Hello, Venus Family! In this edition of the newsletter, we will be highlighting some of the exciting features of our protocol, as well as new partnerships with major projects. We will also be sharing news and important events in the community. Keep reading and find out about this and much more!
For the Venus Protocol, it is very important to provide users with greater accessibility, security, and benefits. That is why important alliances were made in August that will give our community even more advantages.
New Partners Integration
More news from Venus Protocol!
As we have repeated, security is our priority. Therefore, the reports and audits that are carried out on the protocol are very valuable.
Venus Protocol Diamond Comptroller Audit by OpenZeppelin
OpenZeppelin conducted an audit of the Venus Protocol Diamond Comptroller from July 7, 2023, to July 28, 2023. The audit focused on the venus-protocol repository, particularly the Comptroller, ComptrollerStorage, Diamond, and various facets such as MarketFacet, PolicyFacet, RewardFacet, and SetterFacet. These contracts are pivotal to the Venus Protocol as they are responsible for managing markets and risk within the lending protocol. Find out more here.
Timely and permanent Education
August was a great month for Venus Protocol, concerned that the community is up to date and aware of each available function and its benefits, various educational articles have been created on our blog that expands on the operation of each of these proposals. Below we present a summary of each of them and the link where you can get more information.
Guide to Venus Isolated Lending Pools Liquidations
Our new documentation on Liquidations and Isolated Pools is live!
- How do liquidations work on Venus
- Isolated Pools technical specifications
VAI PEG Stability Module (PSM) UI
As we mentioned before, we are concerned not only with making the pertinent advances and updates at the development level of our protocol, but also through the venus community we approach our users, educating them and guiding them step by step in each of these advances.
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Venus Stars Activities around the Globe
As usual, our communities around the world enjoyed a variety of online events, including workshops, information sessions, classes in our #LearnWithVenus section, and much more. But not everything was in the digital field, our Turkey ambassador attended one of the most important events in the country, as was the Istanbul Blockchain Week 2023. Two action-packed days, speakers, and businesses from all over the world discussing the future of DeFi, Trading, Regulation, Mining, Venture Capital, and much more. At the end of the meeting, relationships were strengthened, knowledge was shared, and collaboration among attendees was promoted.
Venus in Turkey
Venus community has been very active and engaged in discussing various topics related to the protocol’s present and future including discussions on proposals to adjust the tokenomics to optimize the revenue distribution, among other important topics. Community members appear to be very proactive in driving the protocol’s development forward and have been actively voting and executing VIPs.
VIP-151 Isolated Lending Pools: Configure Liquidity Mining
This VIP set the last block with rewards for the ankrBNB market in the DeFi pool, find out the details here.
VIP-152: Unlink BIFI market from DeFi pool
VIP-153: Risk Parameters Adjustments
VIP-155: Isolated Lending Pools: Configure Liquidity Mining for BSW
VIP-157: VAI PEG Stability Module (PSM)
This VIP-157 will perform the following actions:
- Enable the Peg Stability Module (PSM) contract for VAI and USDT
- Set the VAI base rate to 4%
VIP-158: Risk Parameters Adjustments
The VIP-158 will perform the following Risk Parameters actions as per Chaos Labs latest recommendations in this Venus community forum publication: Risk Parameter Updates 08/07/2023 and Risk Parameters update 08/14/2023.
VIP-159: Adjust the Fee for Swapping VAI to USDT
The VIP-159 is a continuation of the PSM VIP. If passed, this VIP will adjust the fee for swapping VAI to USDT in PSM from 1% to 0.1%, as planned originally. In the PSM VIP, feeOut was set to 100bps, or 1%. The announced feeOut was 10bps, or 0.1%. This VIP adjusts the fee to correspond to the original intent.
VIP-160: Payment to Clearsign Technology
VIP-161: Important Actions Required for BUSD
- BUSD: Pause MINT, Pause BORROW, Pause ENTER_MARKET – Users that have already enabled BUSD as collateral will not be affected by this update. Set XVS rewards in the BUSD market to 0.Freeze new supply and borrow by reducing supply and borrow caps to 0 and Increase BUSD Reserve Factor to 100%
- TUSDOLD: Reduce jump multiplier from 2.5 to 0.5
- ankrBNB (Defi Pool): Increase supply cap by 2X to 10,000
VIP-162: Add TWT Market to Defi Pool
Following Chaos Labs recommendations, the risk parameters for the new market are:
- Underlying token: TWT
- Borrow cap: 500,000 TWT
- Supply cap: 1,000,000 TWT
- Collateral factor: 0.5
- Liquidation threshold: 0.6
- Reserve factor: 0.25
For more information on the Venus Improvement Proposals of this month, you can visit the Governance page. Remember that decentralization is synonymous with more participation and more responsibility, “come with us and let’s make decisions together”