Venus Upgrade to Chainlink Boosts Money Market

The Venus protocol has upgraded to Chainlink, using the oracle mechanism as its new, more efficient market solution.

In an exciting step, Venus will now be able to offer users the reliability, security and data quality that Chainlink—the most popular decentralised oracle network—can provide.

The upgrade allows Venus to leverage via Chainlink, creating a more trusted, liquid market on the Binance Smart Chain (BSC).

Venus-Chainlink integration permits scale-up

Venus, a synthetic money market, is a stablecoin protocol built on BSC. As a decentralised marketplace, Venus supports quick, low-cost transactions and acts as a gateway to a deep network of wrapped tokens and liquidity.

Lenders can earn interest by offering liquidity on various assets, while borrowers can use cryptocurrency to buy the in-house Venus stablecoin VAI.

According to Venus, Chainlink will enable it to scale up the burgeoning Venus ecosystem which already boasts more than $US3.5 billion in total value.

Chainlink runs on BSC, ensuring a smooth and fast-running Venus integration. With Venus leveraging Chainlink’s oracle networks at native BSC speed, price updates will also be more timely and cost-efficient.

Why Venus upgraded to Chainlink

Venus was created by the crypto wallet and debit card company Swipe. As the first collateral loan platform on BSC, Venus needs price data to ensure it remains a fully algorithmic money market which determines loan size, liquidity and underlying collateral.

Yet BSC was holding it back, offering no way for the Venus protocol to aggregate its prices and adjust them to suit changing market realities.

Security has also been a driving force behind the upgrade. Joelito Lizarondo—Venus Protocol founder and Swipe Wallet CEO—said the Chainlink upgrade was essential to fully protect user funds and guarantee fair market prices.

Along with these obvious benefits, Chainlink’s operation on BSC offered Venus consistently fresh data for a much lower price.

Stronger infrastructure, greater efficiency

The integration with Chainlink should provide more robust, trusted infrastructure, capable of strengthening Venus’ lending and borrowing functions.

With Venus having the highest Total Value Locked (TVL) on BSC, a more effective platform was required to boost efficiency.

Looking to the future, users could see high-speed data from a number of off-chain data aggregators like BraveNewCoin, along with improved decentralisation and security.

Tag Post :
Share This :
Share on facebook
Share on twitter
Share on linkedin
Share on google
Cult Today

Cult Today

CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

Read More

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed