[VPD-1314] Configure PrimeV2 on BSC by Debugger022 · Pull Request #712 · VenusProtocol/vips

Debugger022 · 2026-05-29T11:46:12Z

VIP-637 [BNB Chain] PrimeV2 and PrimeLeaderboard

Summary

This proposal begins the execution of the Prime Rewards Redesign on BNB Chain — it brings the new PrimeV2 and PrimeLeaderboard contracts live and decommissions the legacy Prime program. It is the migration half of a two-proposal rollout; a companion critical proposal freezes the system beforehand so the transition from legacy Prime to PrimeV2 is seamless and nothing earned under the existing program is lost.

Description

This proposal executes the redesign set out in the Venus Tokenomics Phase II — Prime Rewards Redesign proposal; it does not change that design. PrimeV2 and the legacy Prime share one rewards vault (the PrimeLiquidityProvider), which can serve only one Prime contract at a time. Before this proposal is executed, a companion critical proposal pauses XVS Vault staking and zeroes legacy Prime emissions, and an off-chain reward settlement pays every legacy Prime holder their pending rewards in full — so repointing the vault here strands nothing.

This proposal then accepts ownership of the new contracts, grants the required ACM permissions, wires PrimeV2 and PrimeLeaderboard together, repoints the rewards vault / XVS Vault / Core pool Comptroller / VAIController from legacy Prime to the new contracts, configures the launch markets (vUSDT and vWBNB), and pauses legacy Prime. Supplying and borrowing on Venus markets are unaffected throughout; only XVS staking is temporarily paused, and is resumed by the Guardian once existing stakers are seeded into the new leaderboard off-chain.

The contracts are implemented and deployed in venus-protocol PR #676 and PR #677; the governance setup is in this PR (#712).

Actions

This proposal performs 54 transactions on BNB Chain, in the following groups.

Key addresses:

Contract	Address
PrimeV2	`0x059EabA8676b03e4e8f009eFb7F587C28450F50f`
PrimeLeaderboard	`0x55e2ccF68B7A276dc28AfA107997b8B1Be932c0b`
PrimeLiquidityProvider	`0x23c4F844ffDdC6161174eB32c770D4D8C07833F2`
legacy Prime	`0xBbCD063efE506c3D42a0Fa2dB5C08430288C71FC`
Core pool Comptroller	`0xfD36E2c2a6789Db23113685031d7F16329158384`
VAIController	`0x004065D34C6b18cE4370ced1CeBDE94865DbFAFE`

Accept ownership — acceptOwnership() on PrimeV2 and PrimeLeaderboard.
Grant ACM permissions (43 txns) — giveCallPermission on the Access Control Manager: per-cycle ops (issue/issueBatch/burn/burnBatch/recordCycleSnapshot) to Normal Timelock + Keeper (0xe0237587acA20f9304d30FACC9Afcd5DD9a94899) + Guardian; one-time staker seeding (initializeStakers/finalizeInitialization) to Keeper + Guardian only; setMintThreshold/setLimit to Normal Timelock + Guardian only; policy levers (addMarket, removeMarket, updateAlpha, updateMultipliers, setMultiplierTiers, etc.) to Normal Timelock only; pause/unpause to all three timelocks + Guardian; circuit-breaker pause() on both PrimeV2 and the XVS Vault to the Venus team multisig (0xCCa5a587eBDBe80f23c8610F2e53B03158e62948).
Wire PrimeV2 ↔ PrimeLeaderboard — setPrimeLeaderboard(address) on PrimeV2 and setPrimeV2(address) on PrimeLeaderboard.
Repoint the rewards vault — setPrimeToken(address) on the PrimeLiquidityProvider, pointing it at PrimeV2.
Switch the XVS Vault hook — setPrimeToken(address,address,uint256) on the XVS Vault, pointing the prime hook at PrimeLeaderboard (reward token XVS, pool id 0 unchanged).
Repoint the Core pool Comptroller — setPrimeToken(address) on the Comptroller, pointing market hooks at PrimeV2.
Repoint the VAIController — setPrimeToken(address) on the VAIController, so the Prime-holder VAI mint gate tracks PrimeV2 membership.
Add Core pool markets — addMarket(address,uint256,uint256) on PrimeV2 for vUSDT and vWBNB, each with a 2x supply multiplier and 0x borrow multiplier.
Decommission legacy Prime — togglePause() on the legacy Prime contract to pause it permanently.

