Instead of burning 10 million tokens I guess best would be to take the snapshot of back dated block exactly the hour when all this xvs last incident of price manupulation happen and give 1:1 bonus to xvs holders and vxvs of that block when all this started to happen, just before that buying manupulation started bcz many long term xvs investors lost huge amount in that pump and dump of price, @JoselitoLizarondo
Totally agree! I’m here since day 1 and I lost all my assets with that manipulation. XVS investors (and especially long term) should get 1:1 bonus at the time of the snapshot that manipulation occurred @joselito .
lmao, they don’t care -
I’d be exiting if a new proposal is not submitted in the next two days.
how embarrassing - a new proposal has been submitted.
The best way out for this scenario of compensation,burning and go forward for platform growth, i would suggest following
1)Completely stop the xvs distribution of rewards once vrt market and its distribution starts and make vrt only rewards token of platform
2)compensation : - Rewards all vxvs holders of 17may block holders just before the price manupultion 1:1 xvs bonus approx 5 million
3)Burning :- Burn all remaining token and stop future xvs distribution, so total supply would be around 15-16 million current supply + bonus to vxvs holders
4)vrt future will also be bright with its main usage on platform for all purpose except governance and xvs main usage as purely governance only
give u reply guys on this
I kind of disagree on this.
If you “play” 24/7 DeFi Banking you should alway stay ahead of the risks involved.
So if you got liquidated by this huge sell-off, you should have known this could happen! This is also so in case of a Stock-market crash.
I for instance saw whats coming because of some community people in the tg group pointed there was an address (great thing about blockchain you can see everything!) who borrowed BTC to the max at the highest XVS price, which he appears to have pumped himself before borrowing to the max. So i repayed all my borrowed and thought to switch it back on when the storm was blown over. Thats risk management!
The sad thing though is, that the Venus Protocol creators is, that they didn’t learn from the CAN situation or haven’t well thought about fixing it earlier after CAN happened . But hey this is DeFi in its building fase!
So when its hosanna you don’t cheer and when its morning you don’t cry!
Just help Venus to the next level! And be careful setting your borrowing levels!
Probably help out only the ones who are impacted and help them with some compensation in stable coin or work some other solution. But I’m not in favour of providing another 1:1 bonus for vxvs holders simply because it can further drain the price to a lot of extent.
I’m not against helping those affected out, but not at the cost of impacting everyone with the tokenomics. I’m all in for the 10mn coin burn, but compensating everyone is not I’m in favour of.
My few cents worth on this.
That would solve an issue.
If you burn all the remaining XVS how does the bad debts get repaid/covered?
No to any form of recompensation. It is defi, unregulated and free, risks are known, it is public, those who lost some and are asking for the community to help them, go back to banking system and live as regulated secured slaves.
which bad debt u talking about
venus had problem and manupulation was done and that problem was exploited with price manupulation and investors and holders lost bcz of dip from 140-40, hence a compensation idea was put forward for reveiw of community
it cannot be done to help some not help other, that will unfair, hence rewarding all the vxvs holders would be easy and for all bcz in that there is win win situation for once who affected and for ones who are not affected also i mean holders and investors and not traders here
You really think this Protocol is truly decentralised? How many VIPs have there been? Who’s wallet submitted them? & Who’s wallet weight voted them in? Why didn’t the community have a weighted vote? Think about that for a minute!
The VIP that caused the damage & exploit was to increase borrow limits to 80%. Without that VIP we would not have had cascading liquidations when the bad actor exploited these limits! So who submitted that proposal? And who’s wallet weight was behind that proposal? You know who was responsible for the massive error!
We are a community & we help each other where possible!
above recommendation should help project overall ,even who lost and even who dont lost
also what is the point in having 2 rewards token for one platform, its high time we finish the venus distribution and burn the rest and once have vrt distributed to platform users and xvs as governance token by burning rest supply and distributing vxvs holders there derserved compensation
Crypto gems, I believe there will be a proposal to mint Xvs from supply to sell OTC to investors who have a holding contract to recoup bad debt. This was hinted in Joselito’s statement on 19th May. This may bring future burns into doubt
The ~2000 BTC and ~3500 ETH that the underwater accounts owe the protocol.
I absolutely agree as this incident could absolutly have been prevented it the proper safeguards would have already been put In place initially, especially after having lived it once with the CAN incident. Obviously, the whale wallet that have been liquidated numerous time and abused the Protocol has to be blacklisted as well.
liquidators who liquidated must have covered that, if not that must me around 10-25% short only and not full amount which can easily be covered with time or protocol reserves or treasury funds
but here question is investors and holders of vxvs and belivers of project lost due to cascading liquidation and binance stopped deposit and pcs price was below 10$ always and hence unable to lighten there position and got all liquidated
this plan is for all vxvs holders just before the start of manupulation who are real investors and beleiver of project
hopefully u can link this to JL if possible and he may think on it or give his view