Reserve

Venus

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/venus-offers-lending-on-bnb-smart-chain" data-wpel-link="internal" rel="noopener noreferrer nofollow">Venus Offers Lending on BNB Smart Chain</a><br></p>
<p style="text-align: justify">Venus (XVS) is a prominent protocol for lending and synthetic stablecoin operations on the BNB Smart Chain. This platform empowers users to borrow and lend assets without requiring permission and allows minting of the synthetic stablecoin VAI using collateral. Initially backed by the Swipe project team, control of Venus has since shifted entirely to XVS token holders. Following a significant liquidation incident in May 2021 that resulted in a $77 million loss, project management transitioned to a newly formed Venus Council. This article answers key questions about Venus (XVS) and how to purchase it with Turkish Lira (TRY).</p>
<h2 id="what-is-venus-xvs">What is Venus (XVS)?</h2>
<p style="text-align: justify">Venus operates as a decentralized lending platform and synthetic stablecoin protocol on the BNB Smart Chain, enabling users to lend or borrow assets without seeking permission. Interest rates are automatically set based on demand. Users can also generate synthetic stablecoin (VAI) through over-collateralized positions, bridging traditional financial lending with decentralized protocols.</p>
<p style="text-align: justify">Initially developed with full support from the Swipe project team, Venus transitioned to complete community control, with XVS token holders proposing governance changes, including oracle upgrades, risk adjustments, and <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> model modifications.</p>
<h2 id="how-did-the-liquidation-event-impact-venus">How did the liquidation event impact Venus?</h2>
<p style="text-align: justify">A major liquidation event in May 2021 caused a $77 million loss due to bad debt. The price of XVS spiked dramatically, leading to excessive borrowing with XVS as collateral. When the price plummeted, loan liquidations were triggered, and the sale of collateral resulted in a net deficit. To address the issue, a new Venus Council was established, replacing the Swipe project team in managing the protocol.</p>
<h2 id="key-insights-for-users">Key Insights for Users</h2>
<ul>
 <li>Venus combines money market protocols with stablecoin minting, utilizing the same collateral for both functions.</li>
 <li>Governance is community-driven, with XVS token holders having significant influence over protocol changes.</li>
 <li>The Venus V2 upgrade introduced penalties for VAI liquidations and fees directed to the Reserve Treasury.</li>
</ul>
<h2 id="how-to-buy-venus-xvs-with-try">How to Buy Venus (XVS) with TRY?</h2>
<p style="text-align: justify">Investors in Turkey looking to buy Venus (XVS) can use <a href="https://en.bitcoinhaber.net/binance-halts-usdc-transfers-over-tron-network" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> TR, a cryptocurrency exchange that supports over 100 digital currencies. To purchase XVS with TRY, users must create and verify an account on Binance TR, deposit Turkish Lira, and then proceed to buy XVS. The process includes identity verification and funding the account through various supported Turkish banks.</p>
<p style="text-align: justify">Binance TR, utilizing Binance’s <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">technology</a> and security, offers seamless fiat-to-crypto and crypto-to-crypto transactions. With direct bank integrations, Turkish users can efficiently trade cryptocurrencies with high liquidity and robust security measures provided by Binance Cloud infrastructure.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/venus-offers-lending-on-bnb-smart-chain" data-wpel-link="internal" rel="noopener noreferrer nofollow">Venus Offers Lending on BNB Smart Chain</a></h5>

Venus Offers Lending on BNB Smart Chain

Table of Contents

BH NEWS

دیگر آرٹیکلز 4 جولائی، 2024 پر پبلش کیے گئے ہیں

MoonBag’s $3.1 Million Achievement Highlights Cardano and Notcoin Weaknesses

FoundationLogic Unveils Silent Home Miner at Mining Disrupt 2024

Analyst Predicts Bitcoin Price Increase Despite Market Crash

OpenAI Challenges NYT to Prove Originality of Articles in Copyright Case

Kevin Svenson Predicts Bitcoin’s Peak

Oil King Pepe Surges to $7.5 Million, Prepares to Skyrocket Another 19,000% Before KuCoin Listing...

Join our free newsletter for daily crypto updates!