How To Use Venus Protocol
Venus is building a Decentralized Finance (DeFi) money market platform on Binance Smart Chain to enable digital asset lending and generation of synthetic stablecoins backed by a basket of various BEP-
What is Venus (XVS)?
Venus is building an algorithmic money market protocol that is exclusively on Binance Smart Chain to enable lending and borrowing of assets, as well as generation of synthetic stablecoins.
The collateral provided to Venus will be represented by vTokens (such as vBTC) which will enable users to redeem the underlying collateral as well as to borrow against it. Interest rates in the protocol are based on the utilization of a specific market with a yield curve to determine the final rates.
The protocol will also enable the minting of VAI, which is the first synthetic stablecoin on Venus that aims to be pegged to 1 USD. VAI is minted by the same collateral that is supplied to the protocol. Users can borrow up to 50% of the remaining collateral value they have on the protocol from their vTokens to mint VAI.
Venus is governed by its native token XVS, which allows holders to participate in voting on various platform initiatives such as adding new collateral, changing parameters, initiating product improvements, and more.
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