Venus V3 Roadmap (draft for comments)

Adding a little bit of rationale behind the VRT tokenomics, I believe Venus will last for years, decades and hopefully for a century. This tokenomics is one that after considering the consequences over the next 5 years, the best I personally can come up with. It directly correlates to the TVL of Venus as a protocol and brings in additional revenues streams possibility.

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Strongly disagree with the original poster. VRT is made to increase XVS value. Bad idea. VRT and XVS together done the right way will increase both values as they coexist with each other. Look at theta and theta fuel.

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In the most simplest of terms:

Consider the fallout on social media and word of mouth if reimbursement isn’t given to those that were affected by the incident in May. I am talking about the cascading liquidations where the oracle didn’t do it’s job and a couple of accounts manipulated the price.

I am just saying way up that potential blow back on social media and word of mouth and how much that could potentially cost the protocol VS paying the people who were affected out and rebuilding trust and showcasing that wrongs can be righted which in turn will show Venus cares about its users.

Thanks

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Here are some things I think should happen.

  1. First and foremost, CZ should come out and endorse the protocol, explain his stance on the rugpull, and how binance will act going forward. Insiders know exactly what happened here, so for him to come out and denounce the previous mouselabs/norestlabs team will go along way for some whales I know to buy back into the protocol eventually. Without this, there is no new capital from outside sources imo.

  2. VRT. A lot of people bought XVS to yield farm with VRT. Since the previous team all but removed any high APYs and never implemented VRT, everyone has since left the protocol. Implementing a Cake like APY mint and burn structure will go a LONG way in getting eyeballs back on the protocol. Also implementing fee ideas such as cake uses, and even thinking outside that box will go a long way. Even if we go into a bear market, people will want to lock up and hold their tokens for a nice APY. HOW DOES BINANCE DO THIS? They need to really invest money into a new team with new ideas that can take VRT/XVS forward in terms of this. I believe this is an absolute must.

  3. Everyone loves cake. Tshirts, great memes, weekly burns. Everyone loves Tfuel and theta. Why can XVS/VRT not combine the ideas from those protocols? Binance has such a good opportunity with VRT/XVS because defi is the future. They squandered the first opportunity because people were actually using the platform in a positive way and their previous team ruined it for everyone involved by rug pulling. How will they fix that?

  4. Transparency. We should know that CZ is behind this project himself, even if hes just the face of it. This should be one of the highest rated projects on binance, and instead its a laughing stock now. CZ should inject capital into this, help the people who got rug pulled by creating a fund or something to help them, and really put a huge effort behind it. The first AMA is a good start, its a very professionally written draft. Now holders want to see follow-through, and they want that to be fast. In order to do that, you will need to pour capital into it to hire developers and turn the project around rather quicky. With the rapid speed of development on other defi projects, xvs/vrt is already way behind due to the previous team. Does this happen fast?

  5. Token transparency. The previous team minted a lot of free tokens in SXP from the purchase, which transferred over to XVS and now VRT. There are big wallets which are holding a large allocation of tokens. From the SXP disaster of selling off millions and millions of tokens over the course of a year, whales dont want to see that happen again with XVS/VRT. What would go a long way in whales eyes would be to allocate those tokens to the project, the distribution, or burn them. With the amount of tokens unlocked, whales will always be skeptical of any future investment due to the last rugpull. Binance might think people dont watch the wallets, but whales do.

  6. I think everything else is covered in the AMA. Removing XVS borrow function, hiring defi experts, and literally removing all the internal hacks the joselito team exploited. Make this a truly professional outfit and not just a piggybank for insiders.

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Can advertising investment be increased in the future? Few people know xvs.

It has been more than a month since the 519 incident. We have seen the contribution of the new team, but please speed up the action and restore the confidence of the community as soon as possible.

In favor for VRT market!

Majority sentiment is in favor. I invested and believe in both XVS and VRT

XVS distribution was already cut in half (around middle of May) in preparation for VRT, only that the latter was never implemented.

