Key facts:
The Venus grant program is a structured initiative to improve its protocol.
The initial pilot program will run for two quarters and will include $1 million in total funding.
Singapore, February 9, 2022. — The community behind Venus, the leading DeFi lending protocol on the Binance Smart Chain, is launching a grant program to help foster innovation within its ecosystem, supporting developments in DeFi that will pave the way for more institutional use in a multi-chain environment.
The proposal to launch the grant program aims to leverage the Venus treasury to fund community grants and protocol development. The Venus treasury has XVS worth several million dollars. The Venus Grants Program is a structured initiative to use these funds to improve the Venus protocol. This opens the doors for outside developer teams and individuals to add useful features and services.
Program Details
The grant program is broad in scope in terms of what it can support. It includes the development of the core Venus protocol and other projects based on it, the development of alternative interfaces and applications that integrate Venus, developer tools, code audits, and bounties. Community-focused proposals, including grants for educational material and the organization of events and hackathons, will also be considered.
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Grants are divided into:
- Accelerated Grantsdisbursed within 10 days of the request by the grants committee and for a total of up to USD 100,000.
- Ecosystem Grants that can provide up to $600,000 in funding, but require community input and participation.
Larger sums may also be offered, but deliberation will be subject to a full government vote.
The initial pilot program will run for two quarters (six months) and will include $1 million in total funding with $100,000 set aside for operating expenses over its duration. The VGP committee will include five members, with a leader and four reviewers. Committee members will be voted on by the DAO as part of the grant approval process, with a six-month term.
At the end of the initial pilot, the effectiveness of the Program will be reviewed based on parameters such as Venus TVL growth, fees, or community support.
“We are very excited to start this pilot of the Venus Grants Program and see if we can expand it further. We are especially excited to support applications that are built on the core smart contracts of Venus. Performance aggregators, strategies or even alternative interfaces that help us to further decentralize and increase the reach with users. If you want to build it, we will support you in any way we can.”
Brad Harrison, CEO of Venus.
About the Venus Protocol
Venus Protocol is an algorithm-based money market system designed to enable decentralized borrowing and lending on Binance Smart Chain. Cryptocurrency holders can use their assets to provide collateral to the network, earning passive income through variable APY. Borrowers can access low-cost, instant stablecoin loans without selling their non-stablecoin digital assets.
Venus uses market-supplied collateral to borrow against crypto assets and mint over-collateralized synthetic stablecoins, 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 cryptocurrency borrowed.
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