Venus Protocol Updates & Roadmap

Published on: 27.05.2021

Venus Protocol released latest update on Venus below addressing open items and roadmaps.

They have been in extensive conversations with many market participants and are happy to announce they have secured counter-parties for the system shortfall in full. Venus will be deploying the Venus Grants Program(VGP) upgrade which is currently being audited by our security partners. The VGP upgrade has already successfully passed on on-chain tests and they are now awaiting the security audit to be completed. This is essential as the VGP upgrade is the same in Compound which enables the Venus Governance module to control a nearly billion dollar treasury of XVS.

The first VGP proposal will be to address the system shortfall of BTC and ETH. This will ensure that even if there is a complete withdrawal of digital assets off of Venus, that all suppliers are able to secure their assets. This guarantees that the system remains sufficiently collateralized and that the protocol will operate with market confidence. They anticipate that this will all be done in the following timelines outlined below:

VGP Development and testing: Done
VGP Preliminary Audit: By June 10th
VGP Finalized & Public Audit: By June 17th
VGP Proposal: By June 18th
VGP Deployment: By June 23th
Re-collateralizing Venus: By June 25th

Overall, they have many items in the roadmap that are still in parallel development. A highlight of what they are working on is listed below:

vXVS Vaults (this will remove XVS Borrow APY which is capped due to protection of the system)
vXVS Polling so users can signal a direction for a proposal very similar to MakerDAO polls
VAI Supply Cap, this way we can prevent liquidators from minting and paying down VAI liquidations and will encourage market participants to take VAI from the market fixing the peg through a supply-and-demand mechanism
VRT related upgrades (VRT Fees, Mining, Lottery, NFT payment etc.)