Created VIP-98. Proposal type: Normal. VIP-98 TRON Contract Migration.

22 Feb 2023, 17:27

🔵 Created VIP-98 Proposal type: Normal VIP-98 TRON Contract Migration This VIP relates to the TRON Contract swap on BNB Chain as announced earlier this week by TRON and Binance. This VIP will perform the following specific actions: * Borrowing, supplying and enabling TRX as collateral will be paused for the current TRX market on Venus. It will be renamed to ‘TRXOLD’. * TRX Borrowers should immediately repay their TRXOLD Loans to avoid paying more for their TRX if a liquidity shortage happens. * XVS Distributions will be set to 0 for ‘TRXOLD’ market and set to 12.5 XVS per day in the new TRX market. * Reserve factor will be increased in the ‘TRXOLD’ market, to 100% * Upgrade the Old vTRX market, to use a different name: "Venus OLDTRX" * Add a new market, using the new BEP20 TRX contract as underlying. Until sufficient liquidity is in place, Gauntlet has recommended the following settings: - CF: 0% - reserve factor: 25% - borrow cap: 100,000 TRX - supply cap: 180,000 TRX Binance will also support the TRON (TRX) Contract Swap - On 2023-02-27 04:00 (UTC), deposits and withdrawals of TRX (BEP20) will be suspended. - Spot trading, margin trading, futures trading, Binance Pay and Simple Earn subscriptions will not be affected during the contract swap. - Binance will handle all technical requirements involved for all users holding TRX in their Binance accounts. - A separate announcement will be made once the contract swap is complete and deposits and withdrawals of TRX (BEP20) are open. - After the contract swap, old TRX tokens will assume TRXOLD as the ticker. Users who deposit TRXOLD via the old TRX (BEP20) smart contract will be able to swap their old TRX tokens (TRXOLD) for new TRX tokens using the convert function. Complete Details Below Vote 👉🏻