Interesting idea to increase demand for XVSš
Sorry, let me check.
Is the formula for profit and loss correct?
I believe that the supply and borrowing sides are added, not subtracted, as in the following formula.
Supply * rate + supply QVL * boost + (Borrow * (Boost minus rate))
Ahh well the end numbers are right but yes you are correct since the boost is greater than the rate it is an addition your forumula here being correct haha (but same earnings numbers):
Supply * rate + supply QVL * boost + (Borrow * (Boost minus rate))
or Supply * rate + supply QVL * boost - (Borrow * (Rate - Boost))
Please have a look at the updated and latest proposal everyone.
Here is what i think stinks.
āIrrevocable āOGā Prime Token - claimable by a selected group of users based on consistent protocol usage during 12 months and XVS Staking (100 users pre-selected for initial distribution)ā
You are only giving OG tokens to someone whos been staking for 12 months on venus.
Anyone with any sort of brain pulled their money out of xvs staking because basically it was a shitshow for the last 12 months. Nobody knew what was going on and nobody knew the direction or if venus would even be around. So you are rewarding people based on stupidity. You should be rewarding OG holders who were down since the original airdrop and are still using the program. Those are the real OGs. Not someone who was only here in the last 12 months and threw a few shekles in the vault.
I think its a really bad move to alienate those OGs and use the last 12 month retroactively looking at anyone whos staked. This actually makes me NOT want to stake on venus anymore and really take profits once the coin eventually pumps be in 2 months or 48 months from now.
Remember all those people who were using venus, and then when BTC dropped from 65k to 30k and venus protocol stopped working correctly and everyone got liquidated because they couldnāt logon to venus? Yea you are ignoring those people. What about the people who were holding venus since over 100 and Binance allowed its CEO to rug pull the whole project causing 100m debt? Also ignoring those people. Is that really the target audience you are trying to alienate?
Going back 12 months for someone whos been staking every day that long is just a really bad idea.
Canāt agree more here
Seems like more OGs since the beginning are feeling left out
@Xvshodler , I really appreciate the feedback - this was a baseline idea for the OG token and BY NO MEANS SET IN STONE. It was just something we looked at with the data that was available, but I would love to hear a different proposition for qualifications for getting the OG token. Any and all ideas are welcome, and the fact that it ignited you makes it mean that the Prime Token is something worth fighting over - and so we should make sure we appreciate the True OGs, beyond the strict data. Please let us know what what your ideas are.
Also - the 100 limit is also not set in stone, we can expand or subtract that amount for the initial pilot, though probably makes sense to put an upper limit on 500 tokens to be gifted to OGs at least in the initial pilot program (which of course would be expanded assuming this is a successful tokenomics upgrade).
I know the new team plus you guys were not here since SXP days, but there are probably like 10-20 people max still around. These people got totally worked over with all the nonsense of the protocol. A lot of us including myself were just trying to use the platform and stake xvs to get loans. Back in the day the platform would go offline during volatile times and I know for a fact a lot of true OGs got liquidated for millions during the first BTC dump due to the platform lockup. On top of that, pretty much all the OGāS that had any sort of loan got hit hard when Binance dumped the token on the 100m dollar exploit. Which no matter what your rational was, Binance in a lot of our eyes was totally responsive for that. And to add insult to injury, the protocol stopped working during that time so you couldnāt even exit your loans AGAIN. I personally lost funds because the protocol went offline during a volatile time, and stopped using the protocol for a period of time until I thought that was fixed. Part of that time is the time frame you are stating in your 12 month discovery.
So now you have binance not stepping up and covering the 100m exploit and now making the protocol pay for that, so users who are still active since day one are the ones holding the bag and having to sit and wait for this whole process to play out and we know the token wont recover until this happens. Its a very small and hardcore crowd still here, you can ask the mods in the chat because they were also here and lost money.
Add onto that the VRT token disaster where we got back less than 5% of what we in reality we should have at 12000 to 1. But thats another topic for another day.
Those are the people you need to take care of and bring back to the protocol, not the people in the last 12 months IMO. The real OGs. You could take care of both people as well, but then were is that money going to come from?
Feel free to ask any questions, I dont have an issue answering here.
Should respect the people who are still here since the airdrop
This was published today. So I guess legacy users mean nothing to Venus then. Nothingās changed.
