Venus, the DeFi protocol that is the leader on Binance Smart Chain for lending, has launched a grant program. It will help support innovations within the ecosystem.

In order to create the grant program, the proposal aims at leveraging the Venus treasury which holds several million dollars worth of XVS to support community grants as well as the development of the protocol. This program, known as the Venus Grants Program, is designed to make use of these funds to improve the Venus protocol. It also opens the door for outside developers and individual to create useful features and services.

This grant program supports a broad range of projects, such as core protocol development for Venus and others that build on it, development of other frontends or applications integrating Venus, and developer tooling. Other community-centric projects will be taken into consideration, such as educational material grants or the organisation of events and hackathons.

There are two kinds of grants: Accelerated grant, which is disbursed by the grant committee within 10 days and a maximum amount of $100,000. Ecosystem grant, on the other hand, can offer up to $600,000. But, it requires feedback from the community and may require participation. Although larger sums are possible, the full governance vote must be taken before any offer is made.

Initial pilot programs will last for six months and include $1million in funding. $100,000 will be reserved to cover operational costs. VGP Committee will have five members. There will be one reviewer and four lead members. DAO will elect the committee members as part the grant approval process. This mandate lasts six months.

The effectiveness of the Venus Grants Program will also be evaluated at the conclusion of its pilot mandate. This review will take into account factors such as community support, growth in Venus TVL or fees.

“We’re very excited to begin this Venus Grant Program pilot and see if we can scale it up even further,”
Brad Harrison, Venus CEO

“We’re especially excited to support applications that build upon the core Venus smart contracts. Yield strategies and aggregators are also available. These frontends help to further decentralize the system, increase user reach, and even provide alternative frontends. If you want to build it, we will support you in any way we can.”

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