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How to Use Venus Protocol Mini Program on Binance App

2022-05-19 14:01
You can now access Venus Protocol from the Binance App directly. After connecting your Binance DeFi Wallet, you can easily transfer funds from your Binance Spot Wallet to Venus Protocol and start earning interest.

What is the Venus Protocol?

Venus Protocol is a decentralized lending platform on the BNB Chain. It leverages audited smart contracts to provide crypto loan services. You can supply and borrow popular cryptocurrencies on the platform to earn interest.

How to access the Venus Protocol Mini Program on the Binance App?

1. Log in to your Binance App. On the homepage, drag down to access the [Marketplace].
Please make sure your App is updated to the latest version.
2. Select [Venus Protocol] and tap [Connect] to connect your Binance DeFi Wallet. You can create a new wallet or import an existing wallet by your seed phrase.
3. You can now transfer funds from your Spot Wallet to your DeFi Wallet. Select the asset to transfer and tap [Next].
Please note that you will need some BNB in your DeFi Wallet to pay for gas fees on Venus Protocol. We suggest maintaining a balance of $25 in BNB to cover your transactions.
4. Enter the amount to transfer and tap [Withdrawal].
5. After transferring your funds, you can access the Venus Protocol features. On the [Market] tab, you can check each asset’s total supply, APY, liquidity, total borrowed funds, and collateral factor.
An asset’s collateral factor determines the proportion of its value that can be borrowed against. For example, if you supplied $1,000 of BNB with a collateral factor of 80%, your maximum borrow limit is $800. If you reach 100% of your available credit ($1,000), you might be liquidated. Therefore, we recommend you only use a maximum of 40% of your available credit limit if you’re using highly volatile assets as collateral.

How to supply assets in the Venus Protocol Mini Program?

1. Go to [Supply] and select an asset. In this example, we will use TUSD.
2. To supply assets, you need to enable the collateral first. Tap [Enable].
3. You will see a pop-up asking for permission to access your funds. Tap [Approve].
4. Enter the amount you wish to supply. Check the details and tap [Supply].
5. Once the transactions have been confirmed, your assets will be supplied directly from your DeFi Wallet into Venus Protocol, and you will immediately start earning interest.
Please note that interest will be automatically deposited to your supplied asset balance. You will not see any incoming transactions on your Binance Spot Wallet.

How to borrow assets in the Venus Protocol Mini Program?

1. Go to [Borrow] and select an asset. In this example, we will use TUSD.
2. To borrow assets, you need to enable your supplied assets to be used as collateral. Toggle on the button to enable.
3. You will see a pop-up asking for confirmation. Tap [Confirm].
4. You can now enter the amount to borrow. Check the details and tap [Borrow].
5. Once the transactions have been confirmed, the borrowed assets will be deposited directly to your Venus Protocol account, and interest will start to incur immediately.
Please note that interest will incur on your borrowed asset balance. You will not see any incoming transactions on your Binance Spot Wallet.

How to repay loans in the Venus Protocol Mini Program?

1. Go to [Borrow] and select the asset you borrowed. Tap on the [Repay] tab.
2. Tap [Enable] and you will see a pop-up asking for permission to access your funds. Tap [Confirm].
3. Enter the amount to repay and tap [Repay].

How to claim XVS rewards in the Venus Protocol Mini Program?

When you supply assets to Venus Protocol, you are also accumulating XVS Rewards in addition to algorithmically adjusted compounding rates.
To view and claim your XVS tokens, tap [Account] - [Claim].