Draft VIP-30 Set XVS borrow limit to 0

Venus Governance Draft Proposals
1

Summary

Reduce the amount of borrowed XVS to 0

Abstract

As previously requested by the Venus community, we are proposing the immediate removal of the XVS borrowing function from the Venus Protocol.

In order to protect the protocol votes from being manipulated without a voter actually owning XVS and bad actors profiting from the protocol, the community has requested the immediate REMOVAL of the XVS BORROWING FUNCTION.

This is the first step in a series of actions that have to be taken to better secure our protocol.

*In a soon to follow proposal, we will also propose XVS Borrowing rewards speed recalibration (apy) to a negative rate, forcing all borrowers to return their borrowed XVS tokens to the protocol in a timely fashion or, to pay very high interests to the protocol. This cannot be accomplished at this moment due to the complexity and the amount of coding required.

8 Likes
2

Keep up the good improvements :clap::clap::clap:

Let’s Make Venus Great Again

3 Likes
3

We need such a quick action

2 Likes
4

When？

20 characters.

5

Why not already remove the XVS reward for Borrowing XVS, and give it to Suppliers of XVS.
This will incentivize as much for borrowers to return XVS, as most borrowing is for reward only.

4 Likes
6

The IMMEDIATE removal was been requested several months ago. Better late than never, i think…

2 Likes