Venus (XVS) Crypto Review 2024: Comprehensive Guide

€ 8.8597

-1.6833050509
Last updated 03:05:03 UTC
Fully Diluted Market Cap
€ 263.53 Million
Volume
€ 1.98 Million
Circulating Supply
0 XVS

The 5 Best Crypto Trading Platforms

Coinbase
4.8

Review Coinbase 2024

Kraken
4.6

Review Kraken 2024

eToro
4.7

Review eToro 2024

Plus500
4.4

Review Plus500 2024

BTCC
4.6

Review BTCC 2024

Crypto Converter

$

Last updated at 03:15:03 UTC

Buy venus now

Venus (XVS) from TOK is a groundbreaking project established to create a decentralized money market on the BNB Chain – providing a direct and inclusive credit service. Is Venus a good investment? Or will it be like the other failed ones?

This review from Tokize will offer all the answers you need!

Venus (XVS) Crypto Avis 2023 : Guide complet

What is Venus (XVS)?

Venus (XVS) is an innovative decentralized finance (DeFi) project founded to establish a decentralized money market on the BNB Chain. The project aims to provide an inclusive credit service without intermediaries and to facilitate a dependable alternative to traditional banks. It was launched by the Swipe Wallet group in 2020 and purchased by Binance in the same year. 

The Venus protocol is based on the Build N Build (BNB), a blockchain designed to proffer optimized performance, exceptional security, and compatibility with the Ethereum ecosystem. Consequently, BNB allows users to enjoy reduced transaction fees and rapid confirmation times, which makes the credit services offered by Venus more appealing. 

A unique feature of the Venus project is its use of stablecoins for facilitating lending and borrowing operations. Stablecoins, for context’s sake, are cryptocurrencies whose value is linked to fiat currencies (like the U.S. dollar). This enables the reduction of the volatility of transactions, increased stability, efficient performance, and transparency for users. Venus achieves this by connecting lenders and borrowers on the BNB blockchain.

Venus used the decentralized stablecoin VAI early on, but as time passed, it added other major stablecoins and altcoins to its ecosystem. Venus has also developed its native token, XVS, which acts as the governance token for the platform. XVS holders can make decisions relating to the platform’s management, for example, adding new collateral or upgrading the services offered.

Issuing XVS also assists with regulating other cryptocurrencies affiliated with the protocol. XVS is an ambitious project that aims to revolutionize the DeFi sector by providing a decentralized money market and a stable and scalable ecosystem that meets users’ needs.

The Venus Story (XVS)

The history of Venus (XVS) dates back to 2020 when the protocol was founded by the team behind the Swipe Wallet project. The founder of Venus is the development team of the Visa debit card platform Swipe Wallet, led by the CEO and founder Joselito Lizarondo. The founders of Swipe, Horia Cernusca (experienced designer and author with a flair for interface design) and Hakon Eide (developer and software engineer with immense IT experience), also had substantial inputs in the design and management of the Venus project.

With the use of smart contracts, Venus provides another option to the traditional financial system by removing intermediaries and being able to function continuously. Currently, Venus is the second most valued decentralized exchange (DEX), only behind PancakeSwap. Here’s a quick breakdown of Venus’ value and its price journey.

  1. The opening bid for the XVS token was $2.56 on October 6, 2020, which increased to $8.61 on the day it was available for trading.
  2. In the preceding months – November and December – the token fluctuated between $2 and $5.
  3. In January 2021, its price started to increase due to the DeFi craze, reaching $12.81 at the end of the month. 
  4. The following month, February, it had a meteoric rise, peaking at $101.51 on February 18, 2021.
  5. A price correction occurred in March, reducing the token’s value to a low of $35.30.
  6. A new bullish wave swept through in April and May, reaching an all-time high of $147.02 on May 10, 2021.
  7. If you want to know its current price, you can check the price of XVS in real time at the header of this page.

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

Why Was Venus Designed?

The Venus protocol (XVS) was designed to handle any challenges or flaws of the traditional financial system by providing a decentralized crypto lending and borrowing platform. That way, it is possible to democratize access to financial services and lessen dependence on traditional financial institutions.

Secondly, it offers a reliable and transparent alternative to traditional banking systems, which are often condemned for their lack of transparency, exorbitant costs, and barriers to entry. By leveraging blockchain and smart contracts, the Venus platform removes intermediaries and reduces the fees of financial transactions. That way, users can save money and enjoy increased asset control.

Also, Venus Crypto has been designed to work continuously, enabling users to be in charge of their finances whenever and wherever they want. The project intends to encourage financial inclusion by providing access to financial services to more people, including those lacking banking services.

How Does Venus Work?

Venus is a decentralized cryptocurrency lending and borrowing protocol. By lending crypto, users initiate an annual percentage yield (APY), which differs based on the demand for each asset. People who borrow use crypto as collateral to offset their loan and later pay interest. Venus blockchain is the Binance Smart Chain, which infers that its token, XVS, is a BEP-20 token. Its blockchain supports smart contracts, which can serve as intermediaries to guarantee the decentralization of the protocol.

The XVS Crypto and Its Uses

The XVS is the governance token of the Venus Protocol, which enables its holders to engage in decisions regarding the advancement of the protocol. It can also be used as collateral to take out loans or be staked to generate appealing returns.