I suggest to carry on the original plan for VRT, use it as an supplemental APY

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Vrt should stay and should create value to xvs. At the same time there are lots of ideas given above which keeps vrt healthy as well.

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Dear friend,

i’m not agree with your idea. Removing VRT will lost community trust again. Once trust gone it’s highly impossible to build again. Venus Community already in suffer with price crash and team left. Now removing VRT again big problem for all Community. So removing VRT will lead Venus destroy.

I Strongly support VRT must develop with XVS. VRT and XVS two eyes for Venus Protocol. In healthy way we can develop both. XVS for Governance and VRT for utilization Platform like rewards, fees, mining, Games, NFT and much more we can do.

Kindly understand it.

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A lot has already been said for XVS and VRT… I would like to give a suggestion on TVL…

With TVL already down a lot, new investors should be required to keep XVS as a percentage of their supply.

This has been discussed in the past but was not voted down as it would negatively impact TVL

With the XVS Borrow option removed, Supply XVS APY will increase
Keeping a high APY XVS should not be difficult for those investing in other assets.

Mandatory holding XVS is positive, as it also removes the option to just Borrow the coin that you supply.

We can foresee that this may have a negative impact on large investors at first, but once it gains acceptance, the awareness and value of XVS will increase positively.

We need to ignore the negative effects of this and be discreet for our own Governance coin and allow ourselves, not anyone else, to determine its value.

If we don’t believe in the value of XVS or VRT, it would be naive to expect anyone else to believe it.

Let’s Make Venus Great Again @NoOneVII

hi community, remove borrow of xvs and give the distirbuted xvs to supplier of xvs.
make an trade contest at binance. it will bring our community new venusians.
burning of venus periodically with platform revenues.
Making deficit reduction for liquidation events and remaining 10% as income to the platform

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First I would like to emphasise that speed and urgency is important as the community is loosing faith in the project. It doesn’t help delaying announcements about team and delaying announcement of concrete dates when “things” will be implemented.

  1. As some people before mentioned trust has to be reestablished by compensating people who lost funds due to the incident. Maybe its possible to filter addresses which got liquidated and reimburse that amount. I wouldn’t reimburse people with a high borrow limit though. This will change the negative sentiment towards the venus protocol and help reactivate old investors.

  2. Disable XVS borrow apy and implement vXVS vault and inject the borrow apy into that vault. This would increase TVL and also give incentives to hold XVS and supply to Protocol.

  3. If BSC validator is still scheduled please give a share to XVS holders who supply XVS to the Protocol. More incentive to supply and hold XVS.

  4. Peg VAI to 1$. Its kind of a bad reputation for the Protocol having a stable coin which is kind of stable at 0,9$.

  5. Create VRT vault with high apy and use VRT for paying all fees in the Protocol.

  6. Enable vXVS voting.

  7. There is a lot of money in the treasury. Use that money to do marketing.

  8. Remove SXP as it is a low cap coin.

  9. A weekly update from the team about developments would be helpful as well. This can be communicated by the mods on the telegram channel.

  10. To avoid liquidations it should be possible to sell assets when already supplied and there is no time to withdraw and sell and reimburse. I would charge for that a quite high fee and it has to be paid by VRT. Would be a nice feature to avoid the hassle withdrawing and so on…

  11. Please implement autocompounding for earned XVS to avoid paying these ridiculous fees. Especially for people supplying a small amount these fees are just not reasonable.

Some further ideas will follow…

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Can we also make sure that Venus will support the following Distribution(Airdrop) for all BTC Holders. This is being implemented by the BTCST Team. I understand Binance will support this and since we are using Binance Team can we get this supported. Details below.

STP 13 (Proposal Blue Sky): An Evolution of Bitcoin with Far Less Carbon Emission

Active

Purpose

This STP, named Blue Sky, proposes B20, an evolution of Bitcoin with far less carbon emission. If passed, B20 will be fairly and 1:1 airdropped to all Bitcoin holders as if it were a straightforward Bitcoin fork. There will be no pre-mining, new issuance, or ownership misappropriation.

