Venus Protocol is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto Binance Smart Chain. Venus enables users to utilize their cryptocurrencies by supplying collateral to the network that may be borrowed by pledging over-collateralized cryptocurrencies.
This then creates a secure lending environment where the lender receives a compounded interest rate annually (APY) paid per block, while the borrower pays interest on the cryptocurrency borrowed.
These interest rates are set by the protocol in a curve yield, where the rates are automated based on the demand of the specific market, such as Bitcoin.
The Venus Protocol is designed to enable a complete algorithmic money market protocol on Binance Smart Chain. The protocol designs are architected and forked based on Compound and MarkerDAO and synced into the Venus platform giving the benefits of both systems into one.
The Venus Protocol will enable users to mint VAI (VAI), a synthetic stablecoin based on the price of $1 USD, by using the vTokens from the underlying collateral that they have previously supplied to the protocol.
Stablecoins on the Venus Protocol can be synthetically designed through governance and added as a proposal. VAI will be the protocol’s default stablecoin that can be minted by collateral already pledged in Venus. These stablecoins will not have yielded curves that determine their interest rates, which in other protocols are known as stability fees. However, their interest rates will be determined by the governance process within the Venus Protocol.
Venus Protocol users may supply various supported cryptocurrencies or digital assets onto the platform, which can be used as collateral for loans, supply liquidity and earn an APY, or to mint synthetic stablecoins.
Supplying assets such as cryptocurrencies or digital assets to Venus gives the Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.users the ability to participate as a lender while maintaining the security of collateral in the protocol. The protocol has been designed as a fork codebase of MakerDAO and Compound and modified to enable both features into one. The Controller smart contract deployed on Binance Smart Chain is the decentralized version of a processor that creates all the interactions between other associated smart contracts.
Venus does not natively support tokens by default as it will rely on specific markets to be whitelisted within the Controller contract.
When borrowing assets, users who want to borrow any of the supported cryptocurrencies, stablecoins, or digital assets from Venus must pledge collateral that will be locked on the protocol. These assets must be over collateralized and will enable up to 75% of that collateral value borrowed.
Who are the founders of Venus (XVS)?
Joselito Lizarondo is founder of Swipe Wallet and also the CEO of Venus Protocol.
What is Venus (XVS) used for?
Borrow cryptocurrencies
Users can borrow cryptocurrencies and stablecoins with no credit check and fast origination directly on Binance Smart Chain. Users can borrow up to 50% of the remaining collateral value they have on the protocol from their vTokens to mint VAI.
Supply cryptocurrencies
Venus users can offer crypto tokens and stablecoins and earn a variable APY for providing liquidity to the protocol that is secured by over-collateralized assets.
Mint stablecoins
On Venus, users can mint stablecoins from the supplied collateral that can be used at over 60 million locations worldwide through the Swipe platform.
Staking
The platform allows over-collateralized lending with 75% or lower of the assets supplied on the Venus Protocol and interest-earning on collateral supplied, hence, users can also stake their vTokens (e.g., vETH) to mint VAI stablecoin, which is pegged to the dollar at a ratio of 1:1.
Voting
Venus has been designed to enable community control in its core. Since there are no pre-mines for the team, developers and founders, this means the protocol will be controlled by those who decide to mine Venus Tokens.
What is the Unique Point of Venus (XVS)?
The difference of Venus from other money market protocols is the ability to use the collateral supplied to the market not only to borrow other assets but also to mint synthetic stablecoins with over-collateralized positions that protect the protocol.
Venus is the solution created to solve the existing issues in cryptocurrency borrowing and lending. It is a protocol that enables a traditional money market tied into synthetic stablecoin generation to lead to accessibility and benefit of locked collateral. Venus will enable anyone to utilize a high-speed and low transaction cost blockchain by leveraging Binance Smart Chain to supply collateral, earn interest on that collateral, borrow against that collateral, and mint stablecoins on-demand within seconds.
These solutions all happen directly on the blockchain and may be utilized using a GUI. This protocol unlocks billions of dollars in value that are currently on-chains that have no lending markets such as Bitcoin, XRP, Litecoin, and more while enabling the participant to access liquidity in real-time.
How many Venus (XVS) coins are in circulation?
Venus has a circulating supply of 12,170,524 XVS coins and a max. supply of 29,960,733 XVS coins.
How is the Venus Network secured?
Venus utilizes the Binance Smart chain for fast, secured, and low-cost transactions while accessing a deep network of wrapped tokens and liquidity. Using the Oracle Method, Venus is able to avoid market manipulation attacks. The Venus Protocol utilizes price feed oracles, including those from Chainlink to provide accurate pricing data that cannot be tampered with. In addition, a bug bounty program exists according to their docs and they also claim to be certified. Since, the Venus protocol was developed with specifications of security principles, and formally verified by Certik Foundation, which is integrated into Venus continuous integration system, it is said to be secure.
How do I buy Venus (XVS)?
The XVS token can be used for a wide range of uses, like staking and transactions.
XVS tokens can be easily purchased by following the steps below.
* 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 XVS through your trading account.
Which Cryptocurrency Wallet Supports Venus (XVS)?
The PTPWallet platform supports many cryptocurrencies simultaneously, like the Venus (XVS). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their XVS wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.
