What is Vai?
The Vai token or VAI is a synthetic stablecoin powering the Venus Protocol. The latter is an EVM-compatible money market system running on the BNB Smart Chain.
VAI is pegged to the US Dollar on a 1:1 ratio. This means that the VAI price fluctuates around 1 US Dollar.
The Vai token is one of the two native tokens of the Venus Protocol. The other token is called XVS and it mainly serves as a governance token. This means that XVS holders can participate in voting for proposals that have the power to change the course of the entire Vai crypto project.
Anyone can mine XVS tokens by minting the VAI stablecoin, supplying liquidity to the Binance Launchpool, or borrowing on the Venus Protocol.
The governance token of the Venus Protocol was introduced via a fair launch. This means that not a single token was allocated to the founding team or advisors.
VAI tokens do not have a max cap. Users mint VAI by providing collateral and receive vTokens in return. Additionally, liquidity providers receive an annual percentage yield a.k.a. APY.
Since VAI is a cryptocurrency, it tends to fluctuate in price. In order to keep up with the changes, check out the VAI price history or the current VAI price on the graph above.
What are the Main Features of Vai?
Venus Protocol enables seamless crypto lending and borrowing practices.
According to the Vai crypto project, the VAI token is the first basket-backed stablecoin deployed on the BNB Smart Chain. Most importantly, it’s 100% decentralized.
In turn, users can mint VAI without having to complete any kind of KYC procedures such as credit checks. It’s important to keep in mind that users must supply collateral of 200% at the very least.
As discussed in the What is Vai section, the Venus Protocol is running on the BNB Smart Chain. This means that it’s secured through the Proof-of-Staked-Authority (PoSA) consensus mechanism.
Some of the key benefits provided by the BNB Smart Chain include near-instantaneous transactions, increased security, and low fees.
Venus Protocol is a completely open-source project. This means that its codebase is publicly available for anyone to review.
Who Developed Vai?
The Vai crypto project was launched in late 2020. Its sole founder is Joselito Lizarondo who also co-founded Swipe which is one of the project’s core investors. Lizarondo currently taking the position of CEO at Venus Protocol.
