H1-2024 Development Funding

Development Funding

Summary

Following the execution of VIP-233: 2023 Development Team Expense Reimbursement, a new proposal is needed to fund the first half of 2024.

After a year filled with significant accomplishments and improvements in protocol, the path is set forward to support the initiatives that the community advocates for.

This proposal aims to reimburse efforts from the first quarter (Q1) of 2024 and to fund the following quarter (Q2) for continued support, totaling $1,490,000.

Key Developments for H1-2024

The roadmap for Venus Protocol in 2024 includes strategic deployments, enhancements, and integrations designed to increase TVL, revenue, and user engagement.

Highlights of accomplishments so far:

  • VIPs: A total of 77 VIPs have been executed in 2024.
  • ETH Mainnet XVS Bridge: Developed and deployed an XVS Bridge, successfully bridging more than 530K XVS.
  • ETH Mainnet Deployment: Successfully deployed on the ETH Mainnet
  • Automatic Allocator: Automated, transparent, and decentralized income distribution following the protocol tokenomics for all chain deployments.
  • Token Converter: Automated, transparent, and decentralized token converter for all chain deployments.
  • Automatic Native Token Interaction with Wrapped Token Markets: Enables users to interact with wrapped markets using native token denominations. For example, users can use ETH to interact with the WETH market.

Planned developments for the first half of 2024:

  • Multichain Deployments: Expansion for a total of three or more EVM-compatible chains.
  • Improved Oracles for Liquid Staked Tokens and Liquid Restake Tokens: Two-step method for improved accuracy and risk mitigation.
  • Multichain Governance: Governance management on the BNB chain for all other chain deployments.

Maintenance and Support

Continual maintenance and support for all chains are vital to ensuring the protocol’s robustness, security, and responsiveness to community needs. Our team will dedicate resources to:

  • Security Audits and Risk Management: Collaboration with leading security firms to maintain Venus as the most secure protocol in its category.
  • Technical Support and Community Engagement: Providing round-the-clock technical support and actively engaging with our community through AMAs, surveys, and forums.
  • New pools and markets: Provide support in developing new markets or pools based on community proposals.
  • Protocol Documentation: Update and maintain protocol documentation for new releases and changes.

Funding Request

For the reimbursement of efforts during the first quarter of 2024 and the successful execution of the deployments set for the following quarter, a $1,490,000 funding request is needed to cover operational expenses. This amount will be transferred in tokens, based on protocol treasury allocation:

Token Proportion
BNB 56%
USDC 16%
ETH 12%
USDT 9%
BTC 7%

This budget will ensure continuous support, progress and the delivery of planned developments to the Venus ecosystem.

6 Likes

The team & developers did a very good job, so I think the reward is well deserved. :clap:

Always well deserved, thank you dev team for all your hard work <3

Acceptable, thanks for the DEV team’s efforts

Kudos to the Venus team & devs for your efforts. Let’s continue this for Q3/Q4 2024.
I am in favor of this proposal.