<strong>[PRESS RELEASE – Singapore, Singapore, 30th December 2021]</strong>
Venus Protocol, a decentralized money market on Binance Smart Chain, is celebrating its Mission to Venus contest by increasing the rewards distribution on its new XVS Vault over the next 120 days and offering the native Venus token stokers a large increase in the annual percentage return .
The MissionToVenus competition started in December and offered rewards of more than $ 1 million through various token airdrops, NFT-Objects, exclusive Venus NFTs for the anniversary and other prizes to promote engagement in the Venus community.
The Venus Protocol is a fast, inexpensive, and decentralized lending system based on Binance Smart Chain which enables borrowers to borrow funds using XVS and twenty-two other currencies as collateral. Venus differs from other money market protocols both in its ability to borrow other crypto assets and in its ability to mint synthetic stablecoins with over-collateralized positions held by a basket of Cryptocurrencies are covered to protect the protocol.
To celebrate the successful completion of the competition and encourage further participation, Venus has increased the APY of the 1.2 million XVS staked in the vault to a whopping 40% at this point and for the next 120 days, which is the average transit time from Earth corresponds to Venus.
Since the end of the competition, 1,287.25 XVS have been distributed to the vault every day.
In addition to the increased rewards and prizes on offer, XVS stakers also receive benefits, including the exclusive right to vote on new VIP proposals, in addition to a share of revenue from protocol resolutions once Venus has fully implemented its new economic model
“Venus enables anyone to post collateral and earn interest or borrow money on their crypto assets in a matter of seconds, using a fast and inexpensive Blockchain is used, ”said a Venus spokesman. “With the launch of Mission to Venus extra XVS APY, XVS stakers and anyone seeking refuge from market volatility now have an added incentive to participate in our ecosystem.”
The MissionToVenus competition started earlier this month and ended on December 25th. The additional XVS rewards in the vault will run until April 23, 2022.
Via the Venus Protocol
Venus Protocol is an algorithmic-based money market system that was developed for decentralized lending and borrowing on the Binance Smart. to enable chain. Cryptocurrency holders can use their assets to provide collateral to the network and generate passive income through variable APY. Borrowers can access instant and inexpensive loans in stablecoins without losing their digital assets Stablecoin for sale.
Venus uses collateral made available to the market to lend crypto assets and mint synthetic stablecoins with over-collateralized positions backed by a basket of cryptocurrencies to protect the protocol. This ensures a safe lending environment in which lenders receive compound interest annually, paid per block, while borrowers pay interest on the cryptocurrency borrowed.
Source: Crypto News Deutsch