CrYpToLoGiC
Good Morning/Evening Everyone!
AMA will start shortly
Great! I see that everyone is in here haha!!
So, first of all, thank you everyone for joining us today! This AMA has been long awaited!
No introduction needed from me so, I will leave the channel to Ben and Kirill to introduce themselves!
Go ahead guy’s
0x_bh1
Thank you @CrYpToLoGiC for organizing this AMA!
Hello Venus!
I’m Ben, the recently onboarded Venus Team Lead, I’m very happy to be here.
A little about myself:
I hail from the USA and I have been deeply involved in the Crypto industry since 2017 (I picked up my first btc in 2015), and I bring over a decade of experience in digital product management with small banks, crypto banks, and worked in Product with one of the largest banks in the world. More recently, I’m coming onboard Team Venus with experience from another DeFi lending protocol.
It’s an honor for me to join the Venus team and work on such a storied protocol. I have already been working aggressively to ensure Venus is pointed in the right direction for 2022 so we exceed community expectations.
While I recognize that this hasn’t been the smoothest of journeys, I feel extremely reassured by the persistence of this community, the hard work and determination of my teammates, and the spirit that has kept Venus going despite the bumps and bruises along the road.
Over the past weeks I’ve been ingesting all that I could to understand where the community would like to align the protocol’s resources. There are many opportunities and the community must be in the driver’s seat to bring Venus to a fully decentralized endeavor.
Venus’ long and burdensome transition period this year shook out a lot of holders, but those of you that have stayed will feel redeemed!
Without any doubts, I know 2022 is going to be a historic year for our ecosystem and with the Venus community at the helm so I’m really glad to be here and to be answering your questions.
My DMs are always open for you and I welcome any and all input and feedback.
CrYpToLoGiC
Awesome! Thanks for the intro @0x_bh1
kkirka
Looks like it’s my turn.
Hi everyone! My name is Kirill. Nice to finally meet y’all!
I joined Venus as a developer back in July, and have been leading the development work since October.
While Ben, backed by the community, will be steering our project in the right direction, I will be the one who makes sure we’re building at a high pace and there is nothing that may cause incidents along the road.
Together with Ben, in the recent weeks we have been working on streamlining the development and feedback process to get the priorities right and increase both the speed and the quality of development. These efforts, along with other initiatives that we’ll announce, will help us to deliver quickly and steadily.
Sometimes, however, – and I need the community to understand it — I will step in and say “no, we are not releasing this feature today” or “we should slow down and do regular maintenance”. It is always a hard decision to make, but it is important and will let us drive even faster in the future.
I am certain that with your help we will build a great product. I am very excited to join this AMA today to hear your feedback and answer lots of questions you likely have.
CrYpToLoGiC
Excellent! We look forward to it @kkirka
kkirka
Thank you, Danny!
CrYpToLoGiC
Let me continue with the questions that were sent on the Google Form and I will leave @0x_bh1 to answer them.
First question we received: When can we have a clear road map of 2022 ?
0x_bh1
I can take this one
While there are many opportunities to seize now and in the future, we need the community to be steering this project.
Over the coming weeks we’re going to be ensuring all the feedback loops are in place to source proposals and fund grants that put the protocol’s resources in your hands to determine what the future of Venus has in store.
We are going to be making large investments here.
No one else aside from the loyal, tried and true participants of this community can respond better to what’s going on in the ecosystem.
CrYpToLoGiC
Excellent! Now our 2nd question: How are you going to fix this loss of trust in the eyes of investors?
0x_bh1
Such an important question
Without a doubt this will be one of the greatest challenges for the protocol ahead, and it will by no means be an overnight success.
Rebuilding trust will take time and it will happen incrementally, day by day as this new team enables the community to restore Venus back to where it belongs, and beyond.
Soon the changes made possible by this new team will become readily apparent and it will reverberate across the ecosystem.
All I can ask from those of you who have lost your trust is to recognize that we are turning the page with all the new faces that have come onboard with the goal of making Venus the world’s leading decentralized lender. (edited)
CrYpToLoGiC
Thank you @0x_bh1 . Third question: What are the plans to encourage independent developers(outside of Venus core team) working on Venus Protocol?
