By
Godfrey Benjamin
April 24th, 2024
Binance has announced another project on its Binance Launchpool called Venus. Users will be able to get new token rewards in return for staking BNB, BUSD and SXP tokens.
After introducing Binance Launchpool earlier in the month, Binance has today announced its fourth project through the pool – the Venus (XVS), which is dubbed as a money market and also a stablecoin DeFi platform that runs on the Binance Smart Chain. Binance has grown from being a digital asset project to a whole ecosystem that is aspiring to be independent and decentralized simultaneously. Ranging from its smart blockchain, the capability to support Dapps, its own stablecoin to other spectacular projects, the organization is set to take the crypto industry to a whole new level of adoption. Being an early and successful crypto project, abundance is set to significantly shape the digital asset industry in the future.
According to the company, Binance LaunchPool is a new product where users will be able to acquire new token rewards in return for staking BNB, BUSD and other tokens. With the Defi ecosystem being adopted by the retail and institutional investors at an unprecedented rate, staking is becoming a lucrative industry that has not been fully maximized.
Binance and Venus (XVS) on Its Launchpool
According to Binance research, the Venus project will support three core features. The first is the Over-collateralized lending, whereby users can borrow assets whose value is 75% or lower than that of the assets provided. They can also earn interest by supplying supported collateral assets to the protocol. In addition, users can mint VAI, the protocol’s default synthetic stablecoin pegged to the value of 1 USD.
It is a win for all the stakeholders, Binance, Venus, and the Defi participants with the new launch. Binance indicated in a news update:
“Users will be able to stake their BNB, BUSD and SXP tokens into separate pools to farm XVS tokens over 30 days using the new Launchpool format, with farming starting from 2020/09/29 0:00 AM (UTC)”.
However, the listing is expected to take place next month. It was stated:
“Binance will then list XVS into the Innovation Zone at 2020/10/06 5:00 AM (UTC) and open trading for XVS/BTC, XVS/BNB, XVS/BUSD and XVS/USDT trading pairs”.
Notably, there are 6,000,000 XVS, the native BEP-20 governance token for Venus, that are allocated to the Binance Launchpool token reward system. Whereby the total token supply is set at 30 million XVS.
The Farming Period is set to last from 2020/09/29 0:00 AM (UTC) to 2020/10/29 0:00 AM (UTC). This will allow interested customers to stake their assets, hence kickstart the Venus project to a higher trading volume and also generate a healthy liquidity.