SINGAPORE / ACCESSWIRE / December 30, 2021 / Venus Protocol, a decentralized money marketplace on Binance Smart Chain, celebrates its Mission to Venus contest by increasing the distribution of rewards on its new XVS Vault over the next 120 days, delivering a sharp increase in the annual percentage return for native Venus token players .
the # MissionToVenus competition spear in December and offered over $ 1 million in rewards through various token drops, NFT items, exclusive Venus Anniversary NFTs, and other prizes to boost engagement within the Venus community.
The Venus Protocol is a fast, inexpensive, decentralized Binance smart chain-based lending system that allows 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 strike synthetic stablecoins with oversized positions backed by a basket of cryptocurrencies to protect the protocol.
To celebrate the success of the contest and encourage continued participation, Venus has increased the APY on the $ 1.2 million XVS stake in the vault to a whopping 40% for now and for the next 120. days, which is the average transit time from Earth to Venus.
Since the end of the competition, 1,287.25 XVS have been distributed daily in the safe.
Along with the increased rewards and prizes offered, XVS $ players will also receive perks, including exclusive voting rights on new VIP proposals, in addition to earning a share of Protocol Clearances revenue once Venus will have fully implemented its new economic model.
“Venus allows anyone to post collateral and earn interest or borrow on their crypto assets in seconds, using a high speed, low transaction cost blockchain,” a spokesperson for Venus said. “With the launch of Mission to Venus extra XVS APY, players of XVS $ and anyone seeking refuge from market volatility now have an additional incentive to participate in our ecosystem.”
the # MissionToVenus contest launched earlier this month and ended on December 25. Additional XVS rewards in the vault will run until April 23, 2022.
About the Venus protocol
Venus Protocol is an algorithm-based money market system designed to enable decentralized lending and borrowing on the Binance Smart Chain. Cryptocurrency holders can use their assets to provide collateral to the network, earning passive income through the variable APY. Borrowers can access instant, low-cost stablecoin loans without selling their unstable digital assets.
Venus uses market-provided collateral to borrow against crypto assets and synthetic mint coins with oversized positions, backed by a basket of cryptocurrencies, to protect the protocol. This ensures a secure lending environment where lenders receive a compound interest rate each year, paid in blocks, while borrowers pay interest on the borrowed cryptocurrency.
THE SOURCE: Venus Protocol
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