Note: the Notion voting doc lists an additional "Restore reward emissions" (setTokensDistributionSpeed) group, bringing its count to 55. That command is not part of this proposal — the on-chain transaction set is the 54 above. Reward distribution speeds for the launch markets are handled outside this VIP.

References

PrimeV2 / PrimeLeaderboard implementation: [VPD-1292] PrimeV2 Sherlock Audit venus-protocol#676 and [VPD-1313] PrimeV2 deployments for BSC venus-protocol#677
Testnet rollout (VIP-637 + addenda): this PR ([VPD-1314] Configure PrimeV2 on BSC #712)

Bring PrimeV2 + PrimeLeaderboard live on bsctestnet: accept ownership, grant ACM perms (epoch ops to NormalTimelock + Guardian), wire the pair, repoint PrimeLiquidityProvider, add Core pool markets, open the mint window, and pause the legacy Prime. Includes fork simulation.

GitGuru7 · 2026-06-01T11:39:56Z

missing command for XVSVault.setPrimeToken(PRIME_LEADERBOARD) ?

GitGuru7 · 2026-06-01T11:50:51Z

also update the Prime address in the Comptroller ?
here : https://github.com/VenusProtocol/venus-protocol/blob/b531da6fd7c4cc28e2b1abca668474638b5aeded/contracts/Comptroller/ComptrollerStorage.sol#L269

Add missing XVSVault.setPrimeToken (-> PrimeLeaderboard) and Comptroller.setPrimeToken (-> PrimeV2); extend sim assertions and fix grant helper comment.

Add pre-VIP assertions for wiring=0 and mint window=0; tighten PLP prime equality check; mention vault/comptroller switches in header.

Debugger022 · 2026-06-02T12:16:01Z

Testnet execution: https://venus-testnet.vercel.app/#/governance/proposal/684?chainId=97

Extend Guardian ACM permissions to every remaining ACM-gated function on PrimeV2 / PrimeLeaderboard, and compress the leaderboard multiplier tiers from days (30/60/90d) to hours (1/2/3h) so testnet integration can exercise the tier progression without long waits.

Debugger022 · 2026-06-04T07:10:23Z

Testnet Addendum: https://venus-testnet.vercel.app/#/governance/proposal/685?chainId=97

Upgrades the bsctestnet PrimeV2 proxy to the new implementation deployed via venus-protocol PR #677 and grants ACM permission for the new recordCycleSnapshot(uint256) function to NormalTimelock and Guardian, matching the keeper grant pattern from the original VIP-675.

Redeployed PrimeV2/PrimeLeaderboard (fresh proxies + impls), so the old addenda's wiring is stale. Accept ownership, re-grant the full ACM set against the new addresses (plus testnet-only resetCycle), wire the pair, and repoint the shared PLP/XVS Vault/Comptroller hooks old→new. No legacy togglePause — already paused by VIP-675.

Debugger022 · 2026-06-09T15:09:00Z

Testnet Addendum: https://venus-testnet.vercel.app/#/governance/proposal/688?chainId=97

Wire deployed PrimeV2 / PrimeLeaderboard: accept ownership, grant cycle ACM perms to NT + Keeper + Guardian (admin NT-only), repoint PLP / XVS Vault / Comptroller from legacy Prime, add 6 markets, pause vault until seeding, decommission legacy.

Add the vWBNB market to PrimeV2 on bsctestnet so FE/BE integration can exercise the new market flow. Initializes WBNB on PrimeLiquidityProvider and sets the distribution speed to mirror mainnet (3.47e12 wei/block) for production-like accrual during testing. Supply/borrow multipliers match the legacy mainnet Prime (2e18 / 0).