0x_bh1
This is an area of critical importance to achieving our goal of fully enabling the community to steer the protocol.
We will be allocating resources to feeding independent development and seeking the support from outsiders to help fuel this cause in the form of grant funding as well. A protocol is only as strong as its community and the team is here to ensure the community is fed all it needs to contribute to this project.
More details to come. In the meantime, if you have a proposal for any improvement or offering I encourage you to feed it forward in our grants channel or any other forum where the team will be listening.
CrYpToLoGiC
Excellent. Next question we received: Venus Protocol is known as the biggest loaning/borrowing platform in BSC with huge prospects. What will be the impact of Pancake implementing the borrowing option in their roadmap, will this be in collaboration with Venus protocol?
0x_bh1
I’m sure many of you are really keen on this one as there must be pancake users in the room.
A rising tide raises all ships, and for us we want to be plugged into our ecosystem peers like pancakeswap in any way the community sees fit.
We expect proposals to come regarding deployments with Pancake, and if they don’t we will be here to facilitate seeding them and see what the community feels is the best direction.
At the end of the day more lending options in our community is a good thing but we will be working to maintain Venus as the leader in this area.
CrYpToLoGiC
Great! This is what we are all looking forward to
Next question: What are your plans to counter the lack of innovation that’s affecting both XVS price and TVL on the protocol?
0x_bh1
Over the coming weeks the team will be doubling its headcount and once we clear long overdue technical debt we’re going to be focused on implementing the community’s most requested features.
The change in momentum the community feels is going to be pretty obvious.
CrYpToLoGiC
This is a pretty good news along with MarketAcross that will soon start their campaign, it should finally get us going.
0x_bh1
Absolutely
CrYpToLoGiC
Next question: Aave is bigger than Venus 10 times, is this right ? Or i’m wrong ?
0x_bh1
Well, if you mean TVL sure but it’s a bit of a vanity metric.
Sure AAVE has 10x the TVL but Venus is supporting a much wider global community of participants…
not only whales who can afford Ethereum’s sky high transaction fees
Either way we do see Aave as an example of success in some ways and we’re glad the community is paying attention to them.
CrYpToLoGiC
Indeed!
Next question: When will VAI stability fee be launched? Will PRDT fees be used to burn VAI until peg is achieved?
0x_bh1
The stability fee is going into audit, launch is imminent within a few weeks. The prdt fees can be used to burn VAI or XVS. This is entirely up to the community. Danny will do a poll later today.
CrYpToLoGiC
Let’s go to our next question: Are you aiming to return XVS near ATH and if yes, how and when?
0x_bh1
I can’t wait for it to happen : )
When? It all depends on where the market takes us and how long the market at large remains in a bear mode.
The goal is to restore Venus to its previous levels compared to the rest of the market and then exceed that, which, given the resources, grants and funding arriving, can and will easily be achieved with the community’s support.
CrYpToLoGiC
I like the Grants and funding arriving part!
Next question: In addition to the major community members that we know well, could you tell us more about the composition of the team, especially the developers?
0x_bh1
Prior to my arrival Venus had been in transition for several months, since June and the guys that have been here have been working blood sweat and tears to handle the delicate transition.
Over the next few weeks we will be increasing our capacity adding several devs in each layer of the stack… we’re starting a new era.
Just this week we are adding a senior protocol engineer who brings deep experience in tokenomics, architecture and engineering derivatives trading platforms.
This change in capacity will be felt in the community in the weeks to come.
CrYpToLoGiC
Awesome!!!
Next question: Does the team have plans to make Venus interoperable with other blockchain ecosystems?
0x_bh1
I am in discussions with potential partners in our ecosystem
They’re at the forefront of multichain interoperability …we need to ensure that Venus is a leader on this front once we clear the immediate hurdles and are ready to begin opening up those markets.
