New Snapshot Vote in progress.
10 Aug 2023, 15:09
New Snapshot Vote in progress
Topic: Add an Isolated lending market for $THE on Venus & to scale a $XVS-$ankrBNB liquidity pool on THENA
Details and vote:
Same news in other sources
111 Aug 2023, 14:03
🔊 New Governance Proposal
VIP-157 VAI Peg Stability Module
Summary
If passed, this VIP will perform the following actions:
* Enable the Peg Stability Module (PSM) contract for VAI and USDT
* Set the VAI base rate to 4%
Description
This VIP enables the Peg Stability Module, allowing anyone to convert USDT for VAI and vice versa. The PSM was proposed to the Venus community in the post “PROPOSAL: Deploy the VAI PEG Stability module and Supply Liquidity to PancakeSwap for the VAI/USDT Pair”, and accepted in this Snapshot proposal.
The following parameters will be set following the recommendations of Steakhouse shared in the community forum: Setting the PSM fees and change VAI borrowings parameters
Config parameters (they can be updated in the future with another VIP):
* PSM/USDT feeIn: 0bps (to be applied when the user sends USDT to the contract to receive VAI)
* PSM/USDT feeOut: 10bps (to be applied when the user sends VAI to the contract to receive USDT)
* Maximum amount of VAI generated in the PSM: 5M VAI
* Bootstrap liquidity: 219,000 USDT, provided by the Venus Treasury, that will receive the equivalent amount of VAI
Moreover, this VIP will update the VAI base rate from 1% to 4%.
Extra considerations for the PSM
There will be a PSM contract deployed for each pair VAI - Stablecoin. This VIP enables the PSM contract for VAI - USDT. In the future, new VIPs can be proposed to enable new PSM contracts with different stablecoins.
Each enabled PSM must be authorized to mint VAI. This VIP authorizes the PSM for VAI - USDT to do that.
The fees generated in the PSM (always in VAI) will be sent to the Venus Treasury.
The PSM contract fixes the conversion rate 1 VAI = $1, not 1 VAI = 1 USDT. It uses the Resilient Price Feeds enabled on VIP-123 to get the USD value of the USDT on each transaction.
Initially, the expected main use cases for the PSM contract will be:
* Open arbitrages opportunities with the exchanges, keeping the VAI price closer to $1:
* If the VAI price in PancakeSwap (PCS), for example, is below $1, bots will buy VAI in PCS (pushing up the VAI price closer to $1) and they will send it to the PSM, getting more USDT.
* If the VAI price in any exchange is above $1, bots will send USDT to the PSM, getting VAI that they will sell in the exchanges (pushing down the VAI price closer to $1), getting more USDT.
Complete proposal details and vote 👇🏻
New Governance Proposal. VIP-157 VAI Peg Stability Module. Summary. If passed, this VIP will perform the following actions:.
🔊 New Governance Proposal
VIP-157 VAI Peg Stability Module
Summary
If passed, this VIP will perform the following actions:
* Enable the Peg Stability Module (PSM) contract for VAI and USDT
* Set the VAI base rate to 4%
Description
This VIP enables the Peg Stability Module, allowing anyone to convert USDT for VAI and vice versa. The PSM was proposed to the Venus community in the post “PROPOSAL: Deploy the VAI PEG Stability module and Supply Liquidity to PancakeSwap for the VAI/USDT Pair”, and accepted in this Snapshot proposal.
The following parameters will be set following the recommendations of Steakhouse shared in the community forum: Setting the PSM fees and change VAI borrowings parameters
Config parameters (they can be updated in the future with another VIP):
* PSM/USDT feeIn: 0bps (to be applied when the user sends USDT to the contract to receive VAI)
* PSM/USDT feeOut: 10bps (to be applied when the user sends VAI to the contract to receive USDT)
* Maximum amount of VAI generated in the PSM: 5M VAI
* Bootstrap liquidity: 219,000 USDT, provided by the Venus Treasury, that will receive the equivalent amount of VAI
Moreover, this VIP will update the VAI base rate from 1% to 4%.
Extra considerations for the PSM
There will be a PSM contract deployed for each pair VAI - Stablecoin. This VIP enables the PSM contract for VAI - USDT. In the future, new VIPs can be proposed to enable new PSM contracts with different stablecoins.
Each enabled PSM must be authorized to mint VAI. This VIP authorizes the PSM for VAI - USDT to do that.
The fees generated in the PSM (always in VAI) will be sent to the Venus Treasury.
The PSM contract fixes the conversion rate 1 VAI = $1, not 1 VAI = 1 USDT. It uses the Resilient Price Feeds enabled on VIP-123 to get the USD value of the USDT on each transaction.
Initially, the expected main use cases for the PSM contract will be:
* Open arbitrages opportunities with the exchanges, keeping the VAI price closer to $1:
* If the VAI price in PancakeSwap (PCS), for example, is below $1, bots will buy VAI in PCS (pushing up the VAI price closer to $1) and they will send it to the PSM, getting more USDT.
* If the VAI price in any exchange is above $1, bots will send USDT to the PSM, getting VAI that they will sell in the exchanges (pushing down the VAI price closer to $1), getting more USDT.
Complete proposal details and vote 👇🏻
https://app.venus.io/#/governance/proposal/157