Exiting: Conclusions

I am exiting Venus Protocol and wanted to share with you all some of my thoughts -

I did not realise I had become a maximalist, in some respects. I had ignored a lot of red flags because the tokenomics are sound, which is to say that the fundamentals are there - but the team is not. My activity log on this forum revealed to me that I have been incredibly complacent with all the bad and ignored my better judgment.

The flags:

  • Capped borrow rate for XVS
  • Little to no community input in proposals
  • Poor explanation of the liquidation process
  • Unexplained failure of VIP-6
  • Significant supply by Binance in TVL
  • Telegram bans
  • Content moderators on forums
  • The identity of Joselito

XVS had given me a great return (entered at $4), and so I committed to the protocol through the dip. I am fortunate to say that I am still in the green, however I have sacrificed profits around 180k in the honest belief the protocol was here to stay. It has been an expensive lesson - but well earned.

After a series of poor executive decisions I have decided to cut my losses. The team have greatly benefited from the crash, and intend to rinse and repeat. I see now that Venus Protocol has served its purpose and is perhaps set to be decommissioned. The sheer greed of these people astounds me. A few billion dollars wasn’t enough - they want it all. VIP26 is proposed to liquidate you. They are the whales.

Saw this and thought it is a good overview of what happened -

In the future, please beware individuals that exhibit behaviours as demonstrated by:

Ron, CryptoLionel, CHEEZEPLS, NoOneVii, J1mtonic, Cryptobull, CryptoEllis (suspect), Imran Khan (useful idiot) - there were more, they must be long gone by now.

  • Don’t follow anyone that chastises you for asking legitimate questions, and demonises you in public for refusing to believe their lies.
  • Don’t accept being told to “have faith” and “HODL” without being provided the facts.
  • Don’t rely on the integrity of well-known brands such as Binance.
  • Don’t rely on fundamentals alone - critically examine the core team.

Some people don’t know how to make money honestly - some people need laws to be honest. And remember, if it’s too good to be true, it probably isn’t.

All the best to you if you decide to stay - perhaps Venus will thrive under new leadership. I’m sure it will! But I can’t rely on the whims of these developers who have unfettered discretion over the protocol. I have a moral obligation to take care of myself and those close to me in the real world. I have moved back to the big caps.

The fact is, there is no video proof that ‘Joselito’ exists. CZ’s silence on BinanceSmartChain speaks volumes, also. The idea of crypto is being usurped by greed - I don’t know what this industry will look like in the future.



True, Crypto will without regulations always be a “Casino Circus”!

I don’t have the feeling within Venus that all is done on purpose. It is a learning fase we’re in and luckily backed by binance!

I will watch closely what will happen in the coming weeks!


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i’m out too.

The team and moderators has destroy any credibility, the whole protocol is broken.

Can’t believe that Binance support this,


Right, that’s exactly what I think too.
Out weeks ago. I wouldn’t feel safe even to only provide liquidity, it cannot be worse than that


I agree with you, but I will have vote of confidence on the Joselito and the team.
Guys, you need to listen to folks like this and the community, we are holders and believers,
a great attitude like fix things mentioned by @JL347 and actions like this https://community.venus.io/t/compensation-for-loss-of-vxvs-holders-due-to-price-manupulation/732/4
will motivate current holders to stay and even turn us a propagator and evangelist of the platform, attracting new people for a long term.
Look at the example of PancakeBunny.

Cheers and faith in the future!


You are making the right choice. I’m lucky that I trusted my instinct and pulled everything out except a bit of BNB out of the protocol after the XVS borrow cap.


You are making the right choice if the following Medium article implicating the Venus/Swipe team to the price manipulation and liquidation event:


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