Venus - an algorithm-based money market system that allows users to leverage their cryptocurrencies by providing collateral to the network that can be borrowed by collateralizing over-collateralized cryptocurrencies.
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Description of the Venus
Venus has grown over the past seven days to become the leading Decentralized Financial Application (DeFi) on the Binance Smart Chain (BSC).
The DeFi platform has amassed an impressive $ 3.4 billion in transaction volume, with a daily average transaction volume of over $ 400 million, coming from 2,400 unique active wallets.
What is BSC?
BSC - a relatively new blockchain, developed by Binance. It was launched in November 2020 and has attracted much of its vast Binance user base with fast transaction times and lower gas fees than Ethereum. What other advantages does blockchain have:
| Launch of SFP token on BSC from SafePal | It is a tokenization-backed hardware wallet, supported by Binance. |
| Height | A simplified Chinese press release and an agreement with the popular cryptocurrency wallet Swipe appear to have spurred further growth. |
The dominance of Venus becomes evident when you look at the top 5 BSC DeFi decentralized apps:
- Venus;
- PancakeSwap - a decentralized exchange;
- Autofarm;
- CREAM;
- JulSwap.
Venus protocol design runs on Compound and MarkerDAO. Because of this, VAI is similar to the DAI MakerDAO stablecoin. What's more, if you look at similar high-level DeFi decentralized applications on Ethereum like Aave and Compound, you can get a fuller picture of the project's impressive growth. Venus differs from other protocols in the ability to use collateral not only to borrow other assets, but also to create synthetic stablecoins with overly collateralized positions that protect the protocol.
Additional information
Through a self-executing contract, all investors are committed to abide by the rules and definitions of the base code. You can get more detailed information about the project by examining the main page. You will also find personal data and statistics there. From social networks, the community maintains twitter and telegram. Subscribe to follow the latest news.