As a general follow up, because of the complexity of all of the moving parts with the tokenomics V3, we are pushing forward with mechanical pieces first that will require the most development work and timeline. These changes will be proposed early next week along side some other V3 new product integrations and roadmaps. In the meantime, I wanted to get the updated mechanics that are the key changes to be implemented (if approved) and impact the actual protocols of Venus.
The income allocation is split into two pieces - and we expect further changes to be proposed to the DAO and community based on financing of the risk fund, and there will be a secondary discussion on the tokenomics specifically regarding the Burn and /or inflation emissions of XVS. I want to reiterate that the burn / inflation cut off is intentionally left out of this, as it is not a mechanical and technical upgrade to the protocols, and so will be the primary part of the second half of the V3 tokenomics update.
Key changes to Venus Protocols
Revenue Allocation Update
Market Revenue Allocation Only. For the Venus Prime Pilot period - its APY boost will only be based on the interest reserves revenue, directly tied to the TVL. This means there will be two income allocation schemes initially, with the goal of condensing them into one after the Pilot period.
| Revenue Portion | Allocation Segment |
|---|---|
| 40% | Risk Fund (including financing) |
| 20% | XVS Vault Rewards |
| 20% | DAO Operations & Funding |
| 20% | Venus Prime Token Program |
Because Venus is rolling out new products that have varying impacts, the income to Venus Prime is limited to interest reserves only. As such this income allocation schema applies to liquidations and new product revenues, until technically and from a tokenomics perspective we understand how to properly allocate and incentivize the Prime Token holders for each new product.
| Revenue Portion | Allocation Segment |
|---|---|
| 48% | Risk Fund (including financing) |
| 26% | XVS Vault Rewards |
| 26% | DAO Operations & Funding |
XVS Vault Mechanics Details
Venus Prime Token Details
Venus Prime Token is a Soul Bound Token (non-transferrable NFT).
There are two forms of the SBT, the āOG Irrevocable Tokenā and the āEarned Revocable Tokenā.
A user can only have either an OG or an Earned token, they cannot hold both.
The OG Token will be issued by the Venus DAO to a select group of up to 100 āOGā users based on certain criteria defined by the DAO over the past 18 months. The OG Tokens will automatically have the highest tier of qualifying balances, regardless of the amount of XVS Stake. These tokens cannot be burned, ārevokedā, and cannot be transferred to any other wallets.
Earned Tokens will be a non transferable token that can be rewarded to users based on meeting the below criteria. If they fail to maintain the minimum criteria, then their Token will be burned and revoked, and the process to earn another token will restart.
The minimum to qualify to receive a Venus Prime token is to stake 1,000 XVS tokens in the XVS Vault, and keep the XVS staked (and not withdrawn) for at least 90 days. Once the 90 day time has passed, users will be able to claim the Prime Token, which is then issued by the XVS Vault. When a users requests a withdrawal of tokens that would result in their staking balance being lower than 1,000, then their Prime Token will be burned.
If the user stakes more XVS to qualify for the next tier, once a 30 day staking time has passed they can trigger an upgrade to their token to that tier
If they withdraw some XVS but still above the 1,000 level - this will trigger a downgrade to their token, downgrading it to the level applicable to the amount of XVS Staked.
Prime Tokens themselves do not enable value, but rather the tokens allow users to earn boosted yields on selected markets, based on tiers and a capping system. The users with a Prime Token will automatically receive boosted APYs continuously from the Markets Protocol, based on the Markets Upgrade.
The Markets Upgrade will enhance the protocol such that it will incorporate the balances that are owned by Prime Token Holders - issuing them 20% of the revenue earned by the protocol directly from the Markets, continuously distributing the APY to those Prime Token Holders.
XVS Tiers
Users need to stake a minimum of 1,000 XVS to reach tier 1, and then once they stake additional XVS can upgrade their Prime Token to the applicable level based on the amount of XVS staked, having then staked it for at least 30 days additional.
If you immediately stake XVS at a higher tier, your token issued will automatically take the highest tier possible, the upgrade only impacts if you were issued a lower tier and then stake additional XVS to reach the next level (or beyond).
| Tier | XVS Staked |
|---|---|
| 1 | 1,000 |
| 2 | 5,000 |
| 3 | 10,000 |
| 4 | 50,000 |
| 5 | 100,000 |
Caps on the Qualifying Balances
The Markets Protocols will have caps on the balances that qualify for the boosted APY. This enables more lower tier participants to receive higher boosts, without being fully diluted by the largest holders and depositors of the markets.
