VIP-52 VRT Swap & XVS Vesting

Summary

This proposal is a continuation of the topic from VIP-51. Previously, several VRT Swap & XVS Vesting architecture designs were proposed that differed from the original design summarized in the Venus Tokenomics published in August of 2021. One of these alternative designs, referred to as “fixed speed vesting” proposed a vesting schedule that would have allowed all XVS to vest very quickly if VRT was separated into a multitude of accounts and deposited separately. This potential workaround required a countermeasure in the form of a global daily limit on all deposits. Many in the community pointed out concerns regarding this daily limit from a technical and user experience perspective.

We considered feedback regarding the daily limit and how this unfairly allows those with bots to consume the daily quota before everyone else each day. There is no technically feasible way to prevent this issue with the fixed speed model, so we are proposing deployment of the original swap & vesting design.

Proposal Specifications

The VRT Swap & XVS Vesting contract(s) are a separate system from the VRT Rewards Vault and XVS Rewards Vault. VRT Swap & XVS Vesting are not related to the rewards vaults.

XVS owed from the VRT swap is vested over a 365 day period for all addresses.

The VRT Swap contract will be available for VRT deposit for 365 days after deployment. After 365 days, VRT deposits will no longer be accepted but XVS will continue to vest for up to an additional 365 days or until all XVS has vested. Vested XVS will be available for withdrawal perpetually.

Based on the following calculation (7.6B VRT in circulation / 365 days = (20,821,917 VRT/12000) = 1,735 XVS per day will be vested and released.

The Vote will consist of these three different options:

FOR: Going with the proposed approach (Original Tokenomics Proposal)

AGAINST: Looking for other options.

ABSTAIN: I don’t mind which option is chosen. Here’s why:

11 Likes

When does voting go live?

1 Like

It is now!

5 Likes

let’s moon guys … big step launching the f****ing vip52 … has been hard but finally live :+1::+1::rocket::rocket:

2 Likes

I’m down for this proposal as it provides a median between xvs and vrt holders. Let’s vote guys and finally put this all behind us!

2 Likes

Vote “AGAINST”

I more like to put these 1,735 XVS per day into XVS vault.

1 Like

Against finding more options? Pass quickly!
Are you going to spend a year on vrt?

1 Like

Why does it say the measure “failed”??

It says ”failed” in the voting section, but only one address voting against with rather weak voting power. Why then has it failed?

2 Likes

Exactly, I want to know what is going on. I hoped we were finally going to put this VRT swap thing behind us…

It said failed because it didn’t reach the 600k mark, but it didn’t have any smart contract changes so it didn’t require it. The team have said they’d honour the results and it was clear that the FOR option won. They have addressed it in the telegram page, Telegram: Contact @venusprotocol. That seems to be the best place for getting information as the team are on there pretty much every day. There’s also another group for Venus price.

1 Like

600k votes needed for quorum.

This whole VRT thing is boring :yawning_face: XVS is going down the toilet everyday, through lack of development.

2 Likes

Lets find a way to get this legacy issue done.

What is the status on this? It’s hard to follow and keep up with it. Are they taking snapshots? Or do we just stake our XVS and VRT somewhere?

Latest update is they are preparing to withdraw some XVS to facilitate the swap.

We will then need for another proposal to start the VRT swap.

Once it is live the way it should is, you deposit your VRT which will be swapped for XVS.

Then you will need to wait 365 days to withdraw the full amount, everyday a little amount will unlock.

3 Likes

Thank you for the update. So that makes sense for VRT swap. But then what? Assuming that I bought 100XVS at $120 for $12,000 to get 100,000 VRT. My 100 XVS is now worth $1100. So how much does staking the VRT repay me on the loss after 365 days? There are so many posts with proposals about this. What is the official true source including APY, dates and details?

1 Like

I started buying at $10, all the way to $130 per token. The TVL was the highest in the BSC community, and one of the highest in crypto at approx $12B. After all the dust has settled this token is building back, with new leadership. Right now we sit on a $145M market cap, with $2.8 Billion TVL. During a bull market, fair market value is 1-1 ratio. So with some positive tweaks and incentives, XVS could 20x in price. And while momentum builds and price spikes, it attracts even more TVL. We hit a solid support floor about $8 and bounced. Some positive catalysts will spike price back up

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This was yesterday so should be live today :crossed_fingers:

Telegram looks like the place for the most updates.

Convert is live :eyes:

Convert VRT

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So this was the solution to rectify? I’m confused after all the proposals I saw. We got airdropped 1000 VRT per 1 XVS we held. So 12,000 VRT was 12 XVS. Now it’s 12,000VRT for 1 xvs? I was optimistic about a better offer and win win. I don’t mind holding for a year. But on say 1000 XVS that cost $100k and is now worth $12k… to get 1M vrt… I get 100XVS bonus tokens worth $1200? Is my math correct on this?