Phase 1 of the Venus Treasury cleanup (VIP-646, executed 2026-07-24) consolidated 33 low-value token balances held inside the Treasury and routed them into the protocol’s buyback pipeline. Phase 2 covers the remainder: funds the Treasury holds outside the Treasury contract — receipt tokens in third-party staking protocols, and vToken positions in markets that have since been fully deprecated.
Background
None of these positions were actively allocated. The staking receipts arrived as protocol revenue distributed through the ProtocolShareReserve, and the deprecated-market positions are reserves left behind by markets that were later closed. The Treasury contract cannot make external calls, so it cannot unstake or redeem on its own — each recovery has to be routed through a governance proposal. That is why this long tail has stayed where it was first deposited.
On-chain data below is as of 2026-07-28, with prices taken at spot.
Details
Recovered positions are consolidated at the Venus handling address already used for this purpose in earlier VIPs, and returned to the Treasury together once the cleanup is complete. The one exception is BNBx, which exits to liquid BNB on-chain and is returned directly.
Third-party staking positions:
| Protocol | Position | Amount | Value | Handling |
|---|---|---|---|---|
| Binance ETH Staking | wBETH | 178.11246644 wBETH | $381,501.21 | Retained |
| Stader | BNBx | 31.13902761 BNBx → 34.56276568 BNB | $19,781.76 | Redeemed on-chain, returned to the Treasury |
| Solv Protocol | SolvBTC | 0.05019258 SolvBTC | $3,267.86 | Off-chain redemption |
| Ankr | ankrBNB | 3.30976652 ankrBNB → 3.66312188 BNB | $2,096.56 | Unstaking cooldown |
| Aster | asBNB | 3.34721679 asBNB → 3.43930610 slisBNB | $2,041.31 | Unwrap to slisBNB, then Lista redemption |
| Binance ETH 2.0 | BETH | 0.71946597 BETH | $1,397.12 | Operator-gated withdrawal |
| Lista DAO | slisBNB | 1.24228961 slisBNB → 1.28826252 BNB | $737.33 | Unstaking cooldown |
| pSTAKE | stkBNB | 0.22370868 stkBNB → 0.23522595 BNB | $134.63 | Unstaking cooldown |
| Solv Protocol | xSolvBTC | 0.00005817 xSolvBTC | $3.79 | Off-chain redemption |
BNBx is redeemed for BNB inside the proposal itself. The other seven have no immediate on-chain exit — cooldowns of seven to fifteen days, or redemption processes that exist only off-chain — so the receipt tokens are moved out and unstaked off-chain. wBETH is the only position still earning meaningful yield and stays in place.
Deprecated-market positions:
| Pool | Position | Amount | Value |
|---|---|---|---|
| Liquid Staked BNB | vWBNB | 41.258651 WBNB | $23,614.10 |
| GameFi | vUSDT | 16,534.887908 USDT | $16,517.83 |
| DeFi | vUSDT | 10,868.584411 USDT | $10,857.37 |
| Tron | vUSDT | 10,355.924853 USDT | $10,345.24 |
| Stablecoins | vUSDT | 10,182.177926 USDT | $10,171.67 |
| BTC | vBTCB | 0.100071 BTCB | $6,515.26 |
| Meme | vUSDT | 5,127.202794 USDT | $5,121.91 |
| Liquid Staked ETH | vETH | 2.008392 ETH | $3,900.06 |
| Core | vTRXOLD | 856.856473 TRX | $274.65 |
| Core | vBUSD | 6.509267 BUSD | $6.50 |
| Core | vTUSD | 5.699319 TUSD | $5.68 |
| Core | vDOT | 0.144210 DOT | $0.12 |
| Core | vMATIC | 1.318779 MATIC | $0.10 |
Each of these thirteen positions is redeemed in full to its underlying asset. The vTUSD market corresponds to the current TUSD contract and is unrelated to the legacy vTUSDOLD market below.
The Treasury supplies nearly all of the Tron, Stablecoins and Meme USDT pools, so these redemptions draw their available cash down to roughly 55, 770 and 1,390 USDT respectively. Remaining suppliers in those pools may not be able to withdraw in full until borrowers repay. All three are already closed to new supply and new borrowing.
vTUSDOLD
The Treasury also holds 4,882.820349 legacy TUSD ($4,848.88) in the deprecated vTUSDOLD market, whose available cash is zero — so the position cannot be redeemed on-chain today. The vToken is transferred to the same handling address, which works the position out off-chain. Venus is currently the only holder of enough legacy TUSD to make that possible.
Buyback contract ownership
Ownership of the ten Token Converter Phase-2 buyback contracts moves from the Normal Timelock to the Guardian. Sweeping a low-liquidity balance out of one of these contracts is owner-only, which today means a separate VIP for each small recovery. This is a two-step transfer and takes effect only once the Guardian accepts it.
Summary
If approved, this VIP will recover the Treasury’s remaining positions held in the deprecated markets and third parties’ contract on BNB Chain:
- 13 deprecated-market positions — redeemed in full to USDT, WBNB, BTCB, ETH and other underlying assets, roughly $87,300
- Seven third-party receipt tokens and the illiquid vTUSDOLD position — moved out for off-chain unwinding, roughly $14,500
- BNBx — redeemed for BNB on-chain and returned directly to the Treasury, roughly $19,800
- wBETH — retained, unchanged
- Buyback contracts — ownership transferred to the Guardian
No market parameters and no Treasury permissions change. The already-unlisted vUST and vLUNA markets, and interest-rate changes for the vUST and vTUSDOLD markets, are handled separately from this proposal.
We welcome community feedback on this proposal ahead of submitting it for a VIP vote.