The Venus Protocol is a DeFi lending platform functioning as an algorithmic money market. The Protocol brings together well-known financial lending services to decentralized protocols on the blockchain. While not being the only one to do so, it differs from others by enabling supplying collateral for minting synthetic stablecoins (VAI) as well. Users can then earn yield from the minted tokens without locking the assets up in a smart contract. These stablecoins are not backed by traditional fiat or traditional financial assets but by other cryptocurrencies.
The Venus coin is XVS, which is a BEP-20 token hosted on the Binance Smart Chain. It is used in Venus crypto network governance, and its holders can vote on propositions regarding adding new collateral, proposing changes to the network, upgrades to the network or other important elements and improvements to the protocol.
Venus price UK history shows the highest value of 98.94 GBP . We recorded this price on May 10, 2021, but we cannot exclude that a higher price was registered before March 16, 2021.