The future is only multichain
CrYpToLoGiC
Ok great. Next question is for @kkirka : Many of us are eagerly waiting for the VRT-XVS swap. It was told many times that it would come soon after the vault. Is there a timeframe for that?
kkirka
Nice question indeed
I would like to avoid telling any exact dates. Venus in the past used to promise too much and deliver too little – we need to change that. You can check the pull requests in our repo – the contract code for the conversion is there, except for the vesting part. Once we finish it, we will submit the code to the audit, and then release the thing (edited)
Here is the PR I refer to: [WIP] Refactor VRT-XVS conversion contract by defistar · Pull Request #87 · VenusProtocol/venus-protocol · GitHub
Feel free to add comments there btw!
We need some community engagement!
CrYpToLoGiC
Excellent @kkirka I couldn’t agree more! Vesting/Security has to come first always.
0x_bh1
Safety first.
CrYpToLoGiC
Next question: Does Venus have any plans to work on GameFi or the metaverse?
0x_bh1
No concrete plans because there are no proposals from the community yet but…
As a leading lender, it’s important for Venus to be an enabler in categories that are vital to the growth of our ecosystem.
Soon, as in this month, we’ll be announcing a partnership with another leading protocol (+1B TVL) that models just one way that Venus can provide unique value to other players in a win-win fashion. It’s what DeFi 2.0 is all about and we’re going to be seeing a lot of this in 2022 not only in GameFi.
CrYpToLoGiC
This is great! Next, users are wondering: What is the Venus road map for short/mid and long term periods?
0x_bh1
The answer to this depends on the community and the market.
We will enable and facilitate the community to identify, evaluate, and vote on the biggest opportunities and to do so as efficiently as possible in an effort to be a market leading protocol.
The more community engagement we get the better the roadmap will come into view.
Expanding our governance and grants is key to this.
And it’s a key priority.
CrYpToLoGiC
Definitely the right path to follow!
Next question: The price is getting lower and lower, do you still have the confidence to solve the bad debts, how?
0x_bh1
It’s only a matter of time, and not long until we solve for this through a combination of feature expansion, added protocol revenue, and speed.
This is important and we will communicate periodically with the community to maintain transparency about progress.
@0x_bh1
It’s only a matter of time, and not long until we solve for this through a combination of feature expansion, added protocol revenue, and speed. This is important and we will communicate periodically with the community to maintain transparency about progress.
CrYpToLoGiC
Thank you Ben!
For our next question, someone asked: When will you consider the faithful XVS holders?
0x_bh1
I consider the faithful XVS holders everyday. It is a reminder to me how hard the team needs to work to do right by the community, and to achieve its aims for the Protocol. `
Holders will notice momentum gaining over the coming weeks and with time a renewed sense of confidence and excitement around Venus will make its way throughout the ecosystem.
CrYpToLoGiC
Excellent! I will now open the channel to everyone for a few minutes for the community to ask their questions!
@Liam king
you are a new team. Why is the information on the homepage still sxp?
0x_bh1
Because there’s more important things to do but we will update it.
@payupaymi
Any plan to issue credit cards and enable VAI for offline spending ?
0x_bh1
looking forward to seeing a proposal on it
@Liam king
you are a new team.why is the information on the homepage still sxp?
kkirka
Because we have a lot of issues to fix & build, it just wasn’t a priority for us to reorder the markets & change the notices. We will do a cleanup ofc, once most of the most pressing bugs are resolved.
@ümit
We trust you, we will take to the skies
0x_bh1
thank you, I’m honored to have your trust
Guys, when is the new UI coming? This is the important upgrade
0x_bh1
Already in flight and on the way. Changes coming over the following days
Key things please, could we get some list of upcoming considerable partnerships
0x_bh1
Stay tuned they’re coming
CrYpToLoGiC
Ok. Channel has been closed again and I will give a chance to @0x_bh1 and @kkirka to answer a few questions.
@sebeq
Hi, is there a timeline for enabling protocol revenue flow into the XVS Vault?
0x_bh1
High priority item we’re working on it now
@Way
Would you please reveal the consultant board? Is CZ included?
0x_bh1
No consultant board that I know of.
@x2ox
Are we going to add any gamefi tokens ?
0x_bh1
If there’s a proposal and it gets a vote?
@Ray182
How many team members do we have?
0x_bh1
The headcount is in flux we’re adding a lot of people I don’t have a number for you
@payupaymi
Any plan to issue credit cards and enable VAI for offline spending ?
