Overview
A proposal to initiate PLANET deprecation and delisting on the Venus BNB DeFi Isolated Pool on BNB. This ensures the safety of the Venus protocol.
Motivation
The Planet project appears to be largely defunct, as its web server has been shut down. Its market cap has been declining significantly since June 2024, with no signs of recovery. Currently, despite a total supply of 1 trillion, PLANET’s market cap has remained stagnant at $2 million for nearly six months.
On Venus, supply and borrowing activities for PLANET have been virtually nonexistent since July 2024. Currently, the total supply value stands at $1,104, while the total borrow amount is $15.31.
According to the supplier distribution, the top supplier has only contributed $636 worth of PLANET.
Deprecation Plan
Given the insignificant PLANET supply on Venus and the lack of active borrow positions, the following steps are recommended to safely deprecate PLANET:
- Pause MINT: Complement this by setting the supply caps to 0.
- Pause BORROW: Complement this by setting the borrow caps to 0.
- Pause ENTER_MARKET: Prevent users from enabling PLANET as collateral. This will not affect users who have already enabled it as collateral.
- Reduce Collateral Factor: Set PLANET’s collateral factor to 0%.
- Reduce Liquidation Threshold: Set PLANET’s liquidation threshold to 15%.
- Increase Reserve Factor: Set the reserve factor to 100%.
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this recommendation.