What Is Venus (XVS)?
The DeFi sector has brought a revolution into finance and lending. It appeared to be the fuel for the crypto upward trend in 2020. Decentralized finance continues to develop, and many experts believe this direction will totally restructure the banking sector. In this article, we will discuss one such DeFi project, Venus, as well as XVS converter and exchange.
Venus is a decentralized lending marketplace with VAI and XVS tokens circulating within the platform. This marketplace is a DeFi system that runs on the Binance blockchain. Given over-collateralization conditions, some users can take out loans in digital coins, while others may provide their cryptocurrencies and receive passive income.
Bidding began relatively recently, in October 2020, although the project was launched back in August 2019. The network is governed by its own BEP-20 token XVS. Holders can participate in voting and make decisions on platform governance. They decide whether to integrate new software, it is necessary to change specific parameters, etc.
Venus Price Index
The Venus price has grown by over 5300% from fall 2020 to May 2021 followed by 78% correction. Take a closer look at the XVS price chart, and you will see that it clearly describes the price movement trajectory of the entire cryptocurrency market. That is, when the market moved up and down, the XVS token rate repeated these movements. Compared to Bitcoin, Ethereum, Litecoin, the XVS coin has a tiny capitalization ($330 million). That is why the Venus price showed much more volatility than top cryptocurrencies.
Circulation of Venus
To date, the available circulation of tokens is 10,617,443, and the total emission is 30 million tokens. That is, so far, only 35% of all tokens are available.
The initial setup of the platform assumes that 79% of the total emission will be directed to Ecosystem Mining and distributed in the following way:
- 35% go to the borrowing assets pool, that is, users who take loans and pay interest to the platform.
- 35% go to the loan pool, that is, users who deposit their own assets and receive interest.
- 30% go to the pool of stablecoins, that is, users minting VAI on the platform
XVS crypto can also be farmed. So besides earning a percentage of the deposit, users can earn XVS tokens. To find out the interest rate, check out the Distribution APY line, as it can vary depending on some factors.
Ways of Buying XVS??
As of this writing, the Venus project ranks 142nd in the global cryptocurrency rating. XVS crypto is a fairly popular coin, so you can buy it on many platforms. The XVS exchange is available on Binance, one of the largest centralized exchanges. Also, you can convert XVS on many other sites.
If anonymity and speed are important to you, it is best to pay attention to decentralized exchanges. One of these is Godex, which provides 201 cryptocurrencies available for exchange.