In the last vote that adjusted XVS speed all APYs were balanced. XVS got a very decent APY boost and that is very good to the sustainability of the whole protocol. However, SXP also got a pretty decent APY boost with no reason whatsoever besides being from the same team that developed Venus.
Why should SXP have such a high APY while other way more important coins have less that 30% of that? IMO we should reduce SXP APY and distribute it along other way bigger coins or just focus those on XVS, helping the whole protocol even more.
I disagree because one of the reason venus was created is to grow SXP. Both community are connected. Remember SXP was initially plan to be use as governance token before Venus community advocate for XVS to be use from the genesis.
It was in the sxp chat months ago. The community voted against a governance coin initially for sxp and binance did it anyways… then they said sxp would be the governance coin for xvs, and changed that too, to just xvs. Basically things are getting made up without any really opportunity to oppose.
I nolonger hold SXP and have no problems with their current rewards. Their online staking will stop shortly and they will be welcomed here. Sxp apy will drop dramatically when they come here in droves.
I farmed 30% of my XVS with SXP so I have been happy with Swipe
I don´t mind the rewards to SXP because, just as BNB and BUSD, they are connected. SXP will integrate Venus into their app and increase Venus adoption. I do see it as a partnership, just as pancakeswap and Binance is.
I am a holder of SXP but not a big bag holder so I don´t really care but believe to be normal that strategic partners will push for each other.
In any case I advocate for being taken to vote. That being said, as a community I believe to be more important to focus on more urgent issues at the moment - such as voting governance and fix XVS borrow rewards. Then we will have the correct structure to vote as a true decentralized protocol.
I was a big SXP bag holder but I’ve reduced my position due to the fact that I don’t trust the CEO’s promises anymore, unfortunately. Anyway, I think Swipe is an important partner to Venus but that partnership is useful for both sides. We don’t need to give SXP suppliers such a high reward just because of that. SXP is not a huge coin and it’s APY is similar to stablecoins that are really important to the protocol.
I think it would be way better for the protocol if SXP rewards were throttled down and everything went to XVS suppliers, for example. That would help XVS price even further and would also benefit SXP suppliers that get XVS rewards.