SINGAPORE, December 30, 2021 – Venus Protocol, a decentralized cash market on Binance Smart Chain, is celebrating its Mission to Venus contest by boosting the rewards distribution on its new XVS vault over the following 120 days, providing an enormous enhance in annual proportion yield for stakers of the native Venus token. The #MissionToVenus contest launched in December and supplied greater than $1 million in rewards by varied token airdrops, nonfungible token (NFT) objects, unique anniversary Venus NFTs and different prizes to increase engagement throughout the Venus neighborhood. The Venus Protocol is a quick, low-cost and decentralized lending system constructed on the Binance Smart Chain that enables debtors to borrow funds utilizing XVS and twenty-two different currencies as collateral. Venus differs from different cash market protocols by each its skill to borrow different crypto belongings and in addition its skill to mint artificial stablecoins with over-collateralized positions backed by a basket of cryptocurrencies to defend the protocol. To rejoice the profitable completion of the competition and encourage additional participation, Venus has elevated the APY on the 1.2 million XVS staked within the vault to a whopping 40% at the moment and for the following 120 days, which is the typical transit time from earth to Venus. Since the competition ended, 1,287.25 XVS are being distributed to the vault every day.Along with the elevated rewards and prizes supplied, XVS stakers will even acquire advantages together with unique rights to vote on new VIP proposals as well as to incomes revenue share from protocol liquidations as soon as Venus has totally applied its new financial mannequin. “Venus allows anybody to provide collateral and earn curiosity or borrow towards their crypto belongings in seconds, utilizing a high-speed and low transaction value blockchain,” stated a Venus spokesperson. “With the launch of Mission to Venus extra XVS APY, XVS stakers and anybody who’s wanting for refuge from market volatility now has an extra incentive to take part in our ecosystem.” The #MissionToVenus contest launched earlier this month and ended on Dec. 25. The extra XVS rewards within the vault will run till April 23, 2022. About Venus ProtocolVenus Protocol is an algorithmic-based, cash market system designed to allow decentralized lending and borrowing on the Binance Smart Chain. Cryptocurrency holders can make the most of their belongings to provide collateral to the community, incomes passive earnings by variable APY. Borrowers can entry on the spot and low-cost loans in stablecoins with out promoting their non-stablecoin digital belongings. Venus makes use of collateral provided to the market to borrow towards crypto belongings and mint artificial stablecoins with over-collateralized positions, backed by a basket of cryptocurrencies, to defend the protocol. This ensures a safe credit score setting the place lenders obtain a compounded rate of interest yearly, paid per block, whereas debtors pay curiosity on the cryptocurrency borrowed.
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https://cointelegraph.com/press-releases/venus-protocol-launches-mission-to-venus-with-extra-apy-revenue-share-for-xvs-holders
Venus Protocol launches Mission to Venus with extra APY & revenue share for XVS holders
