I don’t own too much VRT but I see the team turning against community is not the right way. I am much more confident with my XVS if VRT will be implemented.
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Since VRT is useless and Binance supports it, then buy it back and destroy it. There is no need to take off your pants and fart.
What exactly is the purpose of this option? Why would anyone want to earn 3% on VRT when it’s going to be eliminated in 12 months? A person would earn more on the conversion to XVS and then earn interest on XVS in excess of 3%?
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Terrence, thank you for reading the comment, and thank you for pointing the fault of the mathematics, i grabbed the wrong set of data for a wrong set of projection. Thank you for pointing that out. I got the data from dune analytics, should have done better research, and thank you for your (indirect) reminder. (Editing the essay for short and precise response)
After reading the comment again, i think there is a very clear common ground that we can work on here, which is the selling pressure issue for XVS, or to put the selling pressure on VRT if VRT is to replace XVS for emission. The key to the equation to have the team consider developing VRT is, to have VRT selling pressure significantly lower than single token. Can we confirm that?
The problem we have here is mainly caused by communication, CAKE liquidity shortage could be prevented as mods have been asking about interest rates specifically on CAKE weeks prior to the launch, yet we got no replies until it is too late and liquidity shortage happened. VIP-36 is then implemented to fix a problem that could have been avoided.
I would like to see the team to continue to have discussions openly, it is a great step forward in terms of transparency, regardless of view points.
I admit that i collected the wrong data from the wrong channel. Massive oversight from me. If it takes me looking like an idiot to start a real conversation between a team member and the community, it is fine. However, from your set of data, it shows the exact same set of problems, but even way worse. $621,885 interest income for a week, gets us to $2.5 million give or take for a month. It is 10% of the faulty data $29 million. The problem is emission still stands at around 404,500 a month. If Aave is making $2.5M per month, what would our income be with around 15-20% of their TVL? The argument still stands, and may be even standing stronger, even with the original faulty data collection.
Final remark before we converge again in the future,
As for you said that most of the community voted against Venus’s choice to focus on XVS. How do you count it? Do these objections really come from the holders of XVS or those who only hold VRT? I believe you have the answer in your heart.
We had a vote on the exact forum we are currently exchanging our ideas on, the voting result, is obvious. I believe most of us here, are holders of XVS, and even at that particular point in time, people who no longer holds XVS, was a victim of liquidation due to May 19th’s market manipulation incident. Are they immediately disqualified as Venus Protocol supporters? Or are they part of the Venus Protocol community? I think we both have an answer about this as well. Regardless of the answer. Even after liquidation, I whole heartedly believe the XVS-VRT issue should at least deserve a proper vote, and by that, a proper vote means voting with vXVS. We can keep on developing the new Venus vault that hosts both XVS and VRT, even open the exchange function at a ratio (no matter it’s 6000-1, 9000-1, 12000-1), and then have a proper vote to decide the final fate of VRT.
This is a step forward in terms of communication. We should expect to have more of this in the future. If there has to be a change of direction (from XVS-VRT to just XVS), we implore the team to provide reasons and adequate maths as a market projection of actions. Most community members are reasonable and are willing to listen, and is more than happy to support the team and do our promotional work for us.
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Para mi esta bien la decisión.
Si es mejor sacar vrt…para mi adelante
MEJOR DENTRARNOS CON XVS
1 TOKEN FUERTE …UNA DEFI FUERTE.
Xvs FUERTE
VRT FUERA,
Ushi please don’t shoot the messenger. Terrence has taken his time and provided a detailed reply on the comment, which is a clear voice of reason from the team. I take it as a step forward towards improving communication with the community, directly from the team
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What I said are just counter arguments to what he/the team said from fact
Marcus you make a lot valid points, the only problem is time.
The team actually needs time to optimize the protocol in relation to XVS :XVS borrow, Vaults, sensible token addition and delisting, improved Interest rate Curve, Marketing, better Products Or Innovative products
This is to attract investors and take their eye off from the selling pressure to cover the bad debt. After which we can realistically say we would integrate VRT to help reduce the emission
So let’s say this takes 3months (I’m being overly optimistic with this time frame) but how many VRT holders are going to be that patient. It’s likely most don’t own XVS so would they be patient for at least of 3-8months with a dormant token?
