Finally there is a fix to this long term VAI peg problem. Glad to see the fix coming!
The big 600K sell line on VAI on Binance is getting punched through. I did my part yesterday but could only scratch the paint. Now only 130K remains.
Note: Binance re-enabled VAI withdrawals.
Been taken down, hopefully for good this time. Yep I did my part too thanks for the suggestion, arb went away as soon as the withdrawals got reopened.
Sounds good…
I don’t quite understand why it took us so long and tbh I would have expected something more “innovative” after considering the time it took… but well… I am happy we are actually one step closer to solving the VAI peg problem.
And 40% will hurt.
What I don’t understand is the following:
“Then the risk team will adjust VAI’s Stability Fee regularly in accordance with the rules”
We are living in 2021… Shouldn’t this be done automatically?
Sounds like this will be a VIP everytime (isn’t it)?
Couldn’t we just build a curved stability fee model?
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Completely wrong and understated. Before it was released the team needed to make sure that is was actually feasible and get a timeline from the DEV Team. We tried to release it last weekend but did not have a ok from the Dev team… You should by now have learned that when we say we’ll do something, we will. Just know that there are multiple circumstances affecting the time schedule and VAI isn’t the only thing that’s being worked on at the moment so, you might want to watch your comments and accusations…
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Thank you, but when you give a deadline you need to either stick to it or explain at the due date why you need to move it. No update was issued advising that it needed to be postponed .
You are communicating a lot more than the old team and moving in the right direction, but when there is empty space it gives room for speculation.
I’ve learnt that it can take a long time for any action to happen around here.
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Actually, I did communicate the delay in Last week weekly update if my memory is good.
Anyway, the most important part now is that were going forward. And I still don’t get why some fools keep selling VAI cheap haha.
And yes, unfortunately, you are correct in the last part. What causes many things to take a lot of time is also one of the biggest part of Venus: Decentralization. Unfortunately, everyone is somewhere different, in different time zones and speak different languages so it does take a lot more time to get things done.
We’re on the right path though. 
Cheers Mate.
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This fix is a short term solution.
I dont understand where those 40% come from.
I want to drop a more positive tone:
- Stability Fee is the one good solution. Well, that’s just the DAI solution, and since VAI is Venus DAI, so it had to mimic it. It took some time to go forward this obvious solution, but at least it’s the good one.
- @other: don’t be itchy, the delays between the first annoucement of VAI peg fix plan and actual release of plan and the VIP-41 were pretty short, even is not exactly fitting the schedule. A few days off is harmless for a 150M TLV Token. Remember BeltBUSD, WUSD or NayanCash stablecoins: rushed, glitched and lost value.
Thanks @Terrence, @Danny and devs, you ended to do things right.
I’ve no objection about the manual adjustment of the Fee rate. AFAIK that’s how DAI worked, and this kind of value are often better setup manually with some clear view. 4Belt ratios for example are also setup manually from tine to time, to round numbers such as 20/50/30% and they work fine.
Just for fun:
The most expensive VAI I bought, circa early 2021: 0.999 VAI for $1
The cheapest: 1.332 VAI for $1, a few days ago
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Looks like the freeze mint proposal is about to fail unless I’m missing something. 🤷
I looked at the logs, and it looks like they have tried 7x times and failed to execute.
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Good point.
Their smart contract doesn’t bubble-up the error message.
I can reproduce the issue in Remix but can’t tell what’s wrong
(bool success, bytes memory returnData) = target.call.value(value)(callData);
require(success, "Timelock::executeTransaction: Transaction execution reverted.");Said Chainlink didn‘t add TUSD as price orical, seems fixing
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Now executed correctly. No more VAI Mint. And today months-High
Has been passed now…
I can’t see any new Tusd price feed on chainlink https://data.chain.link/ however
Another VAI Price explosion.
People are getting that forever-free VAI debt is gone and it’s still time to buy it back at a discount. One to 1.10 now.
Edit: unrelated, but I just realized Binance has removed the BTC/VAI pair 3 days ago.
This pair were pretty unused, I admit.
There is another massive arb available. Binance has once again shuttered withdrawals of VAI untill. 2021-10-02 13:25 UTC
They never fulfill their planned repairs. I bet a whopping 1VAI (that’s a lot of money now!) it won’t be fixed until tomorrow.
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