Venus 協議 2024 年第 3 季回顧

Venus (XVS) 是一種基於 BNB 鏈的借/貸協議，最近於 2024 年第二季度在以太坊上推出。

Key Insights

主要見解

Venus (XVS) is a borrow/lend protocol built on BNB Chain, recently launching on Ethereum in Q2 2024. At its core, Venus enables users to deposit various cryptoassets, which can then be borrowed. Unlike traditional financial systems, Venus employs a unique algorithmic approach, where central entities often set interest rates. The interest rates for borrowing and lending on Venus are dynamically adjusted based on a jump rate model and a whitepaper rate model. These models leverage the utilization ratio, which is the proportion of deposited assets that have been borrowed.

Venus (XVS) 是一種基於 BNB 鏈的借/貸協議，最近於 2024 年第二季度在以太坊上推出。與傳統金融系統不同，金星採用獨特的演算法方法，由中央實體通常設定利率。 Venus上的借貸利率根據跳躍利率模型和白皮書利率模型進行動態調整。這些模型利用利用率，即已借入的存入資產的比例。

The utilization ratio is a critical component of the Venus Protocol. As borrowing demand rises, the ratio and interest rates increase. Conversely, lower demand decreases both, maintaining balance by incentivizing lenders in high demand and borrowers when demand wanes.

利用率是維納斯協議的重要組成部分。隨著借貸需求的增加，比率和利率也會增加。相反，需求下降會降低兩者的水平，透過激勵需求高的貸方和需求減弱時的借款人來維持平衡。

The Venus Protocol is governed by its DAO community and is enabled by the XVS governance token. Tokenholders can propose and vote on governance decisions. Furthermore, they can stake their tokens in a specialized vault to receive financial incentives, following the Venus tokenomics model. This model allocates a portion of the protocol’s revenue to stakers through a buyback and redistribution mechanism, rewarding active participation in governance. For a full primer on Venus, refer to our Initiation of Coverage report.

Venus 協議由其 DAO 社群管理，並由 XVS 治理代幣啟用。代幣持有者可以對治理決策提出建議和投票。此外，他們可以按照維納斯代幣經濟模型將代幣存放在專門的金庫中以獲得經濟誘因。該模型透過回購和再分配機制將協議收入的一部分分配給利害關係人，獎勵積極參與治理。有關金星的完整入門信息，請參閱我們的覆蓋範圍初始報告。

Website / X (Twitter) / Discord

網站 / X (Twitter) / Discord

Key Metrics

關鍵指標

Performance Analysis

績效分析

Financial Overview

財務概覽

Network Overview

網路概況

Total Value Locked (TVL)

鎖定總價值 (TVL)

Total Value Locked (TVL) represents the total value of assets deposited into Venus Protocol across its supported markets. It serves as a key indicator of the platform’s size, liquidity, and overall user trust.

鎖定總價值（TVL）代表在其支持的市場上存入維納斯協議的資產總價值。它是平台規模、流動性和整體用戶信任度的關鍵指標。

Venus saw a slight decrease in TVL, from $2.21 billion at the end of Q2'24 to $2.19 billion at the end of Q3'24, reflecting a 0.95% reduction QoQ. Despite this decline, Venus’s TVL remains on a generally positive uptrend. Most chains experienced moderate changes, with BTC experiencing the least change, only increasing 0.3%, USDT increasing 4.1%, and USDC increasing 7.2%. BNB retained its position as the largest collateral asset at $862.3 million, a 2.8% QoQ decrease, followed by Venus BTC at $662.7 million.

