Feb 19, 2021 06:36 UTC
Feb 19, 2021 at 06:36 UTC
Venus protocol becomes the top-ranked DeFi platform on the Binance good Chain as XVS worth and therefore the total price fast within the platform reach new highs.
As decentralised finance continues to extend it hold on the broader cryptocurrency market, Binance good Chain (BSC) is getting down to emerge as an appropriate possibility for traders wanting to flee from high dealing fees on the Ethereum (ETH) network.
With a lot of attention being paid to BSC, DeFi comes operational on the chain have additionally seen associate flow of shopping for activity in recent weeks as token holders rush to produce liquidity for recently launched protocols. One such project is Venus (XVS), associate recursive market and artificial stablecoin protocol designed specifically for the BSC.
Data from Cointelegraph Markets and TradingView shows that XVS worth has exploded 775% from a coffee of $10.04 on Feb. a pair of to associate uncomparable high of $82.86 on Feb. eighteen amidst a rise in activity on BSC.
Total price fast grows because the list of supported assets expands
A scroll through the project’s Twitter feed points to a apace increasing system that has been consistently adding prime cryptocurrency comes to its list of assets that may be deposited to earn interest, participate within the liquidity mining program, or use as collateral to borrow different assets.
Cardano (ADA) is that the most up-to-date addition, whereas the opposite comes presently accessible area unit Ethereum (ETH), Litecoin (LTC), Polkadot (DOT) and Chainlink (LINK)
Similar to the MakerDAO (MKR) platform and DAI, users of Venus will borrow against their assets and mint Vai, the stablecoin for the Venus protocol. Since Feb. 1, the availability of VAI has big by 360% from forty two million tokens in circulation to a current count of over 195 million VAI.
According to the Venus dashboard, there’s presently $3.54 billion in total price fast within the Venus protocol, creating it the seventh-largest DeFi protocol by TVL behind SushiSwap that presently has $3.7 billion in TVL.
High gas fees on the Ethereum network area unit possible to continue for a few time and this might turn additional growth enchained like BSC and DeFi protocols that area unit ready to maximize its lower dealing prices.
With associate increasing list of supported tokens and a apace growing TVL, Venus is quickly establishing itself as a prime challenger within the decentralised finance house.