Venus Protocol to Host AMA on X With GMX on February 24th at 13:00 UTC

The discussion will focus on GMX’s recent market launch of gmBTC and gmWETH on Venus Arbitrum.

Venus will host an Ask Me Anything (AMA) session on X with GMX on February 24th at 13:00 UTC.

The discussion will revolve around GMX’s recent market launch of gmBTC and gmWETH on Venus Arbitrum.

Attendees can submit their questions in advance via this form or directly during the AMA session.

Venus Protocol is a decentralized finance (DeFi) platform on the BNB Chain, operating as both an algorithmic money market and a synthetic stablecoin protocol. In essence, it combines the functionalities of Compound (a money market system) and MakerDAO (a stablecoin creation system) on the Ethereum network. Developed by the team behind Swipe, a global cryptocurrency credit card issuer, Venus serves to bridge the gap between traditional finance and DeFi, while also avoiding the challenges commonly associated with Ethereum-based platforms.

The core offerings of Venus include lending, borrowing, and minting synthetic stablecoins. Users can deposit their cryptocurrency into the platform to earn compounded interest or to use their deposited assets as collateral for borrowing. Borrowing on Venus requires over-collateralization to ensure the security of the loan.

The protocol employs dynamic interest rates that are determined by the utilization of assets like BNB or ETH, for example. This demand-driven approach adjusts the interest rates for both lenders and borrowers automatically.

Additionally, the Venus Protocol enables users to mint its native stablecoin, VAI, against their collateral. This minting process utilizes vTokens, which represent the user's deposited collateral (e.g., depositing USDT would yield vUSDT). Using these vTokens, users can mint VAI, which is designed to maintain a peg to the USD but can still experience supply-demand driven fluctuations.

XVS, also known as Venus (BEP-20 standard), is the governance token of the Venus Protocol. It empowers token holders to participate in the development and adjustment of the platform's parameters. Holders can vote on crucial decisions, including the addition of new tokens to the protocol, adjustments to interest rates, or changes in the distribution schedules. The governance structure is designed to ensure the community's autonomy over the protocol’s evolution, without any initial pre-mines for developers or founders. Furthermore, the protocol is set to introduce the Venus Vault, which will allow users to lock their XVS tokens, enhancing the protocol's security and earning staking rewards in return.