金星的 TVL 略有下降，從 2024 年第二季末的 22.1 億美元降至 24 年第三季末的 21.9 億美元，季減了 0.95%。儘管出現這種下降，金星的 TVL 總體上仍處於積極的上升趨勢。大多數鏈的變化不大，其中BTC變化最小，僅上漲0.3%，USDT上漲4.1%，USDC上漲7.2%。 BNB 以 8.623 億美元保持最大抵押資產的地位，環比下降 2.8%，其次是 Venus BTC，為 6.627 億美元。

Two notable outliers emerged during the quarter. The "Other" category grew by 25.3%, increasing from $82.9 million at the end of Q2'24 to $103.8 million in Q3'24, potentially driven by the rising adoption of smaller collateral assets. In contrast, ETH saw a 21.7% decrease, dropping from $165.2 million in Q2'24 to $128.3 million in Q3'24, despite peaking at $232.0 million earlier in the quarter. The decline in ETH is likely due to market adjustments following the introduction of Venus Prime Boost and shifting user allocations within the protocol. This suggests that while Ethereum adoption is still growing, it may take additional time and incentives to stabilize collateral usage patterns.

本季出現了兩個值得注意的異常情況。 「其他」類別成長了 25.3%，從 2024 年第二季末的 8,290 萬美元增加到 24 年第三季的 1.038 億美元，這可能是由於越來越多地採用較小的抵押資產。相比之下，ETH 下跌了 21.7%，從 2024 年第二季的 1.652 億美元降至 24 年第三季的 1.283 億美元，儘管該季度早些時候曾達到峰值 2.320 億美元。 ETH 的下跌可能是由於 Venus Prime Boost 的引入以及協議內用戶分配的變化導致的市場調整。這表明，雖然以太坊的採用仍在增長，但可能需要額外的時間和激勵措施來穩定抵押品的使用模式。

Total Value Borrowed (TVB)

借貸總額 (TVB)

Total Value Borrowed (TVB) represents the aggregate value of all assets borrowed from Venus Protocol across its supported markets. It serves as a key metric for evaluating the protocol’s utilization and overall demand for its lending services. Unlike TVL, which measures deposits, TVB reflects the borrowing activity that drives revenue generation and lending efficiency.

借入總額 (TVB) 代表從 Venus Protocol 在其支援的市場借入的所有資產的總價值。它是評估協議利用率和借貸服務整體需求的關鍵指標。與衡量存款的 TVL 不同，TVB 反映的是推動創收和貸款效率的借貸活動。

Traditionally, TVB has shown significant fluctuations driven by shifting market demands and trading activity. Venus ended Q3'24 with $456.0 million, a 30.7% decline from $658.0 million QoQ, after peaking at $990.0 million during the quarter. BNB, known for its volatility due to its broad market exposure and varying regulatory frameworks, saw a 72.7% decrease QoQ, ending the quarter at $31.58 million after a notable spike earlier in Q3'24 to $571.68 million. USDC was the sole asset with growth, increasing 5.7% QoQ to $91.9 million, following its appeal as a stable and liquid borrowing asset, coming in second to USDT, which ended the quarter with $256.1 million, a modest 0.3% decrease QoQ.

傳統上，TVB 會因市場需求和交易活動的變化而顯著波動。截至 24 年第三季度，金星的營收為 4.56 億美元，較上一季的 6.58 億美元下降 30.7%，而該季度的峰值為 9.90 億美元。 BNB 由於其廣泛的市場風險和不同的監管框架而以其波動性而聞名，環比下降72.7%，在2024 年第三季早些時候顯著飆升至5.7168 億美元後，本季末跌至3,158 萬美元。 USDC 是唯一成長的資產，環比成長 5.7% 至 9,190 萬美元，因其作為穩定和流動性借貸資產的吸引力，僅次於 USDT，本季末 USDT 為 2.561 億美元，環比小幅下降 0.3%。

User Activity

使用者活動

User activity refers to the total volume of user-driven transactions on Venus Protocol, including asset deposits, withdrawals, loan repayments, and new borrows. These activities directly impact metrics like Total Value Locked (TVL) and Total Value Borrowed (TVB), offering a clear picture of the protocol’s utilization and user engagement trends.

用戶活躍度是指Venus Protocol上用戶驅動的交易總量，包括資產存入、提領、還貸、新增借款等。這些活動直接影響鎖定總價值 (TVL) 和借入總價值 (TVB) 等指標，從而清晰地了解協議的利用率和用戶參與趨勢。

Deposits fell 41.9% from $127,354 in Q2'24 to $74

存款從 2024 年第二季的 127,354 美元下降 41.9% 至 74 美元