Venus USDT (vUSDT) is a cryptocurrency that operates on the Binance Smart Chain. The Venus Protocol is a decentralized money market built on the Binance Smart Chain that allows users to borrow and supply collateral onto the platform without an authority figure or certification control.
This protocol is an algorithmic-based money market system designed to bring a totally decentralized finance-based (DeFi) lending and credit system onto the Binance Smart Chain.
Venus allows its users to make use of their cryptocurrencies by supplying collateral to the network that may be borrowed by pledging over-collateralized cryptocurrencies, which creates a safe lending environment where the lender receives a compounded annual percentage rate (APY) paid per block, while the borrower pays interest on the borrowed cryptocurrency. And 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.
Who are the founders of VenusUSDT (vUSDT)?
This algorithmic money market and stablecoin protocol launched in 2020 on the Binance Smart Chain. It was founded by a project development team from global cryptocurrency credit card issuer Swipe.
What is VenusUSDT (vUSDT) used for?
Venus Protocol can supply many supported cryptocurrencies or digital assets onto the platform, which can be used as collateral for loans, supply liquidity and earn an APY, or mint synthetic stablecoins. All of these give the users the ability to participate as lenders while maintaining the security of collateral in the protocol.
So, the Venus protocol is a Binance Smart Chain money market platform used to borrow and supply collateral without a central authority.
Users who want to borrow any of the supported cryptocurrencies, stablecoins, or digital assets from Venus need to 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 to be borrowed. These collateral ratios are set anywhere from 40% to 75% and are determined by the protocol and controlled through the governance process.
Also, assets such as cryptocurrencies or digital assets supplied to Venus give the users the ability to participate as lenders, and they will earn a variable-based interest rate depending on the yield curve utilization of that specific market. All of the user assets are pooled into smart contracts so that users can withdraw their supply at any time, given that the protocol balance is positive.
How is VenusUSDT (vUSDT)unique?
What makes Venus different and unique from other money market protocols is its ability to use the collateral supplied to the market to borrow other assets and also to mint synthetic stablecoins with over-collateralized positions that protect the protocol, and these synthetic stablecoins are backed by several cryptocurrencies, not just some fiat currencies.
The Venus Protocol designs are engineered based on Compound and MarkerDAO, and they are synced into the Venus Platform, giving the benefits of both systems in one.
Venus also utilizes the Binance Smart Chain for fast and low-cost transactions while accessing a deep network of wrapped tokens and liquidity.
How many VenusUSDT (vUSDT) are in circulation?
The current circulating supply of VenusUSDT is 1,486,153,169 vUSDT.
How is VenusUSDT (vUSDT) network secured?
Venus Protocol assets are bound by the BEP-20 standard and ensure reliable operation owing to over-collateralized loans and other security verifications from third parties.
How do I buy VenusUSDT (vUSDT)?
The VenusUSDT (vUSDT) token can be used for a wide range of purposes, like staking and payments.
VenusUSDT (vUST) tokens can be easily purchased with the following steps.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy VenusUSDT (vUSDT) through your trading account.
Which Cryptocurrency Wallet Supports VenusUSDT (vUSDT)?
The PTPWallet platform supports many cryptocurrencies, with vUSDT 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.