Proposal: Remove SXP from Venus

We all know what happened in the last days and who did this, so we need to remove SXP from Venus as a precaution asap!!!

I give three addresses for community to check:

6,877,360.07 SXP+66,945,753.87 SXP+9,554,108.19 SXP=???




1 Like

But why? Since we earn big revenue and tvl from sxp?

250 million tvl from sxp

Beacause of this: 6,877,360.07 SXP+66,945,753.87 SXP+9,554,108.19 SXP=???

AND THIS:Screenshot 2021-09-18 at 19-27-50 Swipe price today, SXP to USD live, marketcap and chart CoinMarketCap

AND THIS:Screenshot 2021-09-18 at 19-28-31 Venus Finance Venus TVL Decentralized Algorithmic Money Market and Synthetic Stablecoin D...

You love these TVL? These TVL will cause heavy damage to Venus.

One of these days, a fake proposal like the 2 we’ve seen might get passed, raising the amount of leverage available on SXP.

Then the price will be manipulated upwards a load of coins will be borrowed… crash the value of the collateral drops leaving Venus with a load of bad debt.

How this tvl can damage venus?
Ftx accepting sxp as collectral with %90 borrow limit :unamused:
I don’t think ftx will add a risky coin as collectral with this high ratio without even liqudity pools

So i don’t think there is a risk for sxp

Seems you didn’t know:
What is FTX?
What is Venus?
FTX has list 95 kinds of coins, so why AAVE or Makerdao or Compound didn’t list all of them in their project as you said no risk?
FTX didn’t need to pay the loss of supplier and did you want to pay the loss of the Venus supplier as you said no risk when have a heavy damage?

Don’t act so silly in here.

Firstly, ftx has to pay supplier same as venus
Venus liqudiations go trough pancakeswap or other dexes
While ftx liqudations only go through ftx limit order book

So actually venus has less risk than ftx if we consider/compare the ftx sxp volume with pancakeswap’s sxp liqudity/volume

Secondly we aldready have reserve factor, collectral factor

And we don’t need to delist we can just add supply cap

Btw the most risky coin is cake not sxp

Cake has unlimited supply and one whale had 30M Cake which worth about 700M $
Of course if he want to market sell the cakes he can’t get 700M$ cause of price dump

He can just supply it to venus and borrow all btc eth busd usdt instead

If a coin need delist or supply cap thats cake first and then sxp

Thanks for reading :slight_smile:

Note: ftx doesn’t accept cake as collectral:))

Seems you didn’t know and understand what i say at all and you even didn’t understand the difference between lending system and margin trading system at all, so you should didn’t know the difference of the “pay” of these two system at all.

So, go to do some learn and reaserch, don’t waste time in here, i didn’t have time to make a lesson for you.

BTW, CEX lists or not lists a coin into a margin trading system means nothing, CEX has listed a lot of shitcoins into margin trading system as CEX didn’t need to take any risk for that, seems you didn’t clear that.

And about CAKE, yes, the whale of cake maybe can’t get 700M$ in the market, but the liquidity of CAKE seems can hold 430M$, but 83M SXP, you think the liquidity of SXP can hold or hold half?

Go to learn and reaserch.

And you know how liqudity math works?
How much of 400M$ can used efficently?
We can’t open vote to get that 400M$

Lets delist both cake and sxp

FTX is a centralised exchange and can move very quickly to shut people down and have automated risk management processes to stop these kind of actions.

You need to KYC to withdraw tokens, and if the trades happened on FTX they could just reverse them.

Go deposit some SXP and let us know how many tokens you can withdraw using that collateral… probably not very much.

Go to learn and reaserch.
Don’t waste my time.

Best way is to make SXP supply rate negative, the platform will gradually take the SXP away if the owners do not withdraw.