Binance Smart Chain's Venus Project squashes hostile takeover attempt

Lending protocol Venus Project, which runs on Binance Smart Chain, was on the verge of a hostile takeover today — before the original team stepped in and stopped it.

The project, which was originally forked from Ethereum projects Compound and MakerDAO, has a decentralized governance system in which token holders vote on changes to the protocol.

A proposal was passed today that would have given voting and funding capability to a new team, separate from the original team behind the project. The team behind the proposal called itself Team Bravo and said its focus would be "to increase and sustain a high XVS price for its investors."

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