The VAI, a Crypto-collateralized Stablecoin

Venus mainly utilizes the decentralized stablecoin VAI. First and foremost, VAI is a stablecoin created by Venus, which strives to have a perfect 1:1 correlation with the dollar. Unlike other stablecoins, the Venus protocol ensures the collateralization of the VAI as a result of the crypto deposited by the users. Moreover, Venus staking can occur for liquidity mining and is used for minting VAI stablecoins.

The VRT (Venus Reward Token)

The VRT is a token allocated to Venus users to compensate them for participating. It intends to replace the XVS in the distribution of rewards and lessen the inflation of the latter. However, it is essential to note that the VRT cannot yet be used as loan collateral.

Reliability and Security of Venus (XVS)

Although the XVS crypto price was manipulated in May 2021, the Venus protocol has not been hacked and possesses no known vulnerabilities. The security audit implemented by Certik adds an extra layer of confidence, but it is imperative to remember that DeFi always carries risks, especially in liquidation for borrowers.

PancakeSwap

Sign up now at this decentralized exchange, which supports tokens on the Binance Smart Chain.

Where to Buy Venus (XVS)?

The Venus crypto is gaining new eyes and ears, especially from investors and DeFi enthusiasts. If you want to buy Venus, know there are numerous platforms where you can do it. For the best options where to buy Venus, we recommend Binance, Crypto.com, and PancakeSwap. Each of these platforms provides separate benefits, but one of them is highly distinguished.

Binance

Binance is the largest cryptocurrency exchange in the world by trading volume. It offers an extensive range of trading pairs and is reputable for its high liquidity, which makes it easy to buy and sell crypto like XVS. Binance also provides advanced trading tools and competitive transaction fees. It also frequently offers promotions and fee discounts for holders of its native token, Binance Coin (BNB).

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

Crypto.com

Crypto.com is another reputable platform to buy XVS tokens from. It offers a simple, engaging, intuitive user experience – perfect for beginners. Crypto.com also has a mobile app that lets you easily buy, sell, and manage your crypto from your smartphone. By purchasing your XVS on Crypto.com, you will benefit from supplementary services like staking, lending, and derivatives trading. However, the fees on Crypto.com are often higher than on Binance.

Crypto.com

  • Free crypto card
  • Reputable exchange
  • Competitive fees

PancakeSwap

PancakeSwap is a BNB-based decentralized exchange (DEX) platform that enables users to trade BEP-20 tokens in a decentralized manner. Learning how to buy Venus is a great option, avoiding centralized exchanges (CEX). Transaction fees are substantially low, but liquidity may be lower than centralized platforms like Binance and Crypto.com. 
All these platforms will allow you to follow the Venus price in real time.

PancakeSwap

Sign up now at this decentralized exchange, which supports tokens on the Binance Smart Chain.

Venus Fear and Greed Index

Updated: 23 May 2024

Now: 58 Greed

Now: 58 Greed

Yesterday: 58 Greed

Last Week: 63 Greed

Is Buying Venus a Good Investment?

Venus Crypto

The Venus crypto has grown in leaps and bounds since its inception and it continues to wax stronger. According to expert views, the investment potential of Venus is encouraging. Based on its past evolution and the factors that impact its price, the forecast for Venus is that the value of this crypto will continue to surge, so the project has a bright future.

So, will Venus go up? Investing in Venus (XVS) seems splendid due to its innovative growth potential. Nonetheless, you should be wary of market uncertainties before making an investment decision.

Now, let’s consider the advantages and disadvantages of investing in it.

The Pros and Cons of Investing in Venus

  • The cumulative profit could be remarkable, with a Venus price amounting to 100 euros in a few years.
  • Venus’ current market capitalization is $92.44M, which implies that it is still undervalued and has the capacity for growth.
  • Venus is one of the most innovative cryptocurrency projects, with an evolving credit market and a persistent involvement in the DeFi sector.
  • The Venus system is based on authentic and secure technologies.
  • Supply and demand play an integral role in determining the XVS price, and a quick increase in value is not assured.
  • Predictions for the price of Venus differ, with estimates ranging from $5.00411 to $8.142 by the end of the year.

Final Thoughts on Venus

For a thorough analysis of the Venus crypto to be gotten, we consider the prospects, advantages, and disadvantages associated with the crypto. Through growth forecasts and the past evolution of Venus, the Venus crypto has significant upside potential. 

The project ingeniously addresses a changing credit market, making it an alluring investment therefore there is the impression that there is room for growth for the token.

Venus’ involvement in the DeFi sector – relying on the system’s trustworthy and safe technology –  buttresses conviction in the project. Yet, it is essential to note that predictions for the token’s value might be dissimilar, and a quick increase for it might not happen. Conclusively, what is Venus’ prediction for the future? Will Venus recover and hit the heights? Or will it keep going down the ladder?

The future of Venus is bright because it is a promising crypto even if, like all cryptocurrency courses, it is prone to market volatility.

Venus FAQs

What is Venus?

Venus is a decentralized cryptocurrency lending and borrowing protocol enabling users to lend assets without centralized intermediaries.

What is VRT?

The VRT is a reward token distributed to Venus users to remunerate them for participating. It is meant to replace the XVS in the distribution of rewards and lessen the inflation of the latter.

How do I safeguard my XVS tokens?

To secure XVS, you can utilize a hardware wallet like Ledger or non-custodial wallets like TrustWallet, MetaMask, or SafePal.

How do lending and borrowing work on Venus?

Users lend crypto to give rise to an annual percentage yield (APY), which differs depending on the demand for each asset. Borrowers use collateral when getting loans and when paying them back.