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.
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: