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Venus, the decentralised stablecoin lending system has just been launched by Binance

Venus, the decentralised stablecoin lending system has just been launched by Binance

Quick take

1 minute read

  • The new DeFi protocol from the Binance crypto platform known as Venus has just been revealed by the company on its new blockchain ecosystem that is growing day by day. 
  • This new protocol will help generate decentralised stablecoin assets and also allow room for digital asset lending.

The new DeFi protocol from the Binance crypto platform known as Venus has just been revealed by the company on its new blockchain ecosystem that is growing day by day. This new protocol will help generate decentralised stablecoin assets and also allow room for digital asset lending.

Taking place on the blockchain ecosystem of the exchange, Venus is a money market and stablecoin DeFi platform that will enable lending and borrowing of digital assets. 

The company has said the following on their official Twitter page:

“New #Binance Launch @Venus Protocol. Venus is building a DeFi money market platform on BinanceSMartChain to enable digital assets lending and generation of synthetic stablecoins.”

Research from the exchange indicates that Venus will Mint a BEP-20 token which will be backed by numerous assets of this same category and also be tagged to the value of the dollar.

“The protocol will also enable the minting of VAI, which is the first synthetic stablecoin on Venus that aims to be pegged to 1USD. VAI is minted by the same collateral that is supplied to the protocol.”

This exciting development for the exchange is currently under the earlier acquisition from Binance, the swipe project team. For those that don’t know, Swipe is a crypto commerce company that is the mind behind the swipe wallet development which is enabling the Binance card to expand into the United States as well as European marketplace.

With the introduction of Venus, the project is hoping to bring in additional features such as higher liquidity incentives and governance pools.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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