CrYpToLoGiC
Yes. This is already in Development.
when the new UI is coming this is the important upgrade
@kkirka
We’re going to ship gradually, it won’t be a “big bang” release. We will release it block-by-block, with small improvements making the life easier
0x_bh1
The idea is to get more out to the community faster
kkirka
Exactly
@horpeyemy
When will the mission to Venus event take place ?
CrYpToLoGiC
I am finalizing the details with a few of the sponsors. Hopefully we’ll be ready tomorrow so that I can finally publish the details and activities on Monday.
kkirka
Re: “when moon”
I’m a dev guy so it may not be my take to make but I think we should all focus on developing the product and attracting more users & partners. The price will follow.
CrYpToLoGiC
Ok guy’s. I will open the channel for another minute to allow Ben and Kirill to answer a few more questions but that’s it. We’ve got to get back to work after this, there’s still a lot to be worked on today hahaha!
@rouse
If you didn’t delay the vault while btc was falling straight down from 69k, everything would have been much different, at least we would have held on to above 35 dollars
0x_bh1
Wasn’t my doing because I’ve been on board a few weeks, but we’ll make it right
CrYpToLoGiC
Channel is now closed.
@Krish
Which are the chains you are looking into? Polygon, Avalanche, Moonbeam?
0x_bh1
Leading chains assuming that’s where the community’s proposals pointing.
What are the plans to add value and product to venus? Just enforce lend and borrow, or are there other plans?
0x_bh1
Through community grants to drive product improvements , open new markets, and facilitate legos with other protocols.
Is CZ really supervising this project as was mentioned before ?
0x_bh1
Have no awareness of that
@horpeyemy
The $15m XVS buy back when will this happen?
CrYpToLoGiC
This is something that was announced by the previous team and it will not be happening. We are not going to start manipulating the price of Venus like the previous team did in the past. We have just completed 4 buybacks and burns from our Interest rate reserve funds.
@burakbey12
@0x_bh1 We would like to see you at Twitter events. One of the most reassuring activities for the community is the leader’s showing that he takes care of the community and that the owners of xvs are not alone. Do you intend to be active?
0x_bh1
Yes
Is CZ really supervising this project as was mentioned before ?
CrYpToLoGiC
BSC is of course invested in the project but CZ? CZ Doesn’t invest or supervise personally any projects except his role in Binance that keeps him busy enough.
@rouse
If you didn’t delay the vault while btc was falling straight down from 69k, everything would have been much different, at least we would have held on to above 35 dollars
@kkirka
Delaying the vault was my decision, actually my first decision as the development lead. I canceled the release because the vault wasn’t ready – we fixed and released it afterwards. Of course, this is something we would like to avoid in future, but sometimes you have to make hard decisions
@tigerali
OK my question is the VRT-XVS swap ratio is (vrt) 12000:1 (xvs) it will never be changed, correct?
CrYpToLoGiC
The VRT to XVS Swap ratio is currently 12,000:1 but obviously, if XVS Pumps to 100$, if the VRT price isn’t following, we will obviously have to change the ratio. This will be a community vote and a VIP.
I am pretty sure that once the VRT-XVS Swap is launched, The VRT price will jump and arbitrage itself anyway so we might not even have to change it!
@kkirka
Remember that voting takes 5 days, so those who don’t like the new ratio will have plenty of time to exchange their tokens. But we will still leave this option open for VIPs, since Venus has governance, right?
CrYpToLoGiC
Exactly
Arbitrage once the Swap dApp is out should take care of this by itself anyway so I doubt we would ever need to change the Ratio.
kkirka
Ok, if someone thinks we should disallow changing the ratio via a VIP, could you please provide some motivation? I personally don’t like the idea of restricting the governance too much – IMO we should allow people to change the protocol parameters via voting. You can post your ideas in one of the shared channels here, we’ll certainly read your feedback.
0x_bh1
Thank you very much for tuning in everyone. I really am honored to be on board.
Looking forward to your proposals and feedback as we right the ship together.
CrYpToLoGiC
That’s it everyone! I have to get on a call now! Thank you @kkirka and @0x_bh1 !
kkirka
Thanks everyone for the good questions and feedback! (And emojis )