XVS/USDT 4-hour chart. Source: TradingView.
Data from Cointelegraph Markets and TradingView reveals that XVS cost has taken off 775% from a low of $10.04 on Feb. 2 to an all-time high of $82.86 on Feb. 18 in the middle of a boost in activity on BSC.
Overall value locked grows as the list of supported properties expands.
A scroll through the projects Twitter feed indicate a rapidly expanding environment that has actually been methodically including leading cryptocurrency jobs to its list of assets that can be transferred to earn interest, get involved in the liquidity mining program, or use as collateral to obtain other assets.
Cardano (ADA) is the most recent addition, while the other tasks currently readily available are Ethereum (ETH), Litecoin (LTC), Polkadot (DOT) and Chainlink (LINK).
Comparable to the MakerDAO (MKR) platform and DAI, users of Venus can obtain versus their properties and mint Vai, the stablecoin for the Venus procedure. Considering that Feb. 1, the supply of VAI has grown by 360% from 42 million tokens in blood circulation to a current count of more than 195 million VAI.
According to the Venus control panel, there is currently $3.54 billion in overall worth secured the Venus protocol, making it the seventh-largest DeFi protocol by TVL behind SushiSwap which currently has $3.7 billion in TVL.
XVS/USDT rate compared versus direct competitors. Source: TradingView.
High gas costs on the Ethereum network are most likely to continue for some time and this might catalyze more development in chains like BSC and DeFi protocols that are able to capitalize on its lower transaction costs.
With a broadening list of supported tokens and a rapidly growing TVL, Venus is quickly developing itself as a top contender in the decentralized financing area.
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Title: Venus (XVS) rallies 900%, TVL hits $3.54 B after Binance Smart Chain launch.
Sourced From: cointelegraph.com/news/venus-xvs-rallies-900-tvl-hits-3-54b-after-binance-smart-chain-launch.
Published Date: Thu, 18 Feb 2021 23:50:00 +0000 Share on TwitterShare on FacebookShare on LinkedInShare on Pinterest2021s Most Anticipated Growth & Wealth-Building OpportunityJoin Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency TogetherCLAIM YOUR SEAT!Read More.
As decentralized finance continues to increase it hold on the larger cryptocurrency market, Binance Smart Chain (BSC) is starting to become an ideal choice for traders aiming to get away from high transaction costs on the Ethereum (ETH) network..
With more attention being paid to BSC, DeFi tasks running on the chain have also seen an increase of purchasing activity in recent weeks as token holders rush to provide liquidity for recently launched protocols. One such task is Venus (XVS), an algorithmic money market and artificial stablecoin protocol developed specifically for the BSC.
Overall value locked, overall obtained and readily available liquidity on Venus. Source: Venus.
A survey of the top-performing possessions over the past week shows that BSC jobs have exceeded the competition and are starting to attract liquidity away from tasks on the Ethereum network.