When sending out CiviMail mailings, the unique VERP address is listed as the sender address. As I understand, VERP should be invisible and should instead show the FROM address set in both Administer>CiviMail>From Email Addresses and in Administer>System Settings>Outbound Email.
We have bluehost, and I know that it doesn't support VERP, so instead we have a catch-all bounce email address (via google app using our domain name), and the bounces seem to work just fine, except that the VERP sender address is visible.
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button :)