Venus Launches Pilot Grants Program to Support Ecosystem Innovation

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Singapore, Singapore–(Newsfile Corp. – Feb. 9, 2022) – The community behind Venus, the leading DeFi lending protocol on Binance Smart Chain, is launching a grant program to help foster innovation within its ecosystem, by supporting DeFi developments that pave the way for more institutional use in a multi-chain environment.

The proposal to launch the grant program aims to leverage Venus treasury, where several million dollars from XVS are available, to fund community grants and develop the protocol. The Venus Grants program is a structured initiative to use these funds for the improvement of the Venus protocol, opening the doors for external developer teams and individuals to add useful features and services.

The grant program has a broad scope in terms of what it can support, including the development of the core Venus protocol and other projects building on it, the development of interfaces and software. alternative apps integrating Venus, developer tools, code audits and bounties. Community-focused proposals will also be considered, including educational material grants and the organization of events and hackathons.

Grants are divided into: Accelerated Grants, disbursed within 10 days of request by the Grants Committee and totaling a maximum of $100,000; and Ecosystem Grants which can provide up to $600,000 in funding, but require community input and participation. Larger sums may also be proposed, but the deliberation will be subject to a full governance vote.

The initial pilot program will run for two quarters (six months) and will include total funding of $1 million, including $100,000 earmarked for operational expenses during its term. The VGP committee will consist of five members, with a manager and four examiners. Committee members will be elected by the DAO as part of the grant approval process, with a six-month term.

At the end of the initial pilot term, the Venus grant program will be reviewed for its effectiveness based on metrics such as Venus TVL growth, fees, or community support.

“We are excited to launch this pilot of the Venus Grant program and see if we can grow it even further,” said Brad Harrison, CEO of Venus. “We are especially excited to support applications that rely on Venus’ core smart contracts. aggregators, strategies or even alternative interfaces that help us further decentralize and increase reach to users. If you want to create it, we will support you in every way possible. »

About the Venus Protocol

The Venus Protocol is an algorithm-based money market system designed to enable decentralized lending and borrowing on the Binance Smart Chain. Cryptocurrency holders can use their assets to provide collateral to the network, earning passive income through a variable APY. Borrowers can access instant, low-cost stablecoin loans without selling their non-stable digital assets.

Venus uses market-provided collateral to borrow against crypto assets and synthetic stablecoins with over-collateralized positions, backed by a basket of cryptocurrencies, to protect the protocol. This ensures a secure credit environment where lenders receive an interest rate compounded annually, paid per block, while borrowers pay interest on the borrowed cryptocurrency.

Contact:

Dan Edelstein
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113279