It seems to me that a single user essentially can use their xvs holdings to pass Venus upgrades unilaterally. What do we think about raising the threshold to pass future VIP’s and or limiting voting power to a percentage of each wallets holdings. This would allow and even encourage more community members to vote as each proposal becomes active. Love to hear your thoughts!
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I agree with this. Raising the threshold might need further digging - as we also don´t want to risk not implementing new proposals if threshold to high. But for sure % voting power seems to be essential and also the vXVS voting possibility.
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I agree that right now, the voting is so centralized it pretty much has no meaning, so we need to change this up. However this might need a lot of though (luckily we have this thread!)
We should also consider the possibility that it’s not just that wallet´s holdings, but other wallets might have delegated their voting power to it as well…
So if a limit is set considering the amount of XVS held by the wallet itself, there should also be a mechanism to limit delegations…
The irony is that this change would need voted for under current voting rules so the whales will still decide.
Decentralisation isn’t perfect in this scenario.
Let’s hope the whales see the value in this long term? It’s just hard to claim that this is the “most decentralized ecosystem”, if upon a little research you discover it isn’t currently. Someone had to build it, so I’m not hating. I think Venus Protocol is awesome. Adoption requires progress in this regard.
You didn’t really think swipe and binance were going to launch a new coin and not control it the whole way did you?
If we look from a short term profit perspective, no. If we look to the long term and at the concept of the protocol yes. After all Venus is “probably the most decentralized platform on BSC”. If the core concept is flawed, then I´ll be more than happy to empty my bags… I imagine many others will to. Maybe I wouldn´t care about the centralization (not the point), for me the point is to know where we stand…
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Agreed. I don’t mind that they control right now. All good projects need a solid team behind them. As the protocol matures, so should the governance.
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With that control comes things like 250% borrow apt snuck into the protocol. So it’s a give and take. But since they gifted 300k xvs to themselves
initially plus who knows what happened with the whole coin hack price flush where someone bought up all of those dumped coins… You don’t really have a decentralized coin here.
I´m willing to give the benefit of the doubt. I really liked the concept from its inception. Thanks to the concept and to the work done, I can say I have an healthy bag of XVS. That being said, I do not wish to change the concept and if I was a WHALE I wouldn´t too - after all, 30M XVS at 0$ amounts to nothing. Therefore only need for clarification so me and other hodlers can take an informed decision.