B20 will follow Bitcoin’s mining schedule but will be upgraded to PoS mining. While Bitcoin holders may claim their 1:1 B20 anytime, the PoS mining rights of all unclaimed B20 will be proportionately assigned to BTCST holders, who can then participate in B20 PoS mining as if their BTCST’s were B20’s.

Details

The cryptocurrency industry is at a crossroad. While blockchains have proven that distributed ledgers could be far more trustworthy, efficient, and versatile than legacy centralized data recordation methods, some opinion leaders have criticized what they perceive as unreasonably high energy expenditure.

Supporters of Bitcoin’s Proof of Work consensus algorithm view that the absolute amount of energy consumed by Bitcoin is in fact low compared to traditional financial systems. For example, according to a Greenpeace and WWF study, traditional banks relying on non-blockchain ledgers were directly and indirectly linked to 805 million tons of carbon dioxide emission in 2019. The Proof of Work proponents therefore view the energy consumed as necessary and acceptable.

Others disagree. According to the Cambridge Bitcoin Electricity Consumption Index, the Bitcoin network consumes 87.67 TWh per annum. If Bitcoin were a country, its annual energy consumption would rank between Finland (84.21 TWh) and Kazakhstan (91.67 TWh) as of 2019. To castigators of energy expenditure intrinsic to Bitcoin’s Proof of Work arms race, the point is not whether this level of power consumption is worthy, justifiable, or low compared to the banking system — all could be true. They view such exorbitant spending as wasteful and displacing those with more pressing energy needs.

Members of Standard Hashrate Group (SHG) have Proof of Work roots, but as a progressive organization, we are open to industry adaptations for Bitcoin iterations that optimize environmental impact. Now, after intensive consultation with industry experts and business leaders, SHG is proposing B20, a Bitcoin evolution with far less carbon emission.

B20 is not a synthetic τAsset. B20 is a new token to be fairly and 1:1 airdropped to all Bitcoin holders as if it were a straightforward Bitcoin fork. Specifically, if this STP is passed, B20 will launch with the following parameters.

  • Targeted Launch Block: Bitcoin Block 692692 (about 30 days from the date of this proposal)
  • Format: Binance Smart Chain BEP20
  • Total Circulation: 21,000,000 (identical to Bitcoin)
  • Initial Circulation: 18,766,825 (identical to Bitcoin circulation at block 692692)
  • Initial Circulation Airdrops: The initial circulation of B20 will be 1:1 airdropped to Bitcoin holders based on the Bitcoin blockchain snapshot at block 692692 as if it were a straightforward Bitcoin fork. There will be no pre-mining, new issuance, or ownership misappropriation. For example, if a Bitcoin holder holds one Bitcoin at block 692692, the holder will be entitled to claim one B20 from a dedicated dApp. The holder would need to prove the ownership of his native Bitcoin to the dApp and supply a destination BSC address to receive the airdropped B20, both done through a signed message.
  • Important Note on Claiming Airdrops: If your Bitcoin is hosted at a place (e.g., an exchange account or a wallet) that makes it difficult or impossible to claim B20, make sure to withdraw your Bitcoin to your own wallet that supports cryptographically signing messages or to your Binance account at Bitcoin block 692692. Otherwise, there is no guarantee that you will receive the B20 airdrop.
  • Mining — B20 PoS Mining: Future B20 will be mined following the Proof of Stake consensus algorithm. Similar to Ethereum’s 2.0 upgrade, B20 aims to cut Bitcoin’s energy expenditure by more than 99% by switching to Proof of Stake. Based on community feedback, future PoS mining could occur on B20 nodes operating as a second layer to BSC.
  • Mining — BTCST PoS Mining of B20: The initial circulation airdrop of B20 does not expire. Those with Bitcoin balances at block 692692 may claim their B20 anytime. Nonetheless, the PoS mining rights of all unclaimed B20 at any point in time will be proportionately assigned to BTCST holders, who can participate in B20 PoS mining as if their BTCST were B20. For example, if only 25% of initial circulation of B20 are claimed on Day 1, the PoS mining rights of the 75% unclaimed B20 will be mapped to BTCST. In that case, each BTCST will be assigned the PoS mining power of about one B20. BTCST holders may then stake BTCST to receive B20 rewards.
  • Halving: B20 mining will follow a time-based halving schedule identical to Bitcoin’s remaining halving schedule.
    Supported by members of the SHG and additional industry leaders to be announced, B20 as a Bitcoin evolution will leverage the BSC infrastructure and BTCST’s hashrate tokenization protocol to optimize Bitcoin’s energy consumption by more than 99% and improve Bitcoin’s block speed. SHG welcomes the BTCST community to vote on this monumental STP.

