Binance Launchpool announced on Monday, 28 September, the launch of its new project Venus Protocol.
Venus is an algorithmic-based money market system. It provides a complete decentralised finance-based lending and credit system onto Binance Smart Chain.
Users are also able to use collateral supplied to the market. This is to not only borrow other assets but also mint synthetic stable coins with over-collateralised positions.
Moreover, it will enable users 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 29 September.
It will then list XVS into the Innovation Zone at 5:00 (UTC) on 6 October 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 centralised exchange with DeFi’s. Our initiatives to not only support DeFi projects and developers, but to also bridge the CeFi and DeFi ecosystems through Binance Smart Chain (BSC).Binance CEO and Founder, 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.
According to the block crypto, the protocol is developed by Swipe Wallet, which Binance acquired earlier this year for an undisclosed amount.
The protocol removes “current pain-points” of Ethereum, such as network congestion and high transaction fees. It clarified that this removal comes as it is built on the Binance Smart Chain.
In 2019, Binance announced in a statement its plans related to Venus calling it an “independent regional version of Libra.”
Founded in 2018 by Changpeng Zhao, Binance was then the largest cryptocurrency exchange in the world in terms of trading volume. It is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies.