Proposal Idea: Adding new asset - Cardano (ADA)

Venus Governance Venus - Governance Discussions
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Originally posted by Kieran

Cardano is currently the number 6 cryptocurrency when listed by market capitalization, and myself and many others in the community hold a position in it. Adding ADA as a collateral option on Venus would allow more people to supply collateral to the protocol in the coming months as the Cardano network grows. It would make a lot of sense for this to be added next.

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ADA although I haven’t personally seen 1 actual project being rolled out yet, this would be a great addition. Perhaps Venus can ask in a tweet, to the community which Coin should be added (BSC coins only?
1 ADA
2 XLM
3 EOS
4 …

:wink: And after results ; Vote on it!

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I would like also to see UNI, BAND, INJ

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ADA already has some presence in other protocols in the Binance smart chain, I dont really see any reason why it couldn’t be on Venus as well.

smart contract support will be implemented when Gougen rolls out, so until then there wont be any projects. We can only hope it rolls out quickly.

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I’m pretty bullish on this proposal Idea, this are my reasons:

  • ADA it’s a great project, serious one, people behind it took some real time on developing and they are doing great in decentralization at the moment.
  • It’s has a huge market cap, so the security of adding it to the protocol is solid.
  • ADA’s current APY is around 5% on pool delegations, so depositing them on Venus Protocol and taking a loan to maybe invest on Yield Farming strategy available on BSC will give holders of ADA nice profits. This will befenit Venus Protocol increasing the TVL quite a lot.
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ADA is reasonably stable, in general we should start from less volatile coins in order to create robust roots.

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Even though, ADA might be added to Venus as a consequence of its market capitalization and therefore agreeing with your reasoning, I believe that, for the sake of de-fi, XVS should also vote on which token(s) to be added (e.g. from a pool of selected tokens). This would bring true utility to the XVS and not to the few that engage in coming with proposals. This would incentivize users to hold XVS in hopes of pushing for listing of their favorite tokens. Now, Governance voting cannot secure it but having voice of the customer (e.g. Twitter voting) would guarantee the most profitable option for XVS.

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Still would really like to see a proposal for ADA support if anyone can propose it. I’m sure it would pass with flying colors.

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Let’s add ADA to protocol!

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+1 on using xvs tokens to decided on which tokens should be on the platform. More utility, more value.

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fixing the borrow 233% issue is the first important priority. Without doing that first, discuss of anything else is a waste of time.

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Exactly my thoughts. We are adding new tokens etc and not caring about the real issues. Not only the 233% but also the VAI liquidation issues. Things that can actually hurt Venus. But maybe the only thing it matters is way of pumping XVS.

To make things worst. This is not a community post… They just informed us about the new token to be added. There is no community discussion…

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I dont understand why instead all focus into solve the borrow issue are caring about add more tokens… by the way keep sending vai % will make people to run away with their supply… i still dont get why it keeps going down… since the moment you to mint Vai need to take the risk of loose your coins… makes no sense to lower Vai even more… whats the goal???