Venus cryptocurrency exchange is an algorithmic money market system. It integrates a comprehensive DeFi-based lending and credit system into Binance Smart Chain (BSC). Venus makes use of BSC to provide quick and inexpensive transactions while also gaining access to a network of wrapped tokens and liquidity.
On Venus, users can utilize their cryptocurrencies as collateral, which can then be used to take out over-collateralized loans. This creates a secure environment for lending, in which the lender receives a compounded APY paid with each block, while the borrower is in charge of paying interest on the cryptocurrency that was borrowed.
There is no need for KYC verification on the Venus crypto exchange. Besides, it is available on both – mobile and desktop devices.
Markets
There are no perpetual or futures markets on Venus but there is Venus spot market, which offers 14 Venus trading pairs. The most popular trading pair is vUSDC/USDC, which has the highest Venus trade volume. However, note that Venus trading pairs only exist with the VAI token or vTokens. vTokens are wrapped Venus tokens that allow assets like DOT, DAI, or XRP to be used on the protocol. Besides, Venus is a crypto-crypto-only exchange.
However, Venus does not offer trading in a traditional sense. Rather, it offers crypto trading through lending and borrowing. Thus, there are no Venus exchange fees for trading. The only Venus crypto fees on the platform are low transaction fees for lending and borrowing.
The native token of Venus is XVS. Users get rewarded in XVS tokens for borrowing, lending, and minting VAI stablecoins. Besides that, XVS holders receive governance rights, which allow them to participate in the decision-making processes of the platform. Check out the current Venus crypto price here.
Besides XVS, Venus also has VAI and VRT tokens. VAI is a synthetic stablecoin that is pegged to the US Dollar on a 1:1 ratio. VRT, on the other hand, is a reward token of Venus that can be earned as yield and used for mining stablecoins or as collateral for loans.
Other Services
Apart from lending and borrowing, Venus also provides users with crypto Vaults. It has three Vaults, all of which are based on its native tokens – XVS, VAI, and VRT. Vaults allow users to stake these assets in order to earn APR.
Also, Venus has a Swap function, which allows users to swap tokens in a peer-to-peer manner with other users.
About the Company
MakerDAO and Compound were forked in 2020 to create the Venus protocol. It was first run by Binance. However, Venus is currently run by the Swipe project, which is also a part of the Binance ecosystem. People can use crypto assets as fiat money using the crypto-fiat gateway known as Swipe.
The ultimate aim of the Venus protocol is to give users access to a market that is both decentralized and shielded from outside meddling. Due to the existing issues of the Ethereum blockchain, the protocol plans to run entirely on BSC.
Joselito Lizarondo, the Chief Executive Officer of the Venus project, puts a lot of work into developing and promoting the ecosystem that is associated with the Venus project. In 2019, he launched Swipe and immediately assumed the role of CEO at Swipe.