Debugger022 · 2026-06-24T12:13:21Z

Testnet addedum to add WBNB market: https://venus-testnet.vercel.app/#/governance/proposal/691?chainId=97

Add ACM grants so the team multisig (0xCCa5...2948) can fire pause() on both PrimeV2 and the XVS Vault as an emergency circuit breaker, matching the cross-chain MULTISIG_PAUSER pattern from vip-616.

Remove setMintThreshold from the Keeper's permission set on PrimeV2 — opening/closing the permissionless mint window is sensitive and reserved for governance and the Venus Guardian multisig. Update simulation assertions (RoleGranted 43 -> 42) and add tests verifying NormalTimelock and Guardian hold the role while the Keeper does not.

…issions Pauses the XVS Vault and zeroes the PLP distribution speed for every legacy Prime underlying, so an off-chain claimInterest sweep runs against frozen balances before PrimeV2 goes live. Executes via CriticalTimelock, which already holds both permissions (no ACM grants).

Launch PrimeV2 with only the vUSDT and vWBNB markets instead of all six legacy Prime markets, and re-set the PLP distribution speed for USDT and WBNB (zeroed by the preceding critical VIP) back to their prior live values. Sim now runs that critical VIP via CriticalTimelock in before() so the regular VIP executes against real frozen state.

fred-venus

Should we also consider reallocating the xvs buyback part to prime reward buyback contract ?

…st-freeze Add a post-VIP block to the critical sim proving an arbitrary EOA can sweep vUSDT interest on behalf of four real legacy Prime whale holders after the freeze, confirming the off-chain claimInterest sweep pays holders directly.

Debugger022 · 2026-06-26T10:20:11Z

Should we also consider reallocating the xvs buyback part to prime reward buyback contract ?

As discussed, we will handle this through a separate VIP, where the reserve protocol configurations will be updated and the income from the XVS buyback contract will be allocated to Prime reward distribution.

…mounts Strengthen the permissionless-claim test: assert the sweeping EOA is not a legacy Prime holder while each whale is, and console the prime status plus the before/after USDT balances so the sweep payout is visible in the run output.

initializeStakers and finalizeInitialization are a one-time off-chain bootstrap, so the NormalTimelock does not need them. Grant only the Keeper and the Guardian multisig; drops the RoleGranted count from 42 to 40.

Exercise the full end-user lifecycle (mint/borrow/accrue/claim/repay/redeem/exit) across PrimeV2 and non-Prime markets, the PrimeV2 score hook for a real holder, liquidation seize math, and the VAI mint gate after the legacy Prime -> PrimeV2 repoint. Repoint stale feeds to Chainlink-only to survive the testVip time-jump. Document each scenario and ACM permission assertion inline.

…d liquidation scenarios

GitGuru7 · 2026-06-29T08:11:46Z

lgtm

fred-venus · 2026-06-29T08:13:43Z

+  ...grant(PRIME_V2, "setMaxLoopsLimit(uint256)"),
+  ...grant(PRIME_V2, "sweepUndistributed(address,address)"),
+  ...grant(PRIME_V2, "pause()", ALL_TIMELOCKS),
+  ...grant(PRIME_V2, "unpause()", ALL_TIMELOCKS),


for pause and unpause, pls grant permission to guadian as well

fred-venus · 2026-06-29T08:27:46Z

+  ...grant(PRIME_V2, "setPrimeLeaderboard(address)"),
+  ...grant(PRIME_V2, "addMarket(address,uint256,uint256)"),
+  ...grant(PRIME_V2, "removeMarket(address)"),
+  ...grant(PRIME_V2, "setLimit(uint256)"),


for setLimit lets have GUARDIAN as well just in case

fred-venus · 2026-06-29T08:46:17Z

+// The XVS Vault is already paused by the preceding critical VIP
+// (vip-675/bscmainnet-critical.ts) and stays paused until the new
+// PrimeLeaderboard is seeded off-chain.
+export const PRIME_V2 = "0x4f5fd115Df31CC48De880a988D74aaD931851628";


seems the underlying impl of this contract is not the latest ?

