Newsletter – August 2023

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!

Featured News

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

The first of these collaborations is with Mean Finance, here you can see the details.

Secondly, we found an important integration with Rabby and Debank that will allow us to provide users with more accessibility and convenience to interact with our protocol.

And finally, we announce this important collaboration with Thena, the native liquidity layer & AMM on BNB Chain. You can find more details here

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 

👉 https://docs-v4.venus.io/guides/liquidation

  • Isolated Pools technical specifications 

👉 https://docs-v4.venus.io/deployed-contracts/isolated-pools

VAI PEG Stability Module (PSM) UI

The @VenusProtocol Community worked tirelessly to bring you a VAI PSM user interface! Swapping between $USDT and $VAI has never been smoother. Try it out now! 

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.

You can follow every single weekly update of our blog here 👉

Venus Community

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 Governance

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

The VIP-152 will remove every record of the BIFI market from the DeFi pool, here you can know the reasons.

VIP-153: Risk Parameters Adjustments

This VIP is related to executing the risk parameter actions according to the latest recommendations from Chaos Labs find the details in this post: Risk Parameter Updates 08/02/2023

VIP-155: Isolated Lending Pools: Configure Liquidity Mining for BSW

This VIP-155 will extend the rewards for the BSW market in the DeFi pool for 30 days. Here we show you the details.

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

The VIP-160 will transfer the sum of USDT $6000 to ClearSign Technology for engineering and development of the Venus Ledger Plugin.

VIP-161: Important Actions Required for BUSD

The VIP-161 will perform the following actions as per the latest Chaos Labs recommendations:

  • 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

The VIP-162 will add a new market for TWT into the Isolated Lending 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”


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