Venus.io enables the world’s first decentralized stable coin, VAI, built on Binance Smart Chain that is backed by a basket of stable coins and crypto assets without centralized control. Venus is an algorithmic money market and synthetic stable coin protocol launched exclusively on Binance Smart Chain (BSC).
The protocol introduces 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 stable coins 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.io ’ main strength is its high speed and extremely low transaction costs, which are a direct result of being built on top of the Binance Smart Chain. The protocol is the first to enable users to access lending markets for Bitcoin (BTC), XRP Litecoin (LTC) and other cryptocurrencies to source liquidity in real-time, thanks to its near-instant transactions.
Customers sourcing liquidity using the Venus Protocol do not have to pass a credit check and can quickly take out a loan by interacting with the Venus decentralized application (DApp). Since there are no centralized authorities in place, users are not restricted by their geographic region, credit score or anything else, and can always source liquidity by posting sufficient collateral.
These loans are provided from a pool contributed by Venus users, who receive a variable APY for their contribution. These loans are secured by the over-collateralized deposits made by borrowers on the platform.
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. Thanks to the Binance Smart Chain, the protocol can access the price feeds at a lower cost and with better efficiency, reducing the overall cost footprint of the system.
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
Venus.io your token 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.
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 a 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.io 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.
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