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Time isn’t the problem as it can be implement in steps, and a vault for VRT (like the promised in June and this take no time at all) would have keep VRT holder. Plus, people invested into VRT seeing it as an opportunity (base on whitepaper/tokenomic/roadmap) why would they sell now (even they decide to sell, that’s their decision, it not being force on them like this proposal).
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Ushi how long did it take the new team to code , do a security audit before sending us a working draft for the new interest rate curve?
To build the current protocol to a good standard we need time, would you wait till VRT starts getting development?
I already answered all that in the comment above. You missed the main point, it’s about trust of community and the way this new team do things up till now (see all my counter argument posts above, sorry if it’s hard to understand, English isn’t my native language). And with this, there’s a de-inflation plan for the future to develop into, there’s no additional inflation due to buy back, there’s no blowback from the community because no matter what is the buy back ratio, it’s either hurt XVS price performance → XVS investor, or hurt VRT investor’s investment (the only ratio that make sense is VRT/XVS before they revoke tokenomic, they still confirm that VRT vault/staking is coming by end of June and showing us the whitepaper up till that point. Even now you can still see they showing readme with the old roadmap + ama that including VRT in the telegram channels even though i reminded them so many time to change it. And if you would like to point out the V3 roadmap, it’s status is “draft for comments”, it can be used or discarded how they see fit just like tokenomic)
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My vote is NO NO NO to this proposal. Elimination of VRT and the VRT_XVS exchange rate is a joke!
The team created VRT and now want to eliminate at the expense of the tokens holder, is totally unfair and proven a failed old and new teams. The new team now totally works on its way and ignoring the voices of community, IMO new team has turned similar behaviour as the old team, this probably the real reason why not even a name was announced for the new team. Sad to say this and no way to trust this project further if they work like this again. If getting rid of VRT is the only way out, then at least offer a better VRT rate as many members have voiced out to balance out between XVS and VRT holders as win win approach. So unfortunate outcomes…
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I hear you, it’s about trust. So if they come out apologize, tell us they can’t use VRT at the moment but some day would you accept that?
What is this have anything to do with what we are discussing? But I’ll gladly going on with this conversation with you over telegram (@atomicushi) if you want to so we wont go off topic here.
Hi, Terrence
I just understand your from core venus team, and congrats for that. Actually i don’t know about you much info and don’t know even your face. Now i will talk few points here as XVS investor.
Now coming to point, i’m here from day 1 and keep investing in XVS. After cascading listing venus price collapse and got huge loss.
Actually many investors got attracted due to VRT airdrop and NFT things. And got manipulation.
Finally JL leave the Venus project and XVS, VRT and NFT keep with us. After that You guys (New team) came and we got many hopes on you.
You guys didn’t told us about VRT not going to implement. You guys did big mistakes. Keep danny (Danny told only what he get from you) inform us June end VRT vaults come and next week sure and that this.
Also you guys put proposals and clearly community VOTED for proposal 1. If you want to remove VRT is the solution why you guys give us Proposals and make community as sheep ?
You guys keep spent more time and keep told us VRT have use case, and it’s here to stay that and this. And finally you come with XVS slogan. We all know how much community love for XVS and that why we invest and keep promoting XVS.
These 3 months of VRT, Many people invested in VRT due to only of VENUS airdrop. We invested in VRT with trust of Venus. You guys keep promoting Venus is the Community driven project now everybody understand, it’s look like centralized north korea kim solo decision project. Due to your mistakes i personally lost 250K+. I won’t feel sad about my loss but new team play 3 months with community emotions.
Do whatever you want to do, but this is not acceptable. I can say confidently JL team scam the XVS and new team scam VRT by supporting and increasing hopes on VRT.
We are not slaves to keep listen your every week new decisions and pushing your rules on us. Just we selloff and try to finding legit projects. (I got angry)
I never ever trust on you guys. Good bye…
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Sizin yapacagınız işin ta aq VRT yi ske ske kabul edeceksiniz yok öyle dünya. 1 e 12k ymis yok oyle dunya
Nobody talking about have much they printing and stealing with vai?
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You have to protect the VRT so that xvs can grow. You bought this protocol when there was vrt, and you can’t ignore the investor and vrt. We were hit by xvs. You hit a second blow from vrt, so the protocol is doomed to perish.
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Here’s the problem with what you say.
You went from 9000 to 1
To
12000 to 1
That’s everything that anyone needed to know. It’s all about the money and not the community. Goalpost moving. After that most people tuned out and called this a scam because you already had lots.of empty promises. This was just the last straw.
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