While the Venus protocol doesn’t quite have goddess qualities, this innovative synthetic money market keeps on getting better and better!
The popular stablecoin protocol, built on Binance Smart Chain (BSC), now has more than 70,000 signed-up users.
With a fresh set of updates due to roll out—following its recent upgrade to Chainlink—Venus is taking the user experience to new heights.
What’s new for Venus?
Venus, an algorithm-based platform, is one of the most decentralised money markets available today. It’s also one of the most ground-breaking, introducing collateral loans so users can lend and borrow freely.
Earlier this year, Venus upgraded to Chainlink. This gives user funds greater protection, while guaranteeing fair market prices.
To enhance the user experience further, Venus is planning the following upgrades.
► Venus Reward Token
The Venus Reward Token (VRT) is designed as a liquidity inducement token for the protocol. Acting as a custom deflationary measure for the regular native token XVS, it will also bring down the emission rate and keep its value by increasing the coin’s scarcity.
► Fixed lending rates
Venus Protocol is poised to offer users fixed lending rates, countering the notorious volatility of crypto money markets. Fast-changing variable rates and yield curves have been known to invalidate or even wipe out collateral, putting off potential users. Venus will use liquidity mining and tokens to maintain loan interests.
► Poll voting feature
Venus will permit users to vote in polls using staked XVS. Similar to MakerDAO’s polling feature, users can indicate to the Venus team how a proposal shapes up before launching.
The first XVS poll will be based on the amount of XVS that should be burned out of the reserve. While polling won’t be activated for every submission, a poll can be started by anyone holding enough XVS.
So, what can I do on the Venus platform?
As a user, you can carry out fast, low-cost transactions and access a deep network of wrapped tokens and liquidity.
- Earn interest on your assets, by the block, based on market demand.
- Use interest as collateral to borrow assets or mint stablecoins.
- Tokenise your assets via BSC and receive portable vTokens for trading.
- Use your vToken collateral to borrow on-chain from Venus, instantly, with no trading fees or slippage.
- Enjoy on-demand liquidity across the globe.
What does this mean for the broader crypto community?
Already a leader in the DeFi space, Venus Protocol keeps taking strides towards a truly user-friendly trading experience.
As Venus founder Joselito Lizarondo says, the platform helps bridge the gap between traditional finance and DeFi blockchains. Anyone can trade quickly and cheaply—supplying collateral, earning interest and borrowing against their assets, as well as minting stablecoins on-demand, within seconds.
Incremental improvements are helping Venus to extend user governance, building extra functionality and security into lending markets.