A new announcement on Curve LP rewards. New epoch for incentives are now live.
23 Feb 2023, 07:35
👋👇
A new announcement on Curve LP rewards;
New epoch for incentives are now live!
Incentives over previous epochs have helped grow total TVL across pools to $6m TVL
Yield available currently * are;
New additions this epoch;
~ ibCHF / sCHF @ $171.4K tvl = 223% tAPR
~ ibGBP / sGBP @ $235.1K tvl = 159% tAPR
~ ibKRW / sKRW @ $689K tvl = 52% tAPR
ibEUR pools continue;
~ ibEUR / sEUR @ $4.3m TVL = 15.45% tAPR
~ ibEUR / USDC @ $2.7m TVL = 29.51% tAPR
* yield will scale downwards (i.e. decrease) with increase in pool TVL
đź’§-liquidity-providers can boost their yield rewards by depositing LP tokens within Yearn vaults or on Convex
Yearn Vaults - will auto-compound yield back into LP position & offers a 2.5x boost across all pools:
~ ibEUR / sEUR; https://yearn.finance/vaults/1/0xD347e7A3DdF5Ce4C42E19a4F30eEAA761795C72B
~ ibEUR / USDC; https://yearn.finance/vaults/1/0x9F8B5c0fc18B79DdFc05b21c43da7E324Cf3B8Eb
~ ibCHF / sCHF;
https://yearn.finance/vaults/1/0x72FaEA467BD88db6720A861e56A3a72B4Aa579DF
~ ibGBP / sGBP; https://yearn.finance/vaults/1/0xbE4afE6737CCf34cA21cdeF461E5C7547Adc8C77
~ ibKRW / sKRW; https://yearn.finance/vaults/1/0x5359680A80c1FB2175cD33efF32f762e43cD8C41
Convex - will boost CRV rewards (1.8x - 1.9x) whilst also providing CVX rewards;
~ search pools for "ibEUR, ibCHF, ibGBP or ibKRW"
Reminders;
- Synthetix assets can be swapped between sXXX stables via Kwenta
Pro-tips;
Make sure to hold a synthetix asset prior to utilizing Kwenta, to do so acquire assets from existing pools
- sETH/ sUSD can be acquired from 1inch or curve
- upto 1m of sEUR can be acquired from the ibEUR/sEUR pool when purchased with ibEUR at a discount due to pool overbalance
- Fixed Forex assets (ibXXX stables) can be borrowed from Iron Bank
- Observe curve pool balance before entry as LP. Additional bonus can be earnt by providing ratio of assets that help achieve pool balance
- Keep3r plans continue to incentivize the pools across future epochs consistently to attract & grow TVL
Happy yield farming folks! 👨‍🌾
Same news in other sources
3024 Feb 2023, 12:40
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex pools @CurveFinance
Fixed Forex assets can be borrowed on @ibdotxyz
🤫$ibEUR borrow rate has just lowered to 2.79%
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex p
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex pools @CurveFinance
Fixed Forex assets can be borrowed on @ibdotxyz
🤫$ibEUR borrow rate has just lowered to 2.79%
24 Feb 2023, 12:40
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex pools @CurveFinance
Fixed Forex assets can be borrowed on @ibdotxyz
🤫$ibEUR borrow rate has just lowered to 2.79%
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex p
Great opportunities available for @synthetix_io $sEUR $sCHF $sGBP $sKRW asset holders to earn yield by farming the Fixed Forex pools @CurveFinance
Fixed Forex assets can be borrowed on @ibdotxyz
🤫$ibEUR borrow rate has just lowered to 2.79% https://t.co/aIZ2f8pSLg
24 Feb 2023, 06:56
RT @snxambassadors: Spartans: Checkout these great farming opportunities for stables on Fixed Forex! 🔥 https://t.co…
RT @snxambassadors: Spartans: Checkout these great farming opportunities for stables on Fixed Forex.
RT @snxambassadors: Spartans: Checkout these great farming opportunities for stables on Fixed Forex! 🔥 https://t.co/qvHnfe5IVj https://t.co…
24 Feb 2023, 06:55
RT @ibdotxyz: New Yield Opportunities on @thekeep3r Fixed Forex!
New epoch incentives on @CurveFinance added to $ibCHF $ibGBP & $ibKRW fac…
RT @ibdotxyz: New Yield Opportunities on @thekeep3r Fixed Forex.
RT @ibdotxyz: New Yield Opportunities on @thekeep3r Fixed Forex!
New epoch incentives on @CurveFinance added to $ibCHF $ibGBP & $ibKRW fac…
24 Feb 2023, 02:12
New Yield Opportunities on @thekeep3r Fixed Forex!
New epoch incentives on @CurveFinance added to $ibCHF $ibGBP & $ibKRW factory LPs and the $ibEUR pairs also continue.
Fixed Forex assets can be simply borrowed on Iron Bank
New Yield Opportunities on @thekeep3r Fixed Forex.
New Yield Opportunities on @thekeep3r Fixed Forex!
New epoch incentives on @CurveFinance added to $ibCHF $ibGBP & $ibKRW factory LPs and the $ibEUR pairs also continue.
Fixed Forex assets can be simply borrowed on Iron Bank
https://t.co/yWIDepWaQP
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99
23 Feb 2023, 22:06
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻
VIP-99 is live. Proposal type: Normal. VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x. Summary.
🔵 VIP-99 is live
Proposal type: Normal
VIP-99 Whitelist BNB Chain to swap BUSD debt from 0x...
Summary
In order to optimally manage the debt positions on Venus that resulted from the September 2022 BNB Bridge incident, and in light of future liquidity risk of BUSD, BNB Chain proposes to upgrade the vToken contracts on USDT, USDC, ETH and BTC for the purpose of swapping BUSD debt on behalf of the exploiter’s account into other more sustainably liquid assets.
Reasoning
With the recent velocity of BUSD liquidity into other assets, there exists an increasing liquidity risk that can impact the viable liquidation of the exploiter’s $60M BUSD debt position on Venus. With the proposed upgrade, BNB Chain will intervene on behalf of the exploiter’s account to swap the position into debt in more liquid markets such as USDT, USDC, ETH and BTC. Doing so will ensure immediate remediation of this risk without having to liquidate the debt and avoid the subsequent market impact that can introduce such a large position.
Proposed Upgrade
Add a smart contract that would allow a delegated BNB Chain address to swap the attacker’s borrow by repaying BUSD debt and borrowing an equivalent amount in USDC, USDT, ETH or BTC
Upgrade Comptroller, vBUSD, vUSDT, vUSDC, vETH, vBTC contracts to grant borrowing rights to this contract
Conclusion
Following adoption and execution of this upgrade, BNB Chain will immediately begin swapping the exploiter BUSD debt into other markets over the course of a week.
Vote 👉🏻 https://app.venus.io/governance/proposal/99