All participants are paid the same effective APY, based on their balances up to the cap limits.
The supply cap is half the amount of the borrow cap.
Each market has an individual supply and borrow cap.
The caps here are represented by a dollar amount, but will mechanically be set as a cryptocurrency amount, and reset back to the dollar amount on a regular basis.
New Caps based on Tokens
| Token | Category | Tier | Supply | Borrow |
|---|---|---|---|---|
| DAI | Stable Coin | 1 | $8,000 | $16,000 |
| TUSD | Stable Coin | 1 | $8,000 | $16,000 |
| USDC | Stable Coin | 1 | $8,000 | $16,000 |
| BUSD | Stable Coin | 1 | $8,000 | $16,000 |
| USDT | Stable Coin | 1 | $8,000 | $16,000 |
| BETH | Non Stable Coin | 1 | $15,000 | $30,000 |
| ETH | Non Stable Coin | 1 | $15,000 | $30,000 |
| BTCB | Non Stable Coin | 1 | $15,000 | $30,000 |
| BNB | Non Stable Coin | 1 | $15,000 | $30,000 |
| DAI | Stable Coin | 2 | $24,000 | $48,000 |
| TUSD | Stable Coin | 2 | $24,000 | $48,000 |
| USDC | Stable Coin | 2 | $24,000 | $48,000 |
| BUSD | Stable Coin | 2 | $24,000 | $48,000 |
| USDT | Stable Coin | 2 | $24,000 | $48,000 |
| BETH | Non Stable Coin | 2 | $45,000 | $90,000 |
| ETH | Non Stable Coin | 2 | $45,000 | $90,000 |
| BTCB | Non Stable Coin | 2 | $45,000 | $90,000 |
| BNB | Non Stable Coin | 2 | $45,000 | $90,000 |
| DAI | Stable Coin | 3 | $80,000 | $160,000 |
| TUSD | Stable Coin | 3 | $80,000 | $160,000 |
| USDC | Stable Coin | 3 | $80,000 | $160,000 |
| BUSD | Stable Coin | 3 | $80,000 | $160,000 |
| USDT | Stable Coin | 3 | $80,000 | $160,000 |
| BETH | Non Stable Coin | 3 | $150,000 | $300,000 |
| ETH | Non Stable Coin | 3 | $150,000 | $300,000 |
| BTCB | Non Stable Coin | 3 | $150,000 | $300,000 |
| BNB | Non Stable Coin | 3 | $150,000 | $300,000 |
| DAI | Stable Coin | 4 | $160,000 | $320,000 |
| TUSD | Stable Coin | 4 | $160,000 | $320,000 |
| USDC | Stable Coin | 4 | $160,000 | $320,000 |
| BUSD | Stable Coin | 4 | $160,000 | $320,000 |
| USDT | Stable Coin | 4 | $160,000 | $320,000 |
| BETH | Non Stable Coin | 4 | $300,000 | $600,000 |
| ETH | Non Stable Coin | 4 | $300,000 | $600,000 |
| BTCB | Non Stable Coin | 4 | $300,000 | $600,000 |
| BNB | Non Stable Coin | 4 | $300,000 | $600,000 |
| DAI | Stable Coin | 5 | $800,000 | $1,600,000 |
| TUSD | Stable Coin | 5 | $800,000 | $1,600,000 |
| USDC | Stable Coin | 5 | $800,000 | $1,600,000 |
| BUSD | Stable Coin | 5 | $800,000 | $1,600,000 |
| USDT | Stable Coin | 5 | $800,000 | $1,600,000 |
| BETH | Non Stable Coin | 5 | $1,500,000 | $3,000,000 |
| ETH | Non Stable Coin | 5 | $1,500,000 | $3,000,000 |
| BTCB | Non Stable Coin | 5 | $1,500,000 | $3,000,000 |
| BNB | Non Stable Coin | 5 | $1,500,000 | $3,000,000 |
Please, can you provide us with the āVenus Prime Soul Bound Tokenā Contract Address?. Thank you.
+1, itās been a long journey
Great upgrade that will align XVS with the tokenomics expected from modern DeFi protocols in 2022