Venus Protocol Back Online After Terra Price Crash
DeFi

Venus Protocol Back Online After Terra Price Crash

Created 3mo ago, last updated 3mo ago

Venus Protocol resumed its operations after the LUNA collapse.

Venus Protocol Back Online After Terra Price Crash

Venus Protocol, a decentralized money market and stablecoin, is back online.

The protocol was paused by a multisig transaction to protect users from the impact caused by the LUNA Chainlink price feed suspension. The protocol announced that it crafted a plan to resume its operations and ensure that users can repay their debts and close their positions. It also turned off price feeds to the protocol, allowing asset supply and repayments to occur. Borrowing and liquidations are suspended.

According to its Venus Improvement Protocol 61 (VIP-61), the collateral factor on LUNA and UST is set to zero, and the assets will be offboarded from the protocol. Users have a repayment window of 12 hours following the resumption of Venus Protocol. After that, the liquidations will resume.

The entire course of action is also detailed in a Twitter thread on the Venus Protocol account.
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