[PRESS RELEASE – Singapore, Singapore, 30th December 2021]
The Venus Protocol, a decentralized currency marketplace on the Binance Smart Chain, is celebrating its Mission to Venus competition by increasing the prize distribution on its new XVS Vault over the next 120 days, which will help in larger annual percentage yields for stakeholders of the native Venus token. offers growth. ,
The Mission to Venus contest began in December and offered prizes worth over $1 million through various token airdrops, NFT objects, special anniversary Venus NFTs and other prizes to foster engagement within the Venus community.
The Venus Protocol is a fast, low-cost and decentralized lending system built on the Binance Smart Chain that allows borrowers to borrow funds using XVS and twenty two other currencies as collateral. Venus differs from other money market protocols through the ability to borrow other crypto assets and the ability to mint synthetic stable coins with hyper-collateralized positions backed by a basket of cryptocurrencies to protect the protocol.
To celebrate the successful completion of the contest and encourage further participation, Venus has increased the APY by 40% on the 1.2 million XVS currently held in the Vault and for the next 120 days, which is the average transit time from Earth. Is. To Venus.
Since the end of the contest, 1,287.25 XVS are being distributed to the vault daily.
In addition to increased rewards and rewards, XVS stakers will also receive benefits including exclusive rights to vote on new VIP proposals, in addition to earning a revenue share from protocol liquidations, once Venus has fully implemented its new economic model. Have given
“Venus enables anyone to supply collateral and earn interest or borrow against their crypto assets in seconds using the blockchain with high speed and low transaction costs,” a Venus spokesperson said. “With the launch of the Mission to Venus Xtra XVS APY, XVS stakers and anyone escaping market volatility now have an additional incentive to participate in our ecosystem.”
The Mission to Venus competition began earlier this month and ended on December 25. Additional XVS Rewards in the Vault will last until April 23, 2022.
About the Venus Protocol
The Venus Protocol is an algorithmic-based, money market system designed to enable decentralized lending and lending on the Binance Smart Chain. Cryptocurrency holders can use their assets to supply collateral to the network, earning passive income through variable APY. Borrowers can access instant and low-cost loans in stablecoins without having to sell their non-stablecoin digital assets.
Venus uses market-supplied collateral to borrow against crypto assets and Mint synthetic stablecoins, backed by a basket of cryptocurrencies, with more collateralized positions, to protect the protocol. This ensures a secure credit environment where lenders receive an annual compound interest rate paid per block, while borrowers pay interest on the cryptocurrencies borrowed.
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