Binance Crypto Currency Exchange today announced the launch of Venus' decentralized crypto lending system.
It is based on Binance Smart Chain and allows the production of decentralized VAI stack tokens, provided with other tokens on the same block-chain. According to Binance CEO Changpen Zhao, Venus can be considered as a combination of MakerDAO and Compound services.
"VAI is issued with the same collateral that is provided in the protocol. Users can borrow up to 50% of the remaining collateral from their vToken for VAI," Binance writes. - The collateral provided at Venus will be represented by vToken, such as vBTC, which will allow users to repay collateral and obtain loans against it.
As part of the protocol, users will also be able to stack BNB, BUSD and SXP in three separate pools to earn Venus (XVS) tokens. On October 6, Binance will list XVS in pairs with Bitcoin, BNB, BUSD and USDT.
Venus is developed by the Swipe startup team, which Binance acquired this year. The first announcement of Venus was made in August 2019. Then Binance said that the project will be used to launch a "regional version of Libra".