From 1 to 10 000$ it should be free to use Venus.
Then you need to stake 1 XVS to increase your borrow limit by 1000$.
This rate could be ajusted depending on XVS’ price.

If you don’t meet the prerequisite you can’t borrow anymore and your borrow lending APY gets up from 1 to 5% on your existing credits.

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I Strongly support VRT and it must be developed along with XVS. VRT and XVS are two sides of Venus Protocol. In healthy way we can develop both. Please consider VRT as a MUST part of venus ecosystem and plan urgently for VRT vault on the platform.
Secondly need to plan for XVS 10m burn, this is along awaited request of community.
Hope new council will consider and plan these requests on the emergency basis.
Lets make VENUS great again!

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I really like all the points in this proposal. The gradual interest rate reduction will certainly bring back some much-needed volume with low-risk factors. Combined with increased voting weight for collateralized XVS could put Venus back into pre-crash territory.

It also makes GREAT use of two completely useless assets that were airdropped before the crash. VRT could be a strong incentive for healthy borrowing. (Love the interest & liquidation mechanics, It could push the demand for VRT way up.)

Finally, the NFT idea just has so many potential benefits. Notwithstanding the added security to the protocol, it could create a secondary sales market and give a little value back to those burned by the crash.

All around this is a very strong proposal and I would love to see this happen.

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Hey man i agree with the voting system! vXVS holders have to be able to vote.

Worried about the 100% APY on VRT for XVS as that just creates a huge supply spike as it will be treated as a “mining” token, especially the token used to mine (VRT) and the token being mined (XVS) is a different token. With that we might attract bad actors to just mine and sell without actually contributing to the protocol, example of that is PancakeBunny.

I agree we should step up in the gamification criteria! However not something like PancakeSwap but something else, something that would be more suitable for Venus as a lending and borrowing platform.

Overall, man we should talk about this more and come up with better proposals together

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I would suggest it to be VRT instead of XVS because XVS has voting power. If investor (especially big ones) wants to use the protocol without involving into the running of the protocol, it immediately voided a chunk of our community votes by them just holding it and doing nothing.

Hey I like your NFT “level up” idea!

Hello, I am writing on behalf of the Turkish Group, which has more than 500 people. First of all, we would like to thank you for everything and appreciate your work and would like to give you a few suggestions. We are wondering who you are We xvs traders believed in the project, we trusted you, but for Burn and Dex we were in the platform and the massive price manipulation took a toll on us. We request and ask you to have Dex and Burn. Many xvs users are having trouble using the protocol, can you make it more useful with the mobile app? We hope for Vrt usage area and Binance listing this topic Can you inform about?? Our motto is Xvs =aave, do you think aave will be behind us one day?Does cz have any thoughts for us or will support us?Will we do Ath again?What are your thoughts on marketing? As investors, we do not want to be longing for specific developments, will there be any surprises that will surprise us in a short time? Will Venus, which has reached the highest figure as tvl, will reach its old tvl rates again?We demand farming in the name of vrt promotion at Binance launchpad Finally, we trust and believe in you, we have your back.
xvs1000 USD
Vrt 1 usd

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Thanks for the lovely update. Just have one question to provide more clarity on Goal #2 point #2 regarding Collateral Factor vs Liquidation Threshold. If I understand correctly, if I supply $100 worth of assets and borrow up to the max ($50) the total value of my supply would need to drop to roughly $71.43 before it triggers Liquidation?