Everything about XVS (Venus) cryptocurrency :
Venus
Venus Protocol (“Venus”) is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto Binance Smart Chain.
1. Project introduction
Venus Protocol (“Venus”) is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto Binance Smart Chain.
Venus enables users to utilize their cryptocurrencies by supplying collateral to the network that may be borrowed by pledging over-collateralized cryptocurrencies. This creates a secure lending environment where the lender receives a compounded interest rate annually (APY) paid per block, while the borrower pays interest on the cryptocurrency borrowed. 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, such as Bitcoin.
The difference of Venus from other money market protocols is the ability to use the collateral supplied to the market not only to borrow other assets but also to mint synthetic stablecoins with over-collateralized positions that protect the protocol. These synthetic stablecoins are not backed by a basket of fiat currencies but by a basket of cryptocurrencies. Venus utilizes the Binance Smart chain for fast, low-cost transactions while accessing a deep network of wrapped tokens and liquidity
2. Team introduction
CEO & Founder: Brad Harrison
Founder of Swipe and Venus: Joselito Lizarondo
Linkedin: https://coin98insights.com/what-is-venus-xvs#what-is-xvs-token
3. Application and distribution
Total supply: 30,000,000
Token application:
The XVS token is used in network governance where XVS holders can propose changes to the network and vote on propositions regarding adding new collaterals, the protocol, upgrades, and other important elements.
Token distribution:
Binance Launchpool: 20%
Binance Smart Chain ecosystem grants: 1%
Gradually unlocked over a period of four years as they are mined by those that use the Venus protocol: 79%
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