is no compound on this chain … Too expensive).
Have you checked my calculations ? Please correct me if i’m wrong
Nice topic….
No merc to ignorants and incompetent protocols. Why should we pay for the stupidest and faults of others? They were informed and enough time to react. The situation tells me they only out for profits and not for a healthy growth in this crypto ecosystem.
I prefer to get more TVL and incomes to Venus protocol. Check my previous calculations
We need TVL and consumers.
We are not alone anymore on BSC.
I dont give a f…k about their figures.
If they are not able to pay what they announced, they will pay penalties : They work, we get cash. Easy
Now it’s time to define those penalties and the metrics.
The 0.01% fee has been removed since VIP33 (July 26th).
So it will be + €2M in our pocket just for USDT vault only.
Firstly, I would like to welcome Autofarm users to our forums. It is nice to hear everyone’s feedback here, however, if you really want to vote for proposals (including Autofarm’s, if it ever becomes a VIP), then the only way is to hold XVS to vote with. With 300k XVS, Autofarm can initiate its own proposal, and maybe it should be the one to do that. Individual users can vote with any amount.
Overall, I am not against some form of compensation, but not before Venus users are compensated for the May shortfall. It makes sense for the protocol to look after its own users first before looking elsewhere. As a reminder, the 0.01% fee was introduced (and has now been removed) to tap into the insane yields of Autofarm and other protocols and was announced well in advance.
Also, there are a few points with the current proposal:
Edit: also, the comparison to Defirex is not valid.
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.
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!
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
This should definitely happen, been a long time coming.
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!
Please comment my suggestions
If Autofarm is not able to pay $75,4m before November, 1rst, 2022, we could beg :
(1)
(2)
(3)
Furthermore, we can split $75,4m per quarter and define a no-claim bonus:
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
Excellent collaboration proposal when reading it!
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.
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.
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
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.
