- Venus (XVS) price has skyrocketed to over 80% in the last 7 days.
- XVS is an algorithmic money market and synthetic stablecoin protocol.
Venus (XVS) price has skyrocketed to over 80% in the last 7 days. According to CoinMarketCap, the XVS price is at $25.82 with a 24-hour trading volume of $328,809,686, at the time of writing.
XVS Price Chart (Source: CoinMarketCap)
Quick Background on Venus
Venus is an algorithmic money market and synthetic stablecoin protocol which is launched exclusively on Binance Smart Chain (BSC). Moreover, the protocol provides a simple to utilize cryptocurrency asset lending and borrowing solution to the Decentralized Finance (DeFi) marketplace. This allows users to borrow directly against collateral at high speed while losing less to transaction fees.
Added to this, Venus enables users to mint VAI stablecoins on-demand within seconds by offering a minimum of 200% collateral to the smart contract of Venus. More so, the VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one USD, whereas XVS tokens are also BEP-20 related. However, they are rather utilized for governance of the Venus protocol, and could be used to vote on adjustments that add new collateral types, changing parameters, and organizing improvements of the product.
Furthermore, the governance protocol is fully controlled by XVS community members. Since, the Venus founders, team members and other advisors have any allocation of XVS token. With the upcoming upgrades, development, features of Venus soon it will reach great heights. However, it will reach the new ATH soon.