Venus is ready to provide support for developers in various fields
The community of leading DeFi lending protocol on Binance Smart Chain, Venus, has announced the launch of a grants program to incentivize innovation in its ecosystem, supporting development in DeFi, which will create more use cases for institutional usage in a multi-chain environment.
The proposal to launch a grant program will be directly linked to the use of the Venus Treasury, where several million dollars of XVS are currently available to be spent. Treasury funds will be used directly to finance the development process.
The Venus Grants Program is also a part of the program aimed at improving the Venus protocol. The program will open the doors for developers from other teams and individuals who are willing to make a contribution to creating useful features and services on Binance Smart Chain.
The program will support many directions, including Venus core protocol development, alternative interfaces and application development, developer tools, code audits, and bounties. The program also includes the granting of community-focused proposals developed for educational purposes, including various events and hackathons.
The grant program will be divided into Accelerated and Ecosystem Grants. The first program is disbursed within 10 days of application by the grant committee, totaling a maximum of $100,000. The sending program can provide up to $600,000 in funding but will require the involvement of the community.
The Venus community is also ready to provide larger sums if needed, but the management of the funds still remains in the hands of the users and will only be done by governance vote.
The initial program will run for six months and include $1 million in total funding with $100,000 reserved for operational and various expenses. The VGP committee will include five members with one lead and four reviewers. Members of the committee are going to be set by the DAO during the grant approval process.
