Today, the same group of attackers launched a governance attack on us again. The initiator of VIP43 is from the same address of VIP42 and VIP40. They want to increase the collateral factor of SXP and XVS to 75%.
Venus’ risk framework is an evaluation system formed by a professional risk assessment team after a comprehensive analysis of assets` smart contract, counterparty and market. Increasing the collateral factor of SXP and XVS in violation of the risk assessment framework would bring serious financial risks to XVS and SXP holders on Venus Protocol.
In May 2021, after the former team increased the collateral factor of XVS and SXP to 80%, the attackers took advantage of this to launch an attack on Venus, causing serious losses to the community.
Now, based on the risk framework, we have gradually adjusted the risk parameters of various assets in the past several months, and the Venus system has returned to security mode. Now, those bad guys are trying to sabotage all the work done by Venus. Perhaps this is the beginning of another attack, but we will never allow this incident to happen again. We will use the Guardian authority to cancel the proposal.
At the same time, we will continue to advance the most important work for Venus, which includes continuing to adjust the risk parameters, developing our new XVS Vault and the VAI stability fee. We are also developing cooperation with additional excellent partners and we have also received a lot of feedback and support from the community recently.
Venus progress won’t be stopped by these attackers, let us continue to build, stronger and better, everyday.