Hello Bunny Fam! 🐰🐰🐰
Venus has proposed to reduce their XVS token emission rate by 50%. The vote is scheduled to be finalized on May 14th UTC [https://venus.finance/vote].
As a result, in anticipation of a possible 50% reduction in XVS emissions, we are reducing the amount of leverage applied by our single asset Smart Vaults from the current rate of 2.5 to a new rate of 1.0.
This recalibration will result in lower Smart Vault yields, but is absolutely necessary to avoid the possibility of negative farming profits that can result from a sharp reduction in XVS rewards. Additionally, the recalibration of our Smart Vaults will reduce the pass-through Venus withdrawal fees from 3 bps to 1 bps. Once Venus has shared its strategy for the new VRT token, we will take advantage of higher VRT rewards to apply higher rates of leverage in order to generate higher yields.
Team Bunny is deeply grateful for your trust and support! We are — each of us and all of us together as a team — keenly aware that the Pancake Bunny community relies on us to safely and responsibly navigate the complexities of the Defi landscape. Our 24/7 Ops team monitors the Bunny platform around the clock to keep your funds SA:FU and is ready to respond to situations in real-time. And our Product team continuously monitors the Defi ecosystem to optimize our strategies and implementations dynamically and as needed to deliver the highest possible returns with the highest degree of security and reliability.
As always, Bunny Fam, thank you for helping grow Pancake Bunny into #1 Yield Platform in the world! As the Defi ecosystem continues to develop at a breakneck pace, we look forward to continuing to build and improve the Pancake Bunny platform in partnership with you, the amazing Pancake Bunny community.
And remember, Keep Calm & HOP ON!