I would argue doing the reverse. Because proposal 1 didn’t really touch on how VRT would be used and retained in the protocol. All of them are deflationary / recycling mechanics. I would like to bring the fundamentals first then implement those on proposal 1, and those also take a little longer to build i believe
Wait that makes proposal 1 into proposal 3 no?
The design of the dividend system is similar to a monthly burn. In order to distribute the dividend to holders, a buying pressure is created because the protocol has to buy the tokens back from the market monthly, with the 1 month lock structure for receiving dividend, basically once an investor is committed to receiving dividend, the XVS is locked into our staking for the long run. The only other alternative is to distribute with BUSD but that wouldn’t create as much value to the xvs token. Distributing dividend in VRT might work but i am a little hesitant to do it as that would mean a lot of extra VRT emission spraying out monthly.
I agree things should be done asap, but i also think good things have to be done, and good sometimes means taking the time
Thank you for reading it!
That would be a massive workload i imagine, but it might be a really cool idea to build a semi-function dex or even a zapper might work!
Hence the proposal, the whole proposal hinges on the development fund strategy, even vrt and xvs has to rely on that. That’s why it has to be step by step
I like your suggestion too! May be if we can do this:
When you first sign the contract to allow your wallet to connect to venus, an tier 1 nft would be airdropped and a page saying “congratulations, here is your nft profile” and then guiding them to setting the profile up. That totally could work! Amazing suggestion!
Excellent job Marcus! Praise and thank God for you in Jesus Christ name!
Thank God for saving this project through Marcus
Lovely proposal, I can see how the team is going to implement this proposal in the near future.
Best proposal yet. Very well thought through
Thank you, please promote it as well
Amazing proposal!! Hope the new team take this into consideration.
Revolt VIP-29 with a new bad debt solution This is the key to the future XVS success. The bad debt has to be settled and addressed without diluting and lowering the price of XVS. I strong oppose the way Danny strongarmed the vote to pass VIP29 to destroy our protocol.
Everytime I read this proposal I know for a fact Venus definitely can be the number one lending protocol in the future.
In regards to VRT and the once ago proposed NFT market, if it’s feasible why don’t we build a marketplace where all other NFTs (particularly on BSC) is aggregated. Basically our NFT marketplace will be a Marketplace of marketplaces. The currency to be used will be VRT but in the backend since most will be in BNB or native tokens we do the requisite swapping.
Secondly, we could also build a DEX which could mainly focus on the coins listed or encompass all other coins. The trading pair should be VRT and BNB, which gives VRT more use case. Using VRT in the DEX should be discounted.
Also, Prediction Market could be also integrated in the form of Call or Put options but with a gamefied twist for the average joe(still developing this idea would elaborate in another post).
I think we should list coins with big communities whose ecosystems are not fully developed an eg. Is Cardano, they are already listed. We could list several useful tokens like REN (Ren has two types of holders, those who plan to run darknodes or people who believe in the project) , Harmony, Enjin etc. These user bases are of the Hodl mentality and would prefer not to sell their tokens to raise capital.
I know our core aim is to be a lending platform but if we are to remain relevant we need to innovate and be progressive, hence the different additional business models suggested above.
XVS is king absolutely no doubt I love the proposal for the XVS… My issue is the VRT proposal it gives little value or no value to VRT, as a mere reward token which in the long will not reach it full potential or take forever to do so many will sell off the ones they holding since there is actually no real value attached to it.
My humble suggestion;
XVS can be king with the beautiful proposal up there, while VRT can be the Prince of Venus Protocol. With a total supply of 30 Billion VRT I think there is a massive deflationary mechanisms for VRT since there is no real strict use case for it as in proposal 1.
A deflationary mechanisms for VRT with the proposed % emission reward on proposal 3, it a win win for both XVS and VRT.
I have no problem with the NFT proposal.
Actually about that… because listing all the mechanism about deflationary implementation would be another essay as long as this one. I wanted to keep it (relatively) brief on the tokenomics and roadmap to achieve such tokenomics, and profit and success that everything will bring to the protocol.
There is a longer proposal with the team that I submitted before summarizing into “proposal 3” that included several major recycling mechanics that will control the emission of VRT. Those are burns that can outburn cake.
This proposal is the back bone, the deflationary mechanics can be added when mathematics are done.
I like this one. Looks like the continuation of the Prop1. Its good that you clarified that this is the backbone and there’s more to it.
Looking good so far!