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) 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 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.
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.
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 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.
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 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.
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.
Sign up now at this decentralized exchange, which supports tokens on the Binance Smart Chain.
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 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).
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.
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.
The Venus crypto has grown in leaps and bounds since its inception, and in 2023, 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) in 2023 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.
What we like
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.
What we don’t like
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.
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. At the time of writing this according to the Venus Chart, Venus to USD is $3.61, and with the market cap at $55.8M, 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 it attained in 2021? 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.
About the author
Tobi began his career in 2017 as a crypto writer, where he focused on producing educational content. He worked with Stockbossup, an investment platform dedicated to educating black people. Prior to that, he worked as a copywriter with Turboxbt, a crypto trading platform. In 2021, Tobi joined Watcher Guru as a crypto news editor. He was recognized as one of the top 333 web3 creators on LinkedIn for crypto in 2022.
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