Binance Launchpool Introduces Venus Protocol
Binance Launchpool announced a new project: Venus Protocol, an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto BNB Smart Chain.
Binance Launchpool, an initiative destined to bring the decentralized finance (DeFi) experience to Binance users, today announced a new project - Venus Protocol.
Venus Protocol (“Venus”) is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto BNB Smart Chain for fast, low cost, transactions while accessing a deep network of wrapped tokens and liquidity. At the same time, users are also able to use collateral supplied to the market to not only borrow other assets but also mint synthetic stablecoins with over-collateralized positions.
Venus is the fourth Binance Launchpool project and with its participation in Launchpool users will be able to stake their BNB, BUSD and SXP tokens into separate pools to farm XVS tokens over 30 days using the new Launchpool format, with farming starting from 2020/09/29 0:00 AM (UTC). Please note that you will not receive XVS rewards for staking tokens in the XVS pools prior to the farming start time.
Binance 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 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 to not only support DeFi projects and developers, but to also bridge the CeFi and DeFi ecosystems through BNB Smart Chain (BSC)”, said Binance CEO and Founder, CZ (Changpeng Zhao). “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”.
Learn more about Venus from Binance Research’s in-depth report here.