Previous update: July 2023
As a reminder, as the VAI PSM took more time to get online than expected, Steakhouse forfeit its Q3 compensation and was therefore not compensated during the Q3 quarter.
As laid out in our strategy, we worked with the other teams to get the VAI at peg. The introduction of the VAI PSM and the new rates for VAI borrowings seems so far to have fixed the VAI peg. The PSM was initially drained but now is getting increased. While still limited (3k), it is encouraging. We spend time doing arbitrage between Binance and DeFi to keep things in order as the markets are still far from efficients. We’ve committed to put our Q4 compensation to add liquidity for a few months to solve this problem. Next step is to provide a Saving VAI contract to put utility in VAI holding.
For the second prong, investing in simple and scalable products, we published a research memo on tokenized T-Bills. The market is still risk-averse on those products due to unclear regulation from a particular country. We nonetheless remain bullish and will push for the introduction of a bIB01 PSM if we can’t find another third party solution.
On the other fronts, we are still in contact with Credix and working with them. But at this stage, what is needed is way more capital, so this item is currently blocked. We are also working with other teams on some very exciting Venus developments.
As always we welcome any question you might have. In the same vein, if someone needs help setting up VAI liquidity and or repaying some large VAI debt, feel free to contact us.