Lending protocol Venus Undertaking, which runs on Binance Sensible Chain, was on the verge of a hostile takeover in the present day — earlier than the unique group stepped in and stopped it.
The venture, which was initially forked from Ethereum tasks Compound and MakerDAO, has a decentralized governance system through which token holders vote on adjustments to the protocol.
A proposal was handed in the present day that will have given voting and funding functionality to a brand new group, separate from the unique group behind the venture. The group behind the proposal referred to as itself Staff Bravo and mentioned its focus can be “to extend and maintain a excessive XVS worth for its traders.“
The proposal handed with 1.29 million votes in favor and 1.19 million towards. Whereas 16 addresses voted in favor of it, 39 voted towards it (though that does not matter to the end result).
The proposal requested for 1.9 million in venus tokens (XVS) ($60.8 million) in funding, which might be allotted over 5 years. It additionally supplied incentives for token holders to assist it, promising to present 900,000 XVS ($29 million) to those that voted in favor.
But shortly after the proposal was handed, the ‘Venus Deployer’ tackle canceled it, exhibiting that whoever is behind the tackle has unilateral management over the protocol’s governance course of.