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01 March 2021

Venus (XVS) rallies 900%, TVL hits $3.54B after Binance Smart Chain launch

Venus (XVS) rallies 900%, TVL hits $3.54B after Binance Smart Chain launch


smart summary beta

A scroll through the project's Twitter feed points to a rapidly expanding ecosystem that has been systematically adding top cryptocurrency projects to its list of assets that can be deposited to earn interest, participate in the liquidity mining program, or use as collateral to borrow other assets.

Similar to the MakerDAO (MKR) platform and DAI, users of Venus can borrow against their assets and mint Vai, the stablecoin for the Venus protocol.

A survey of the top-performing assets over the past week shows that BSC projects have outperformed the competition and are beginning to attract liquidity away from projects on the Ethereum network.

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cointelegraph.com
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