Venus Protocol has just wrapped up a return to the Arena. Their motivation? Launching Venus Prime: a revolutionary incentive program they’ve designed to boost user engagement and growth within the protocol. For the Venus Protocol team, ensuring a seamless and secure launch is paramount, and that’s why they’ve turned to the Code4rena community once again. To delve deeper into their motivations, unique approach, and industry impact, we caught up with the team behind Venus Prime to gain exclusive insights into their journey toward a more secure and innovative future in the crypto space.
Welcome back! Tell us what prompted you to return to the Arena, a new upgrade? New features?
We’re launching a very exciting product long awaited for by $XVS Holder. (Venus Prime). A revolutionary incentive program aimed to bolster user engagement and growth within the protocol. We need to ensure a flawless product launch so, Code4rena is a must for us.
How does Venus affect the industry or the crypto community as a whole?
Launched in 2020, Venus Protocol (a.k.a. “Venus”) pushed the edges of decentralized finance through its composition of two pre-existing solutions and deployment on BNB chain, lowering the barrier to entry for millions of new users around the globe. We have always looked at ways to simplify the user experience and provided core capabilities that enabled decentralized finance to flourish in a single application. As a result, Venus found remarkable success and quickly rose to be one of the most widely used decentralized applications in web3.
What sets you apart from the competition? What is unique about Venus Prime’s approach to user incentivization?
Venus Prime’s uniqueness lies in its self-sustaining rewards system instead of external sources. Rewards are derived from the protocol’s revenue, fostering a sustainable and ever-growing program. Eligible $XVS holders will receive a unique, non-transferable Soulbound Token, which boosts rewards across selected markets.(BTC,ETH,USDC & USDT)
Apart from running an audit with us, what does your security roadmap look like?
Apart from the Code4rena audit, Venus Prime will be audited by 4 audit firms: OpenZeppelin, Peckshield, Certik and Fairyproof.
Peer reviews of the code, integration tests, fork tests and deployment simulations are other of the actions we perform on every development, to mitigate the security risk associated with any blockchain code. Finally, before deploying them to mainnet, we deploy the new developments to testnet, where we interact with them too.
It’s not your first time sharing your code with C4’s community of security experts. What do you think others could learn from undergoing an audit with Code4rena?
Every single line of your code will be reviewed several times, with a high motivation to discover issues or potential issues. Not only the simplest findings will be shared, but also complex (but feasible) scenarios will be identified. You will even learn more about the code you wrote because wardens will push you to understand its behavior under circumstances initially not considered.
It seems like every other week there’s a new event in the industry that makes crypto projects revisit their approach to security. What do you think is a security non-negotiable that new web3 projects should be thinking about?
Someone else has to review your code, for sure. Even experienced developers will miss some details that could be catastrophic. Moreover, be pessimistic and define mechanisms to apply in a contingency plan: pausing, timelocks, etc.
Learn more about Venus Prime
- Website: https://venus.io/
- Twitter: https://twitter.com/VenusProtocol
- Discord: https://discord.gg/pTQ9EBHYtF
C4 Trailblazers puts the spotlight on projects and founders that have returned to the Arena and demonstrated a commitment to security.
