VIP-030 Start new USDT and USDC markets, Stake all vested USDN

Proposal ID
64kiDiyEtJNGtidU11AjEa5KNSYvsR2ARQcugVBzFgVe

Following the positive response from the community to the community discussion piece. We are proposing to implement the following changes to the protocol:

  • Start new USDC and USDT markets
  • Stake all vested USDN so it can generate daily rewards in USDN

Start new USDC and USDT markets.

Why is this important: It allows users to return to the platform unaffected by the bad debt accrued on old markets. returning normal functionality to the Vires Finance platform.

Max APY for the new markets to be set at 20% at the moment to better reflect the current market situation, can later be configured through governance.

At the same time, old markets will no longer receive APY and $VIRES rewards since the community has decided to prioritize repayment via vested USDN. The incentives, therefore, are for all users choosing to vest. Vested users will now benefit from a sustainable APY from USDN staking.

Stake all vested USDN

Why is it important: To give users a sustainable reward directly from the Waves consensus layer. Read more about USDN staking mechanics here.

At the same time, USDN from non-borrowable colalteral will be unstaked to maximize the APY for vesting.

APY depends on the total amount of USDN staked. Every user’s reward will be proportional to the amount of USDN they have staked through vesting. Rewards will be released daily independently of vesting and claimable at any time.

Transaction Payload

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I see the future.

Sasha: I came up with suspending APY for USDN :grin::sparkles: Resume thoon​:+1:

Clarified with staff, the APY ONLY refer to vested USDN in VIP-28, NOT VIP-26.

Can someone clarify if I have supplied USDC but not converted to USDN would I be eligible to take my USDC to the new market?

“since the community has decided to prioritize repayment via vested USDN”
Uh, not me

The community members that chose to stay in the protocol are being punished by removing the 2% apy? Why is that? What purpose does it serve to remove this!?

I would like to see the 2% apy remain. Since it’s a lending platform and I borrowed out my usdc I think it’s only fair to pay me interest on the capital I provided.

No real reason was given to remove it in the first place. The community as a whole voted to have it adapted to 2% as a main element of the proposal. Now the team is pitting those who opted for usdn vesting against those who opted to remain in the platform! How is that a fair proposal? Explain this to me.

“Hello 80% of the community do you want more apy on your usdn? Yea ok :+1:, one footnote: the 20% that remain in the platform is getting fucked as a side note but it won’t affect the majority…”

This is bullshit.

Keep the 2% apy.

no, your usdc/t are gone

there’s no mention about withdraw staked usdn… and mechanism that will permit or not permit that; sasha said that will permit with usdn price > than 0.98 and stopped with usdn price 0.95

“The community as a whole voted to have it adapted to 2%”

Do you still think it matters what the community votes?

Sasha took over the large accounts and kept the gvires (votes), after a short time we saw that the debt didn’t interest him. Add the other vires prior to launching the project, that he and his team shared out.

He has not paid a single penny for a 2% APY debt, which they said would be easier to resolve.

They have repeatedly shown that the community does not matter. Even when we warned that to leave a USDN, which is unpeg very usually, at $1 it was going to cause problems (and it did, obviously), they didn’t listen either.

1 Like

Wow

looool. to reflect the market… hahahahahahahahahahaha
That’s sooooooo not how the market works. As I said more than half a year ago, interest rates should technically be able to go to infinity. You don’t centrally plan market conditions, that’s not how decentralization works, that’s how government cental banking works. There will be equilibrium on its own, 100% utilization is impossible when interest rates actually reflect market conditions.

And where’s that oracle? We’ll just see another loop usdt/c to usdn without it, and then we’ll have the exact same issues as now. You cannot maintain peg without manipulation, you’ve already proven that by manipulating BR by taking USDN locked here out of the calculation, and by refusing people to get their money. Even the measly usdn from WX IDO had to be pulled to get peg somewhat stable, and it’s still 2% off.
And BR is already down another 10% lol.

I’m just gonna abstain on voting. It won’t matter if it’s a yes or no. the result will be the same, suppliers of USDC and USDT are fucked either way. Vires will never be a trustworthy lending platform again, so gvires holders are equally fucked. lolol.

3 Likes

And now he’s just blatantly admitting that he won’t actually pay the debt at all. Not until bull market. Which can be anywhere from tomorrow till a decade from now. It’s pretty laughable that they pretend it’s for anyone but his sake, that he get all the benefits from taking on the debt, at zero cost.

And yes, there’s 100% large benefits. He stands to make like 100 million usd on it, since you can only take a certain percentage of debt based on your supply. And there was only 80% on the debt for a few months, not enough to accrue interest to swallow up the supply. He made a ton of money at suppliers expense. lmfao And the 5% bonus people get from buying usdn is not enough to eat up the supply either. lolol

1 Like

When BR is back down to 10% I’ll convert my USDC to surf, then dump the surf for USDC. At least I’ll only lose a small amount compared to now. lol

^ Watch them remove the surf option when BR goes down enough, so I won’t actually get to do that. It was just another way to fuck people over, having them buy surf at a huge loss through contract, instead of having them buy on market. lmao

So am I correct to assume that VIRES tokens and by extension gVires are now going to be completely useless and serve no purpose at all OTHER than allowing someone to vote?

2 Likes

You’re not going to make money on the gvires, as long as they keep this up, that’s for sure. Sasha is taking half of it all, and vires team and waves team is taking a chunk too. lolol

i’m not agree with a lot of point:

  1. We can use USDN mining reward (as like 10% APY) to add liquidity in usdt/c old market, no need to start new market.
  2. reopen old usdt/usdc market with that funds and with adaptive limit.
  3. 20% max apy is a non sense apy. it must be around 150% with full utilization.
  4. there’s no mention about withdraw staked USDN. when is possible and when usdn depeg this mechanism will be stopped.

i’ll vote yes because is only a minimum, minimum, minimum starting point. no more.

Why is vesting still paused after all this time?
image
These proposals mean nothing if u cant even vest the USDN you were FORCED to convert!!

Literally criminal what has been done here.

3 Likes

Sasha is just gonna default on his debts. Best to get it over with

And what about the VIRES_USDC/USDT_LP token?

At list it should be given the opportunity to exchange the VIRES_USDC_LP with VIRES_USDC_LP_V2.

Fucking scam

1 Like

Where will be staked all vested USDN that we converted? Here, vires.finance USDN supply?
If not, where can see the APY?

There should be an option to only convert a certain amount.
Exchanging our stable coins for another that has no backing (see BR) and that we do not know when we will be able to withdraw, it’s worring.

3 Likes

Did you ever get your answer? Seems like they were just lying and there’s no payment on the usdn for those that converted to usdn, and they’re keeping the money for themselves. lolol