Venus 协议 2024 年第 3 季度回顾

Venus (XVS) 是一种基于 BNB 链的借/贷协议，最近于 2024 年第二季度在以太坊上推出。其核心是，Venus 使用户能够存入各种加密资产

Key Insights

主要见解

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) 是一种基于 BNB 链的借/贷协议，最近于 2024 年第二季度在以太坊上推出。其核心是，Venus 使用户能够存入各种加密资产，然后可以借用这些资产。与传统金融系统不同，金星采用独特的算法方法，由中央实体通常设定利率。 Venus上的借贷利率根据跳跃利率模型和白皮书利率模型进行动态调整。这些模型利用利用率，即已借入的存入资产的比例。

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.

利用率是维纳斯协议的重要组成部分。随着借贷需求的增加，比率和利率也会增加。相反，需求下降会降低两者的水平，通过激励需求高的贷方和需求减弱时的借款人来维持平衡。

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 协议由其 DAO 社区管理，并由 XVS 治理代币启用。代币持有者可以提出治理决策并对其进行投票。此外，他们可以按照维纳斯代币经济模型将代币存放在专门的金库中以获得经济激励。该模型通过回购和再分配机制将协议收入的一部分分配给利益相关者，奖励积极参与治理。有关金星的完整入门信息，请参阅我们的覆盖范围启动报告。

Website / X (Twitter) / Discord

网站 / X (Twitter) / Discord

Key Metrics

关键指标

Performance Analysis

绩效分析

Financial Overview

财务概览

Network Overview

网络概况

Total Value Locked (TVL)

锁定总价值 (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.

锁定总价值（TVL）代表在其支持的市场上存入维纳斯协议的资产总价值。它是平台规模、流动性和整体用户信任度的关键指标。

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，从 2024 年第二季度末的 22.1 亿美元降至 24 年第三季度末的 21.9 亿美元，环比下降了 0.95%。尽管出现这种下降，金星的 TVL 总体上仍处于积极的上升趋势。大多数链的变化不大，其中BTC变化最小，仅上涨0.3%，USDT上涨4.1%，USDC上涨7.2%。 BNB 以 8.623 亿美元保持最大抵押资产的地位，环比下降 2.8%，其次是 Venus BTC，为 6.627 亿美元。

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.

本季度出现了两个值得注意的异常情况。 “其他”类别增长了 25.3%，从 2024 年第二季度末的 8290 万美元增加到 24 年第三季度的 1.038 亿美元，这可能是由于越来越多地采用较小的抵押资产。相比之下，ETH 下跌了 21.7%，从 2024 年第二季度的 1.652 亿美元降至 24 年第三季度的 1.283 亿美元，尽管该季度早些时候曾达到峰值 2.320 亿美元。 ETH 的下跌可能是由于 Venus Prime Boost 的引入以及协议内用户分配的变化导致的市场调整。这表明，虽然以太坊的采用仍在增长，但可能需要额外的时间和激励措施来稳定抵押品的使用模式。

Total Value Borrowed (TVB)

借贷总额 (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.

借入总额 (TVB) 代表从 Venus Protocol 在其支持的市场借入的所有资产的总价值。它是评估协议利用率和借贷服务总体需求的关键指标。与衡量存款的 TVL 不同，TVB 反映的是推动创收和贷款效率的借贷活动。

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.

传统上，TVB 会因市场需求和交易活动的变化而出现显着波动。截至 24 年第三季度，金星的营收为 4.56 亿美元，较上一季度的 6.58 亿美元下降 30.7%，而该季度的峰值为 9.90 亿美元。 BNB 由于其广泛的市场风险和不同的监管框架而以其波动性而闻名，环比下降 72.7%，在 2024 年第三季度早些时候大幅飙升至 5.7168 亿美元后，本季度末跌至 3158 万美元。 USDC 是唯一增长的资产，环比增长 5.7% 至 9190 万美元，因其作为稳定和流动性借贷资产的吸引力，仅次于 USDT，本季度末 USDT 为 2.561 亿美元，环比小幅下降 0.3%。

User Activity

用户活动

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.

用户活跃度是指Venus Protocol上用户驱动的交易总量，包括资产存入、提现、还贷、新增借款等。这些活动直接影响锁定总价值 (TVL) 和借入总价值 (TVB) 等指标，从而清晰地了解协议的利用率和用户参与趋势。

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

存款从 2024 年第二季度的 127,354 美元下降 41.9% 至 74 美元