The Venus Protocol on Binance Smart Chain was voted on by token holders to select a new leadership. However, the developers reversed this decision.
The Venus decentralized lending project is governed by a vote among token holders who choose which protocol change will be made. September 17th on the project website appeared
offer, according to which a separate team, not associated with developers, received the right to vote and control funds.
A team called Team Bravo called their goal “to increase and support the high price of the XVS token for the benefit of investors.” As part of the proposal, the new management of the protocol received 1.9 million XVS ($ 60 million). The distribution of tokens was supposed to take place within 5 years. Also, positively voted token holders would split 900,000 XVS ($ 29 million) among themselves.
Users with a large number of tokens liked this offer – it was accepted with a 10% majority of votes. However, the transfer of control did not take place. Shortly after the proposal was approved, a user under the pseudonym Venus Deployer canceled it. This once again suggests that even with claims of “decentralized management”, developers often reserve the ability to control the protocol management process.
Recall that at the beginning of the month, the dYdX decentralized exchange began distributing its own token to manage the protocol.
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