on-chain version:

latest source code:

done: 5de51fb

fred-venus · 2026-06-29T10:35:58Z

+      //    NormalTimelock already holds the setTokensDistributionSpeed ACM permission.
+      {
+        target: PLP,
+        signature: "setTokensDistributionSpeed(address[],uint256[])",


also seems this is gonna make no sense as when we resume the rewardDistributionSpeed the actual prime users list is empty, based on the logic the reward will be distributed nowhere but counted as undistributed which stuck until we claimUndistributed, i will suggest remove it

So I suggest we should get speed adjustment VIP executed earlier so that users will not wait for a long time

Previous this decision is based on the VIP for speed adjustment would take one week. Previously, from the users' interest perspective, we need to resume emissions asap

removed: 8ff356a

…imation

PrimeV2 has no scored members at execution (leaderboard seeded off-chain later, XVS Vault still paused), so restoring PLP distribution speeds books income into undistributedReward instead of reaching users. Defer the speed restore to the off-chain seeding/resume step.

Debugger022 self-assigned this May 29, 2026

GitGuru7 reviewed Jun 1, 2026

View reviewed changes

Comment thread vips/vip-637/bsctestnet.ts

Comment thread simulations/vip-675/bsctestnet.ts Outdated

Comment thread simulations/vip-637/bsctestnet.ts

Debugger022 added 3 commits June 1, 2026 19:26

fix: address PR review comments

47310d8

Add missing XVSVault.setPrimeToken (-> PrimeLeaderboard) and Comptroller.setPrimeToken (-> PrimeV2); extend sim assertions and fix grant helper comment.

chore: tighten VIP-675 testnet sim pre-checks and header comment

ef6c7f2

Add pre-VIP assertions for wiring=0 and mint window=0; tighten PLP prime equality check; mention vault/comptroller switches in header.

chore: update PrimeV2 testnet address and sim fork block

bd3c286

Debugger022 added 2 commits June 3, 2026 11:19

chore: scaffold VIP-675 PrimeV2 setup for bscmainnet

6bd5326

Debugger022 added 2 commits June 4, 2026 18:15

Debugger022 added 2 commits June 23, 2026 16:25

Debugger022 added 6 commits June 24, 2026 19:36

chore(vip-675): grant circuit-breaker pause to Venus team multisig

2414028

Add ACM grants so the team multisig (0xCCa5...2948) can fire pause() on both PrimeV2 and the XVS Vault as an emergency circuit breaker, matching the cross-chain MULTISIG_PAUSER pattern from vip-616.

feat(vip-675): repoint VAIController prime to PrimeV2

64acab4

doc: updated step-9 comment

a9b4451

fred-venus reviewed Jun 26, 2026

View reviewed changes

Debugger022 added 3 commits June 26, 2026 14:37

test(vip-675): add cross-asset, prime-holder lifecycle, and end-to-en…

b9774f8

…d liquidation scenarios

fred-venus reviewed Jun 29, 2026

View reviewed changes

Comment thread vips/vip-637/bscmainnet.ts

fred-venus reviewed Jun 29, 2026

View reviewed changes

Comment thread vips/vip-637/bscmainnet.ts

feat(vip-675): grant Guardian setLimit and pause/unpause permissions

9a938cb

fred-venus reviewed Jun 29, 2026

View reviewed changes

Debugger022 and others added 5 commits June 29, 2026 16:12

Merge remote-tracking branch 'origin/main' into feat/VPD-1314

22256ff

refactor(vip-framework): use actual proposer address for Safe gas est…

f5e3bbf

…imation

chore(vip-675): update PRIME_V2 address and bump simulation block

5de51fb

chore: prepare VIP-637 for proposal

35c7245

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VIP-637 [BNB Chain] PrimeV2 and PrimeLeaderboard

Summary

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GitGuru7 commented Jun 1, 2026

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Debugger022 commented May 29, 2026 •

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