Newsletter – October 2023

Greetings, Venus Community! In this newsletter, we’ll spotlight the fast pace growing aspects of our protocol, along with recent collaborations with prominent projects. Additionally, we’ll provide updates on community news and significant events. Continue reading to uncover all this and more!

Featured News

Exciting news has just arrived as the Venus Prime audits have successfully concluded! These extensive assessments play a pivotal role in guaranteeing the safety and security of our community. With the audits wrapped up, we’re now gearing up for the highly anticipated launch of Venus Prime. Get ready to earn additional yield and boost your earning with Venus Prime SBT!

Venus Prime Audits Complete!

The audits for Venus Prime are now successfully concluded! These thorough assessments ensure the safety and security of our community. We’re all set for the eagerly awaited Venus Prime launch. Stay tuned for the big reveal! 

Exclusive Code4rena Trailblazers Interview: Venus Protocol’s Venus Prime Launch

On October 4, Venus Protocol had the privilege of being featured in an exclusive interview with Code4rena Trailblazers, shedding light on their latest innovation, Venus Prime. This pioneering incentive program aims to elevate user engagement and fuel growth within the protocol. Their return to Code4rena underscores their unwavering commitment to security, ensuring a smooth launch.

Congratulations to the winners of Galxe campaign with Venus Prime 

The Venus Prime Campaign on Galxe, which was announced through our social media channels last month, has concluded, and all the prizes were distributed on October 25. Congratulations to all the winners!

New listing in KuCoin!

$XVS t’s now available on KuCoin! This move brings enhanced trading opportunities, wider reach, increased visibility, and strengthens the project’s ecosystem. Stay tuned for updates and developments on this important expansion.

More news from Venus Protocol!

At Venus, security is our top priority. This encompasses audits, attentiveness to community, new releases, and continuous protocol optimization reviews. Therefore, the reports and audits conducted on the protocol add immense value for us.

Chaos Labs – Risk Parameter Updates 

Chaos Labs has made a series of risk parameter updates for different cryptocurrencies. In the first update (10/02/2023), they proposed adjustments for snBNB and MATIC to increase their supply and borrow caps. In the second update (10/09/2023), changes were suggested for snBNB and agEUR, aiming to optimize these parameters based on user behavior. 

Finally, in the third update (10/16/2023), they focused on ETH interest rates, suggesting a curve adjustment to align with ETH staking APR, and the introduction of VAI to the stablecoins Isolated pool with conservative risk parameters. These updates aim to enhance the functionality and efficiency of Venus’s lending and borrowing markets.

Messari report on the State of Venus Q3 2023

This Messari report on the state of Venus Q3 asserts that the protocol earned $3.3 million and reduced BNB collateral by $66 million through a partial liquidation. Venus Prime launches in Q4 for higher yields. Protocol interest revenue rose 45% to $3.3 million. Total value supplied dropped 18% due to asset outflows. All BUSD loans face forced liquidation in October. User activity saw a 117% increase in depositors but a 27% decline in borrowers.

Venus Community

Venus Stars Activities around the Globe

Throughout this month, the global Venus Community has been exceptionally vibrant, marking a year of remarkable growth with an impressive tally of more than six in-person events spanning all six continents. This widespread and diverse engagement underscores the strong and expanding presence of Venus Protocol on a global scale.

Venus in Costa Rica and Mexico 

During the Cryptocantina event in Costa Rica, our Venus Star, Andrea Barrantes, presented the Venus Protocol to the local community creating enthusiasm and engagement in Central America. In Mexico, our Venus Star Christopher Sanchez conducted a class on DeFi protocols at the University of Queretaro.

Venus in London and Poland

  Our Venus Star Gregor participated in two major crypto events, Zebu Live in London and Bitcoin TEJ in Poland.

Venus in Venezuela 

In Venezuela, our two Venus Stars, Edumar Leon and Ricardo Maica, served as speakers at Caracas Blockchain Week. Ricardo gave a talk on “Starting in Crypto” and shared valuable insights on how to navigate the Web 3 space, while Edumar’s talk focused on identifying crypto projects that will shape the next generation.

Venus in Turkey and Nigeria

In Türkiye, our Venus Stars were actively participating with the community during BlockchainX in Istanbul, where more than 300 individuals were educated about the features, benefits, and new developments of Venus Protocol in the DeFi space. Last but certainly not least, our Venus Star from Nigeria, Debbie Otton, was actively engaged at the Akwa Ibom Tech Week, connecting and collaborating with the Venus community as well as educating about DeFi space and Venus Protocol’s benefits.

VenusRevoke: Safeguarding Your Assets on BNBChain!

We are thrilled to introduce #VenusRevoke, an exciting open-source web3 tool designed by Venus Community to empower our community and users with enhanced contract approval management. Users’ security matters to us, which is why we encourage you to stay safe by taking advantage of this innovative tool #VenusRevoke is here to assist you in achieving it. Stay tuned for more updates and stay #SaFu with Venus

Venus Governance

The Venus community has demonstrated exceptional engagement with a total of 27 proposals comprising 18 VIP proposals, 5 forum proposals, and 5 snapshot votes. These discussions encompass a wide array of crucial topics, such as optimizing revenue distribution through adjustments to tokenomics and other significant protocol-related matters. Community members have showcased remarkable proactivity by actively participating in voting and implementing VIPs, underscoring their dedication to advancing the protocol’s development.

VIP-178 Add support for agEUR market in the Stablecoins pool

This VIP will introduce a new market for agEUR within the Isolated Lending Stablecoins pool.

