Binance Launchpool announced today that its new project is the Venus Protocol. This project developed in Binance Smart Chain, which the company prepared as a competitor to Ethereum, defines itself as an “algorithm-based money market system”.
Binance, the world’s largest cryptocurrency exchange, has entered the decentralized finance (DeFi) world with Binance Launchpool. Following the first project, Bella (BEL), it announced the WING project about two weeks ago. According to the blog post published by Binance’s official website, Venus Protocol is now next.
- In the article published by Binance, he defined the Venus protocol as an algorithmic-based money market system where transactions such as borrowing and granting can be carried out.
- The Venus protocol was developed by Swipe Wallet, which was acquired by Binance earlier this year.
- Binance suggested that the Venus project is an alternative to Ethereum and could be a solution to problems such as ETH network congestion and high transaction fees.
In this project built on Binance Smart Smart Chain, fixedcoins named VAI in BEP-20 standard will be launched.
- Binance CEO Changpeng Zhao said that the Venus platform can be seen as a combination of the Makerihai and Compund projects.
- Venus can be used not only for credit transactions but also to earn the cryptocurrency named XVS.
- From tomorrow, users will be able to stake their investments in separate pools with Binance Coin (BNB), Binance Stablecoin (BUSD) and Swipe (SXP) using the Venus platform.
- Binance will list the XVS coin on October 6 in Innovation Zone.
- Venus token will be traded on the Binance exchange from October 6 on XVS / BTC, XVS / BNB, XVS / BUSD and XVS / USDT.
CEO CZ: CeFi and DeFi Meet with Binance Launchpool Projects
Binance CEO Changpeng Zhao made a great progress in the DeFi field of the company; He said that it is aimed to bring central finance (CeFi) and central exchanges together with DeFi platforms through Binance Launchpool projects. CZ also announced that they are planning to build a bridge between CeFi and DeFi ecosystems via Binance Smart Chain, not only with support for Defi projects.
Zhao also said that Binance Launchpool is very happy to host the Venus project in line with these goals. In his statements, CEO suggested that with the Venus platform’s money market model and fixedcoin generation algorithm, the DeFi sector will gain greatly and even reach CeFi users.