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feat: add final description for the new SnBNB market
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chechu committed Sep 28, 2023
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58 changes: 53 additions & 5 deletions vips/vip-177/vip-177.ts
Original file line number Diff line number Diff line change
Expand Up @@ -21,11 +21,59 @@ const MAX_STALE_PERIOD = 60 * 25;
export const vip177 = (maxStalePeriod?: number) => {
const meta = {
version: "v2",
title: "VIP-177 Add SnBnb market to Liquid Staked BNB Pool",
description: ``,
forDescription: "I agree that Venus Protocol should proceed with add market",
againstDescription: "I do not think that Venus Protocol should proceed with add market",
abstainDescription: "I am indifferent to whether Venus Protocol proceeds with add market",
title: "VIP-177 Add support for SnBNB market in the Liquid Staked BNB pool",
description: `#### Summary
If passed, this VIP will add a new market for [SnBNB](https://bscscan.com/address/0xB0b84D294e0C75A6abe60171b70edEb2EFd14A1B) into the Isolated Lending Liquid Staked BNB pool.
#### Description
**Risk parameters**
Following [Chaos Labs recommendations](https://community.venus.io/t/chaos-labs-risk-parameter-updates-09-18-2023/3808), the risk parameters for the new market are:
- Underlying token: [SnBNB](https://bscscan.com/address/0xB0b84D294e0C75A6abe60171b70edEb2EFd14A1B)
- Borrow cap: 100 SnBNB
- Supply cap: 1,000 SnBNB
- Collateral factor: 0.87
- Liquidation threshold: 0.9
- Reserve factor: 0.25
Bootstrap liquidity: 47 SnBNB - provided by the Helio Protocol Treasury.
Interest rate curve for the new market:
- kink: 0.5
- base (yearly): 0.02
- multiplier (yearly): 0.2
- jump multiplier (yearly): 3
**Security and additional considerations**
No changes in the code are involved in this VIP. We applied the following security procedures for this upgrade:
- **VIP execution simulation**: in a simulation environment, validating the new market is properly added to the Liquid Staked BNB pool with the right parameters and the expected bootstrap liquidity
- **Deployment on testnet**: the same market has been deployed to testnet, and used in the Venus Protocol testnet deployment
**Contracts on mainnet**
New market vSnBNB_LiquidStakedBNB: [0xd3CC9d8f3689B83c91b7B59cAB4946B063EB894A](https://bscscan.com/address/0xd3CC9d8f3689B83c91b7B59cAB4946B063EB894A)
**Contracts on testnet**
New market vSnBNB_LiquidStakedBNB: [0xeffE7874C345aE877c1D893cd5160DDD359b24dA](https://testnet.bscscan.com/address/0xeffE7874C345aE877c1D893cd5160DDD359b24dA)
**References**
- [Repository](https://github.com/VenusProtocol/isolated-pools)
- [Fork tests of main operations](https://github.com/VenusProtocol/isolated-pools/tree/develop/tests/hardhat/Fork)
- [VIP simulation](https://github.com/VenusProtocol/vips/pull/78)
- [Forum proposal to add SnBNB market to Venus](https://community.venus.io/t/isolated-lending-market-for-snbnb-on-venus/3716)
- [Community post about Venus V4, introducing Isolated Pools](https://community.venus.io/t/proposing-venus-v4)
- [Documentation](https://docs-v4.venus.io/whats-new/isolated-pools)`,
forDescription: "Process to configure and launch the new market",
againstDescription: "Defer configuration and launch of the new market",
abstainDescription: "No opinion on the matter",
};

return makeProposal(
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