Venus BUSD is a protocol-created pegged asset that represents the unit of the collateral supplied and can be used as a redemption tool. vBUSD was created and implemented by governance processes and voted on by Venus Token holders. Each asset supported by the Venus Protocol is integrated through a vBUSD contract, which is an BEP-20 compliant representation of balances supplied to the protocol.
vBUSD is the primary means of interacting with the Venus Protocol; when a user mints, redeems, borrows, repays a borrow, liquidates a borrow, or transfers vBUSD, he or she will do so using the vBUSD contract. vBEP20 wraps an underlying BEP-20 asset, and the core functions that involve transferring an asset into the protocol have a unique interface.
The Venus X Binance Collaboration
Venus announced the Venus Protocol. This means that Binance users will be able to access Venus Protocol’s features directly within the Binance app without having to switch over to other apps or websites. This integration marks the first decentralized borrowing/lending app integration into Binance and is expected to further increase the Venus Protocol user base, liquidity, utilization, and trading volume.
The Venus Protocol within the Binance mobile app allows users to access all of the features and benefits directly within the Binance interface without having to close the app or switch to other platforms. This integration allows for a seamless decentralized borrowing and lending experience for all Binance users. Binance users will also be able to leverage their Binance DeFi wallet and use it to interact with the Venus Protocol mini-program.
Who are the founders of Venus BUSD (vBUSD)?
The founder of Binance, who also founded the BUSD token is Changpeng Zhao, a developer who had previously created high frequency trading software. Venus was founded by Brad Harrison, who is also the CEO.
What is Venus BUSD (vBUSD) used for?
Borrow cryptocurrencies
Users can supply and borrow popular cryptocurrencies on the platform to earn interest.
Facilitate cross-chain transactions
Users can select and connect their Binance DeFi wallet, create a new wallet, or import an existing wallet by their seed phrase.
Transfer funds while you use features provided by the Venus Protocol
You can also easily transfer funds between your wallets. After transferring your funds, you can access the Venus Protocol features and check each asset’s total supply, APY, liquidity, total borrowed funds, and collateral factor.
Borrow assets
Users can also borrow assets as long as they enable their supplied assets to be used as collateral.
Repay loans
The BUSD can be used to repay both the loans and the interest incurred on a borrowed asset.
Claim rewards
When you supply assets to the Venus Protocol, you are also accumulating XVS Rewards in addition to algorithmically adjusted compounding rates. These rewards can be paid out in vBUSD or any other coin of your choice.
How is Venus BUSD (vBUSD) unique?
Venus Protocol is currently the leading decentralized borrowing and lending protocol on the BNB Chain. Venus is always looking for ways to add value and bring DeFi borrowing and lending to a larger ecosystem of users. Given that Binance is one of the world’s leading centralized exchanges, this partnership is a perfect match.
By acquiring more users and more liquidity, Venus is able to further improve and scale our core products, as well as rapidly develop new and innovative features that will propel DeFi to the next billion users. The Venus Protocol-Binance app provides a seamless and frictionless experience for Binance users with varying levels of crypto experience to cheaply and quickly generate yield by borrowing and lending tokens on Venus.
This integration provides enormous strategic value to the Venus Protocol as the gateway for Binance users to discover DeFi Borrowing & Lending. The partnership also bridges the gap between the world’s leading centralized exchange and BNB Chain’s leading borrowing and lending protocol, enabling a wide range of future collaborations with unlimited potential.
vBUSD is a regulated, fiat-backed stablecoin pegged to the U.S. dollar. As a stablecoin, vBUSD is designed to maintain a stable market value. It allows investors and traders to hold a low-volatility asset on the blockchain without the need to exit the crypto space. vBUSD offers three key attributes for transactions: accessibility, flexibility, and speed. In addition, BUSD (ERC-20) and Venus-Peg vBUSD (BEP-20) holders can swap their tokens between the blockchains depending on their needs. This can be done on the Binance exchange.
How many Venus BUSD (vBUSD) coins are in circulation?
Venus Protocol is a decentralized lending platform on the BNB Chain that leverages audited smart contracts to provide crypto loan services. It has a circulating supply of 2,694,770,470 vBUSD coins.
How is the Venus BUSD network secured?
Every vBUSD or BUSD is a stablecoin pegged to the US Dollar (USD), issued by Paxos. It is also approved by the NYDFS and has been green-listed, making it pre-approved for custody and trading.
vBUSD is a fiat-backed stablecoin that maintains a U.S. dollar peg. For every unit of vBUSD, there is one US dollar held in reserve. In other words, an amount of U.S. dollars equal to the total supply of vBUSD is held in custody by Paxos, acting as its reserves in FDIC-insured U.S. banks.
How do I buy Venus BUSD (vBUSD)?
The vBUSD token can be used for a wide range of purposes, like staking and governance.
vBUSD tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy vBUSD through your trading account.
Which Cryptocurrency Wallet Supports Venus BUSD (vBUSD)?
The PTPWallet platform supports many cryptocurrencies, with vBUSD soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
