Cryptocurrency markets remain sideways this weekend, with several altcoins seeing double-digit price gains. One of the biggest winners today was Venus (XVS), which has risen over 27 percent in the last 24 hours. Venus gained momentum with the statements of TRON CEO.
What is Venus? What did Tron CEO say about altcoin?
Venus describes itself as a decentralized marketplace for lenders and borrowers with unlimited stablecoins. In other words, Venus provides the world’s first decentralized stablecoin called VAI. This platform is built on Binance Smart Chain and powered by cryptocurrencies without the need for centralized control. XVS is the cryptocurrency that absorbs the price volatility of the crypto market, so it has a volatile price.
So why is the price rising? Venus recently held a Q&A event with Justin Sun, the founder of Tron. A breakdown of this event was posted in the community section of Venus, and when asked about any plans that could get both the Tron and Venus communities excited, Justin said:
“We have already made a number of moves in decentralized finance (DeFi). We will probably work with Venus again on other projects soon. Stay tuned.”
At the event, plans for Tron and Venus were also mentioned when it comes to the Metaverse. In response, Sun mentioned TRON’s recently completed virtual building complex on Cryptovoxels and something the Metaverse is actively exploring. Venus, which rose to $20.42 during the day, has retraced to around $18.22 at the time of writing.