Venus Protocol has several strategies coming to help mitigate past exploits and incentivize future protocol activity.
A Long Summer
Venus Protocol is emerging from a long summer. The protocol has released a plethora of features to recover from the recent market manipulation.
Danny, the Global Community Deputy, joined Greg of BSC.News for a half-hour Livestream on August 8th, to discuss all the latest developments from Venus. The two discussed collateral, interest rates, and the new Venus vault.
Venus Protocol went through an overhaul the last few months, with Danny confirming the recovery from its May exploit and the Swipe team’s withdrawal is still happening. Binance was confirmed as an assistant in the recovery process in multiple steps. The team is taking steps forward to prevent learn from the liquidation event.
“We’re constantly doing adjustments to reduce any possibility of more pump and dumps or another event to happen like this,” said Danny, Global Community Deputy of Venus Protocol. He added, “We plan to lower collaterals. And if you lower collateral factors people cannot pump and dump as easily.”
Since the shortfall crisis with Swipe in May, Venus has done well to regroup and put the worst behind them. Danny confirmed Binance helped lead to the rehiring process as well as monitor the emissions process.
There is still massive volume on Venus Protocol that can balance the weight of new changes so there should be little price affect on the native token, XVS.
The team behind Venus and its XVS are working to improve the interest rates available on top of collateral. Weary of inflation, they are ready with a number of emissions mechanisms in place to keep prices at levels close to the governance approvals.
The Venus Protocol governance community has seen a strong reaction and participation with several proposals approved
“I’m excited for the revenue share on the new vault and the buyback burn,” Danny highlighted from the coming proposals as two features he finds particularly fun. “These will definitely make XVS rarer going forward.”
Overall, Venus Protocol has put the past behind them. With a new team and new goals, they have a long road ahead. Hovering just under $30, the XVS token is still a far cry off its all-time high of $147, a week removed from its May 17 exploit.
To Catch the Full Livestream recording, check the BSC.News YouTube page.
About Venus Protocol
Venus Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is one of the largest algorithmic money market and synthetic stablecoin protocols on Binance Smart Chain. The Binance-backed protocol became famous around the DeFi following their hint of a massive incoming burn by founder Joselito and its Venus Reward Token VRT rewards for XVS token holders.
To learn more about Venus Protocol, see the following resources: Website | Twitter | Telegram | Medium
Source : bsc.news
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