VIP-179 DAO Operations & Funding Withdrawal

VIP-179 addresses the allocation of funds for Quarterly Venus Protocol DAO Operations & Funding in Q1 2023, which have not been withdrawn from the Treasury as per the Tokenomics.

VIP-180 Risk Parameters Adjustments

This VIP will implement risk parameter actions in accordance with the recent recommendations by Chaos Labs, as detailed in the Venus community forum publication titled “Risk Parameter Updates 10/02/2023.”

VIP-181 Fix on the Diamond Comptroller configuration

This VIP will implement a configuration fix for the Diamond Comptroller deployed at VIP-174. This fix does not require any changes to the code or contract upgrades.

VIP-182 Isolated Lending Pools: Configure Liquidity Mining (SnBNB and agEUR)

This VIP will establish the final block for distributing rewards to the SnBNB market in the Liquid Staked BNB pool and the agEUR market in the Stablecoins pool.

VIP-183 Quarterly XVS Buyback and Funds Allocation

VIP-183 pertains to the Quarterly Venus Protocol XVS Buyback & Funds allocation in alignment with the Tokenomics.

VIP-184 Payments Issuance for performed Audits and Services

This VIP encompasses several financial actions, including transferring funds to various entities for audits and other purposes. 

VIP-185 Risk Parameters Adjustments (SnBNB and agEUR)

This VIP will implement risk parameter changes based on Chaos Labs’ most recent recommendations as detailed in the Venus community forum publication titled “Risk Parameter Updates 10/09/2023.”

VIP-186 Add forced liquidations feature into the Isolated pools

This VIP proposes an upgrade to the Comptroller contracts of the Isolated pools, introducing the “forced liquidations” feature.

VIP-187 Risk Parameters Adjustments (ETH and USDT Stablecoins)

This VIP intends to implement changes in the Interest Rates (IR) and Kink parameters based on Chaos Labs’ recent recommendations, as outlined in the Venus community forum publication “Risk Parameter Updates 10/16/2023.”

VIP-188 Update XVS Distributions APR based on Q3 Buyback results

This VIP outlines two key actions. First, it proposes to set the new XVS Vault distribution speed at 1,440 XVS per day. Additionally, it suggests authorizing the Fast-track and Critical timelock contracts to make adjustments to the XVS Vault distribution speed in the future.

VIP-189 Automatic income allocation: deployment stage 1

This VIP will result in two key changes. First, it will shift the admin control of the VBNB market in the Core pool from the Normal Timelock contract to the new contract VBNBAdmin. Second, it will upgrade the RiskFund contract’s implementation to enable support for funds from the Core pool.

VIP-190 Protocol Liquidation Revenue Withdrawal

This VIP will involve redeeming all VTokens held in the Venus Treasury as of October 1st, 2023, and transferring the corresponding underlying tokens back to the Venus Treasury.

VIP-191 Enable forced liquidations on the BUSD market

If this VIP will introduce forced liquidations for the BUSD market, allowing a specific contract (BUSDLiquidator) to conduct these liquidations. Additionally, it will halt interest accrual for the BUSD market by updating the Interest Rate Model, in accordance with recommendations from Chaos Labs as discussed in the community forum.

VIP-192 Automatic income allocation: deployment stage 2 – vTRXOLD and vTUSDOLD

This VIP will upgrade the vTRXOLD and vTUSDOLD markets in the Core pool to enable Automatic Income Allocation. Additionally, it will create provisions for future Fast Track and Critical VIPs to propose adjustments to various risk parameters.

VIP-193 Automatic income allocation: deployment stage 2 – Core pool

This VIP will enhance the implementation of all markets in the Core pool, excluding vTRXOLD and vTUSDOLD (which have already been upgraded through VIP-192), as well as vBNB (not subject to upgrades), vLUNA and vUST (which have been deprecated).

VIP-194 Automatic income allocation: deployment stage 2 – Isolated pools

This VIP will upgrade the implementation of all markets in the Isolated pools, allowing for the activation of the Automatic Income Allocation feature in those markets.

VIP-195 Add support for UNI on Venus Core Pool

This VIP will introduce a new market for the UNI token within the Venus Core Pool.

For more information on this month’s Venus Improvement Proposals, please visit the Governance page. Remember that decentralization is synonymous with increased participation and responsibility. Join us as we make decisions together.

Forum proposal

This month in Venus Protocol, five significant proposals have surfaced, each poised to influence the community and ecosystem’s future. These ideas encompass a range of developments, from incorporating $VAI on the Uquid Web3 platform, re-enabling VAI Minting, and introducing support for MKR and UNI in Venus Core Pool, to implementing Layer Zero technology for omnichain capabilities. Furthermore, PLANET ReFi suggests listing PLANET tokens on the Isolated Lending Market. Explore the details via the provided links and be part of shaping Venus Protocol’s future.

Snapshot 

This month’s snapshots for Venus Protocol encompass a variety of forward-looking proposals. They include a comprehensive three-phase integration with LayerZero, the integration of VAI as a payment method on the Uquid platform in preparation for VAI Minting, a crucial vote to secure funding for vrtuhub.com to bridge cryptocurrency and esports, the addition of PLANET tokens to Venus’ Isolated Lending Market, and the adoption of Messari for quarterly research and reporting. These snapshots collectively reflect Venus Finance’s dedication to innovation and growth, with each proposal having the potential to shape its future. Click on the links below for further details about the proposals. 


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