Binance Launchpool, which is managed by Binance, the world’s largest digital asset exchange, has introduced the Venus Protocol (XVS), which is described as an algorithmic money market system developed “to bring a complete decentralized finance-based lending and credit system” onto Binance Smart Chain (a blockchain network launched by Binance).
As noted by the leading crypto exchange:
“Binance Launchpool, an initiative destined to bring the decentralized finance (DeFi) experience to Binance users, today announced a new project – Venus Protocol.”
Binance explained in a blog post:
“Venus Protocol (‘Venus’) [aims to offer a DeFi] … lending and credit system [via the] Binance Smart Chain for fast, low cost, transactions while accessing a deep network of wrapped tokens and liquidity….[traders or investors can] … use collateral supplied to the market to not only borrow other assets but also mint synthetic stablecoins with over-collateralized positions.”
Venus is notably the fourth Binance Launchpool initiative and with its participation in Launchpool users have the option of staking their Binance Coin (BNB), Binance USD (BUSD) and Swipe (SXP) tokens into separate or different pools in order “to farm XVS tokens over 30 days using the new Launchpool format, with farming starting from 2020/09/29 0:00 AM (UTC).”
Binance’s management confirmed that users will “not receive XVS rewards for staking tokens in the XVS pools prior to the farming start time.” The exchange further noted that it will then “list XVS into the Innovation Zone at 2020/10/06 5:00 AM (UTC) and open trading for XVS/BTC, XVS/BNB, XVS/BUSD and XVS/USDT trading pairs.”
Binance CEO and Founder, CZ (Changpeng Zhao), stated:
“Binance makes a big step into the DeFi space, aiming to combine the world of centralized finance (CeFi) and its centralized exchange with DeFi’s. Our initiatives [aim] to not only support DeFi projects and developers, but to also bridge the CeFi and DeFi ecosystems through Binance Smart Chain (BSC).”
“Venus’s money market and stablecoin issuance platform can bring DeFi access and yield to CeFi users to a larger extent. We are glad to welcome Venus with its meaningful goals on Binance Launchpool.”
As reported recently, Binance has launched the Innovation Zone where certain traders (that meet specific requirements or criteria) will be allowed to trade risky cryptocurrencies including DeFi tokens.
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