Venus Project developers reversed the vote to regain control of the projec
The developers of the Venus Project cryptocurrency protocol on the Binance Smart Chain blockchain have regained control of the project after a vote decided to hand it over to an outside team. Venus Project is based on the code base of the Compound and MakerDAO projects of the Ethereum blockchain and uses a decentralized governance model in which token holders vote on changes to the protocol.
Today’s vote approved a proposal that would see the authority to direct the development of the protocol and allocate funding go to a group calling itself Team Bravo. Voting organizers pledged to “increase and maintain the high price of XVS for investors.”
The proposal garnered 1.29 million votes in favor and 1.19 million against. The distribution of proponents and opponents was 16 addresses and 39, respectively.
The ballot organizers also asked for 1.9 million XVS ($60.8 million) in funding to be distributed over five years, and proponents of the proposal were promised a reward of 900,000 XVS ($29 million).
“It’s an interesting proposal. They directly bribed the participants who voted for them,” notes Compound founder Robert Leshner.
Shortly after the offer was approved, the address used to launch the Venus Project contract canceled the vote, thus demonstrating that the creators of the protocol retain full control over it, despite using a decentralized governance model.