Vesper Finance
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Vesper Finance

VUSD Updates & Insights, a VIP on Future Emissions, and More

Also: Jordan Kruger speaks at SCC, early Global Ambassador progress, and a special message for Mark Cuban

VUSD Updates

This week, it’s worth highlighting the early activity surrounding the Vesper-team’s crypto-native, yield-backed stablecoin, VUSD.

Review and Comment on the VUSD Whitepaper

First and foremost, there is no better time than now to review the 0.9 draft of the VUSD whitepaper. Review and then go discuss in the #dev-general channel on Discord.

…And Then Wild VUSD Arb Bots Appeared

Purchases into (and sales out-of) VUSD expose arbitrage opportunities against the individual markets “disrupted” by open market activity. Soon after VUSD started showing up on DEX’es, several arbitrage bots came into the fold to take advantage of these discrepancies as they arose.

These bots mint, redeem, and swap VUSD across its liquid markets (Uniswap, Balancer, and SushiSwap). This indicates confidence among the bot operators in VUSD’s ability to maintain its peg, a sign in favor of a healthy stablecoin. Here’s one such example of an arbitrage trade that routes through Uniswap v2, v3, and SushiSwap to net a small ETH profit for the operator.

First VUSD Market Pairs

Finally, we’ve used the Solana token bridge to bring VUSD over to Solana and created the first VUSD / USDC market pair on the Solana network (Project Serum). More details to come soon.

VIP on Future Emissions

Currently in “draft” status, the VIP-8 proposal shifts VSP rewards designated for the duration of emissions from the last months to the upcoming months. This is intended to enable a smoother, more gradual sunset of rewards without increasing the total emissions.

From here, the community is invited to discuss in the Discord Governance channel. After discussion, this VIP will go through any needed revisions, then go to a vote. Users must hold vVSP to participate in voting.

Insight of the Week

Let’s take a look at some very early numbers behind the Vesper-created decentralized stablecoin, VUSD, currently in beta. (The whitepaper is currently versioned 0.9 as of this writing.)

Three days after launch, on June 4, one million VUSD was already in circulation, held by nine people. Currently, this number sits at around 1.4 million and 21 people.

Over 18 days, there have been eight days with a transaction volume of less than 250,000 VUSD. On three occasions, we have seen a transaction volume of over 600,000 VUSD.

Currently, only USD-pegged stablecoins are accepted by the treasury — USDT, USDC and DAI. That means that every VUSD is backed by one of these three stablecoins. The following chart shows the evolution of each of those treasury assets. USDC currently seems the most deposited collateral asset, with over 550,000 USDC in treasury.

Be sure to check out the live-updated Dune Analytics charts.

Jordan Kruger at SCC 2021

Vesper CEO Jordan Kruger joined Super Crypto Conference 2021 for a keynote discussion on the challenges and opportunities that are impacting the expansion and growth of DeFi.

The session focused on the current and future state of DeFi, with a focus on how the industry can take the right steps to ensure DeFi’s expansion and success for years to come. We developed Vesper on many of these tenants, which range from keeping community at the core, prioritizing professionalism and providing a simple user experience to increase accessibility.

A recording of the session will be available soon.

From the Ambassador Network

All ambassadors have completed translation review of both site and app. Translation work continues on our documentation which will help with accessibility in non-English regions. The next step is adding the languages reflected by our ambassador team that we previously did not feature, such as Vietnamese.

Speaking of Vietnamese, here’s Vesper discussed in Bigcoin Vietnam News thanks to Remy:

Our Turkish ambassador, Onur, delivered Vesper’s first official non-English-language YouTube channel. Here is the first instructional video:

Finally, our Japanese ambassadors Taisa and Ken placed Vesper in SPA! magazine, an imprint of JapanTimes and one of the most popular magazines in Japan. Vesper (VSP) is mentioned as a must-watch asset in the DeFi space.

From a Rugpull, a Rickroll

Many DeFi projects come and go. Billionaire Shark Tank denizen Mark Cuban was recently caught by one of the latter species. The Vesper Twitter quickly (“rickly?”) delivered a subtle message describing our commitment of quality and reliability to him and all Vespernauts. Can you spot it?

The Wrap Up

As always, keep up with Vesper on:


Vespernauts Michael, Mikey, Simon C., Green Jeff, mlam, and Shazi_H contributed to this report. Edited by Phil Gomes.



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