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 tied to the usage of the Venus treasury, where currently several million USD worth of XVS is available for spending. The funds from the treasury will be used directly for funding 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 numerous directions, including the core protocol development of Venus, alternative frontends and application development, devtools, code audits and bounties. The program also includes granting community-centric proposals developed for educational use, 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 fund management still remains in the hands of the users and will be made only through governance voting.
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.