Venus Defi Coin is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one U.S. dollar (USD), whereas XVS tokens are also BEP-20-based, but are instead used for governance of the Venus protocol, and can be used to vote on adjustments—including adding new collateral types, changing parameters and organizing product improvements. The governance of the protocol is entirely controlled by XVS community members, since the Venus founders, team members and other advisors do have any XVS token allocations.
Venus enables the world’s first decentralized stablecoin, VAI, built on Binance Smart Chain that is backed by a basket of stablecoins and crypto assets without centralized control.
Earn interest on your assets
Funds held within the protocol can earn APY’s based on the market demand for that asset. Interest is earned by the block and can be used as collateral to borrow assets or to mint stablecoins.
Money Markets built on Binance Smart Chain
You can now tokenize your assets utilizing the Binance Smart Chain and receive portable vTokens that you can freely move around to cold storage, transfer to other users, and more.
Access instant liquidity on Venus
Use your vToken collateral to borrow from the Venus Protocol instantly with no trading fees, no slippage and directly on-chain. With Venus, you have on-demand liquidity available globally.
The Venus protocol contracts use a system of exponential math, Exponential.sol, in order to represent fractional quantities with sufficient precision. Most numbers are represented as a mantissa, an unsigned integer scaled by 1 * 10 ^ 18, in order to perform basic math at a high level of precision.
The gas usage of the protocol functions may fluctuate by market and user. External calls, such as to underlying BEP-20 tokens, may use an arbitrary amount of gas. Any calculations that involve checking account liquidity , have gas costs that increase with the number of entered markets. Thus, while it can be difficult to provide any guarantees about costs, we provide the table below for guidance:FunctionTypical Gas Cost
The “Venus speed” unique to each market is an unsigned integer that specifies the amount of XVS that is distributed, per block, to suppliers and borrowers in each market. As market conditions change, Venus speeds are updated to ensure XVS is distributed proportional to the utility of each market. Any user can call the Unitroller’s refreshVenusSpeeds method at any time in order to update market Venus speeds.
How is the Venus (XVS) Network Secured?
The Venus network is secured by the Binance Smart Chain, a blockchain that runs in parallel to the Binance Chain. BSC is compatible with the Ethereum Virtual Machine (EVM) and is capable of running even if the Binance Chain goes offline or encounters issues.
Binance Smart Chain utilizes a unique consensus algorithm known as proof-of-staked authority (POSA) to secure the blockchain. This is essentially a hybrid consensus mechanism that combines aspects of both proof-of-stake (POS) and proof-of-authority (POA). It is built around a network of 21 validators who are responsible for executing tasks on the Binance Smart Chain, and reaching consensus about recently processed transactions.
Beyond this, Venus suppliers are protected by automatic liquidation measures, which will automatically liquidate the collateral of borrowers if it falls below 75% of their borrowed amount—thereby reimbursing suppliers early to maintain the minimum collateralization ratio.
Where Can You Buy Venus (XVS)?
As of November 2020, Venus is available to trade on a single exchange platform: Binance. It is listed against Tether (USDT), Bitcoin (BTC), Binance Coin (BNB) and Binance USD (BUSD). There are currently no direct fiat on-ramps to purchase Venus. To buy Bitcoin and other cryptocurrencies with your credit or debit card, check out our simple guide.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.