Venus Community suggests to use Venus Grant Program(VGP) and release certain amounts of XVS from Venus Distribution Tokens to externally owned address (EOA), and also introducing a “Bailout” feature to allow users to supply XVS on behalf of a bankrupt address.
Venus Community expects that ~3.3 million XVS tokens will be allocated to a public address owned by Binance to initiate the bailout.
Over a period of 9 months, 3.3 million XVS will be injected into the bankrupted addresses in a close-to-linear proportion using the “bailout” function so that the tokens can be slowly liquidated to repay the borrowed debt.
Binance will compete as a participant in the liquidation events, and will reuse the liquidation fees in the next round of injection.
Residual XVS (if any) will be returned to the Treasury.
Based on the latest security audits from Peckshield, there are no major issues. Two new features will be deployed, and the above steps will be executed in full transparency on Binance Smart Chain and under close scrutiny from the community.
Add function _grantXVS in Comptroller for Grant Program
Add function mintBehalf in VBep20Delegator for Bailout
This is the most stupid protocol i have seen these years in defi to handle the blackswan!!! You want to learn the MAKREDAO, did you learn the real things?! Ask yourself!
Q1: The shortfall is how many? how many BTC and ETH? Give the details!
Q2: If the other BOTS can participat in liquidation and get 10% profit？then what will happen？
Q3: If the blackswan account can set a bot to withdraw the Vtoken in the same block？
Q4: If these blackswan accounts still can get the market distribution every day？
Q5: Who will pay the interest to the suppliers of BTC and ETH?
Q6: If there have another accident, how to handle? still use this way, call daddy to help？
Q7: A wolf got in through the hole of fence and took sheep away, as a shepherd what you should do first? You have time to code for selling sheep, i think also have time to code for fixing the hole.
Q8: Where is the systme risk control model?
Q9: You tell us thses are the Venus Community’s suggests, so please tell us who and how? Details!
Venus Community suggests to use Venus Grant Program(VGP) and release certain amounts of XVS
Venus Community suggests? Please tell us who is the Venus Community? who suggests?
You don’t want to move the debt and collateral to system risk control and let the system risk control to handle it, but still let the blackswan account hold the debt and get the market distribution everyday and will still get so many market distribution for 9 month?! did you feel the shame? and you want to try who will have the fast transfer action, let we see what will happen, remember, who own these account! AND YOU make a Vtoken, then you povide the supply! did you know that?!
With this protocol, I can find out that Venus will never have the ability to handle risk by itself, it is the biggest defect of this project！
There is no news about the burn of 10 million, but now we waiting to increase the circulation by 3.3 million, which is equivalent to an increase of 30% of the current total.
What kind of risks does this bring to the market?
Hope to solve the bad debts as soon as possible and start again
I oppose this. Why are the holders having to pay for something clearly binances fault? Why doesnt binance come out of pocket with their reserve fund to make this right? It makes no sense. If you look at the order book, the hodlders have left the project, doing such a vote which we all know no one has a chance to challenge will not make anyone come back.
Lets be frank, joselitos team made all these promises about burning, higher APY, and more use cases for vrt. None of which have come true. He was then allowed to run ramped on the platform abusing the system and letting his buddies pump and dump the coin not only once but twice. So how would such a proposal make sense to anyone but binance pockets?
What would make sense here is if binance had a proposal to cover the losses themselves, then they can use that as a nice marketing tool to get new users to the platform. Instead of being greedy like this proposal is, why not help all of the long time hodlers who were liquidated due to a system overreach by the original team? Why not put togeter a real plan where those holders have some incentive to keep holding vs dumping everything or having to leave with a bad taste due to liquidations?
before i go to deep into it just my first suggestion,
the 'mintBehalf" bailout function is totally useless and unneccesery, as you can send the vToken to the address giving him the “supply” without modifying the current source code.
why not just slowly sell the XVS and use the already existing repayBehalf function ?
Oppose! I agree with them. I lost 90% of the value of my xvs and loss along the way hodling xvs due to this rugpull incident. Priority is pay those who loss their money because of it and liquidate that account who is the culprit of this all.
I definitely Approve! We need these funds back in the protocol to insure future XVS rewards are paid to the community supplying currencies to Venus. This is the first step needed to recover and a step toward our new tokenomics and future!
I approve,
Opposing it will only result in Venus losing.
I think there is a lack of knowledge in those who want this
No Hacks here, no RugPull just bad debt from price manipulation
Venus cannot have a future if this problem is not resolved
There is a team here that owns it and I support them all the way.
We need the VIP to approve, otherwise supplied ETH and BTC are at risk when a bank run occurs. We need to solve this problem asap or the TVL will never grow and investors stay away - Venus would die.
we should all vote for it, we can’t solve the problems without passing this