{"id":49706,"date":"2021-09-18T10:13:56","date_gmt":"2021-09-18T07:13:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49706"},"modified":"2025-09-02T14:00:18","modified_gmt":"2025-09-02T11:00:18","slug":"venus-project-developers-cancel-vote-to-regain-control-of-the-project","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/venus-project-developers-cancel-vote-to-regain-control-of-the-project\/","title":{"rendered":"Venus Project developers cancel vote to regain control of the project"},"content":{"rendered":"<p>The developers of the Venus Project lending protocol on the Binance Smart Chain cancelled the vote to hand the project to an external team. This was disclosed by Compound founder Robert Leshner.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\ud83d\udea8 THE FIRST HOSTILE TAKEOVER OF A PROTOCOL HAS OCCURRED \ud83d\udea8<a href=\\\"https:\/\/t.co\/kghWyyEPlH\\\">https:\/\/t.co\/kghWyyEPlH<\/a><\/p>\n<p>\u2014 Robert Leshner (@rleshner) <a href=\\\"https:\/\/twitter.com\/rleshner\/status\/1438879940607365126?ref_src=twsrc%5Etfw\\\">September 17, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"\u00abutf-8\"\\\" ><\/script><\/p>\n<p>Venus Project \u2014 analogue of Compound on Ethereum. The project uses a decentralised governance model whereby token holders vote to approve changes to the protocol.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Update: the \u2018Venus: Deployer\u2019 address unilaterally cancelled the proposal following this tweet (they have that power?)<a href=\\\"https:\/\/t.co\/dySCfKv6IT\\\">https:\/\/t.co\/dySCfKv6IT<\/a><\/p>\n<p>\u2014 Robert Leshner (@rleshner) <a href=\\\"https:\/\/twitter.com\/rleshner\/status\/1438887551444701185?ref_src=twsrc%5Etfw\\\">September 17, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The Team Bravo group held a vote on granting it authority to develop the protocol and distribute tokens. The organisers requested 1.9 million XVS (~$60.8m) of funding, of which 900,000 XVS (~$29m) were promised to be distributed among supporters.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cInteresting proposal. They directly bribed participants who voted for them,\u201d wrote Leshner.<\/p>\n<\/blockquote>\n<p>The proposal was supported by 1.29 million votes, and 1.19 million were opposed. Team Bravo pledged to \u201cincrease and maintain a high price for XVS for investors.\u201d<\/p>\n<p>The address used to deploy the Venus Project contract cancelled the voting results. The decision demonstrated control over the protocol by its creators, despite the decentralised governance model.<\/p>\n<p>In September, the Cream Finance DeFi protocol hacker <a href=\"https:\/\/forklog.com\/en\/news\/cream-finance-defi-protocol-hacker-returns-17-6-million\">reimbursed<\/a> most of the funds stolen in the recent attack, totalling 5,152.6 ETH (~$17.6m).<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developers of the Venus Project lending protocol on the Binance Smart Chain cancelled the vote to hand the project to an external team.<\/p>\n","protected":false},"author":1,"featured_media":49707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Venus Project governance vote cancelled by its creators.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1307,1093,1787,785],"class_list":["post-49706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bnb-chain","tag-defi","tag-venus-planet","tag-voting"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"Venus Project governance vote cancelled by its creators.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=49706"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49706\/revisions"}],"predecessor-version":[{"id":49708,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49706\/revisions\/49708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/49707"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=49706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=49706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=49706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}