Venus deployer address NEEDS to propose removing rewards for XVS borrowing NOW

#1

As title mentions.

Largest XVS wallet holder currently has ~800k ($35m) in XVS and borrowing 331k of the 450k borrow cap. That is about 73.7% of the entire cap. This wallet will ultimately gain an unfair share of the XVS rewards DESPITE only providing $8m in BNB supply. Venus protocol will end up being controlled by this wallet if the team or any of the large holders do nothing. (which are mostly insiders anyway)

Wallet address: 0xef044206db68e40520bfa82d45419d498b4bc7bf

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If the proposal to cut rewards for borrowing XVS is not issued by next week as repeatedly requested by the community for multiple weeks, we’ll have to dump all XVS and likely turn this into a farm & dump token.

Time to get DeFi newsletters / news sources to publish such warnings to new comers about this.

23 Likes
#2

Thanks for your work. I knew XVS whales really got a good deal and this one is disturbing. Maybe they could share that sweet borrow deal on xvs with the little fishes. I love the protocol. Learning to use it in different methods.

Tonight I borrowed 6000$ USDT at 0.35% and within an hour my rate doubled to over 0.7%. Hmmm curious.

4 Likes
#3

Yes, totally agree with you. The strange thing is that the founding team do nothing about this for a very long time. This make me feel very uncomfortable about the protocol which I am in love with.

Please, some one with enough XVS make the proposal to remove rewards for XVS borrowing, I will vote for it in a heart beat!

7 Likes
#4

Totally agree. The future of the protocol is on the table. I already greatly reduced funds deposited. I am no longer comfortable to stay exposed.

7 Likes
#5

Totally agree. I think the person who is borrowing all that is a developer or several with a wallet. Otherwise it is not understood why they do not fix it. There are many strange things that are not solved … and then they wait for the coin to reach 1000

6 Likes
#6

I too, am in love with the protocol. However, it baffles me that the founders will not come clean with the reason for why they won`t put an end to this cash grab.

There is no doubt that the largest wallet on the protocol belongs to the founders team, even if they cannot officially admit it, since Venus is supposed to be decentralized. I am ok with that because the protocol is still in its infancy stage and we need their guidance.

But this cash grab is obvious for everyone to see and it is hurting the protocol and undermining the founders credibility.

They say the code only allows for 50/50 rewards supply/borrow.

Well, propose to vote to change the code then…and don¨t tell us its not that simple!

If we give no XVS rewards for borrowing and double the rewards for supplying, while at the same time extend the token distribution rewards from 4 to 8 years, we can maintain the current APY for XVS suppliers for 8 looong years, ensuring a healthy passive income for all the XVS token holders who believe in the protocol.

With the current set up… how is Venus Protol going to maintain credibility with their investors and even more disturbing, how will they justify Venus DEX as a viable option to traditional CEX and how will they pass the scrutiny of governments in the future?

10 Likes
#7

and 0xC378E9a0780Bbcbc9328f0B1546DdEFDF51DCDBd is address who sending a xxx.xxx XVS after minting VAI abusive.

#8

Guys… why the team do nothing about that?

#9

The team does nothing because they are owning the 94 wallets who drain the XVS supply, what else?

They want to be rich af and don’t give a a fuck about decentralization.

A shame that CZ let this happend on his smart chain that intended to replace Ethereum, what a joke!

4 Likes
#10

We just need to cut borrow reward XVS to a tenth and redirect these distribution for XVS supply to attract more people to hold coins or we can use it too partialy to boost apy on other assets.

#11

@wonderomg , can you create a proposal about that?

#12

It is so obvious that the insider is the owner of this big wallet. So why would they want to fix?

And not just that, this kind of discussion would get you banned in Venus official telegram chat group and price chat group!!

Venus official & price telegram chat group admin has become notorious in banning people who asked constructive questions that is slightly negative for venus even though it is true and factual.

So please join our Venus Open Discussion Telegram: Join Group Chat

The purpose of this new group is to allow people to freely/openly discuss about Venus project & price, whether positive or negative, so long it is true, not rude and not intentionally creating FUD, you won’t be banned like what Venus official and price chat group admin did. Please help to invite relevant members that wants a freer discussion in.

I was banned from the group without explanation just because I asked this below :

Can someone verify? yesterday there was a discussion about the venus team was not that active recently on developments, there was very little update or commit on the code on Feb in github, then none at all for March. Is the venus team really not active anymore or taking a break or ? See it here Contributors to VenusProtocol/venus-protocol · GitHub

5 Likes
#13

Michael, do you create a proposal?

#14

Absolutely it should be done in more early time. I don’t know neither why no action to shut the xvs borrow down.

1 Like
#15

may 20 and the problem is not fixed yet.

#16

oh…with the liquidate incident, now the insider is very obvious…ved

#17

This is very damning of this project. It is nearly impossible to feel secure if this is still going on after this massive exploit. They have cut rewards for absolutely everyone except their own wallets. What a bloody shame.

2 Likes
#18

Hi everyone, I saw another community member post the following Medium article about a potential price manipulation/liquidation incident linked to wallets of the Swipe team. Is there any truth to this? Thanks

https://medium.com/@venus.insider/venus-io-disclosure-an-inside-job-f8ef195fe78d

1 Like