SINGAPORE, December 30, 2021 – Venus Protocol, a decentralized money market on Binance Smart Chain, is celebrating its Mission to Venus contest by boosting the rewards distribution on its new XVS vault over the next 120 days, offering a big increase in annual percentage yield for stakers of the native Venus token.
The #MissionToVenus contest launched in December and offered more than $1 million in rewards through various token airdrops, nonfungible token (NFT) objects, exclusive anniversary Venus NFTs and other prizes to boost engagement within the Venus community.
The Venus Protocol is a fast, low-cost and decentralized lending system built on the Binance Smart Chain that allows borrowers to borrow funds using XVS and twenty-two other currencies as collateral. Venus differs from other money market protocols through both its ability to borrow other crypto assets and also its ability to mint synthetic stablecoins with over-collateralized positions backed by a basket of cryptocurrencies to protect the protocol.
To celebrate the successful completion of the contest and encourage further participation, Venus has increased the APY on the 1.2 million XVS staked in the vault to a whopping 40% at this time and for the next 120 days, which is the average transit time from earth to Venus.
Since the contest ended, 1,287.25 XVS are being distributed to the vault daily.
Along with the increased rewards and prizes offered, XVS stakers will also gain benefits including exclusive rights to vote on new VIP proposals in addition to earning revenue share from protocol liquidations once Venus has fully implemented its new economic model.
“Venus enables anyone to supply collateral and earn interest or borrow against their crypto assets in seconds, using a high-speed and low transaction cost blockchain,” said a Venus spokesperson. “With the launch of Mission to Venus extra XVS APY, XVS stakers and anyone who’s looking for refuge from market volatility now has an extra incentive to participate in our ecosystem.”
The #MissionToVenus contest launched earlier this month and ended on Dec. 25. The extra XVS rewards in the vault will run until April 23, 2022.
About Venus Protocol
Venus Protocol is an algorithmic-based, money market system designed to enable decentralized lending and borrowing on the Binance Smart Chain. Cryptocurrency holders can utilize their assets to supply collateral to the network, earning passive income through variable APY. Borrowers can access instant and low-cost loans in stablecoins without selling their non-stablecoin digital assets.
Venus uses collateral supplied to the market to borrow against crypto assets and mint synthetic stablecoins with over-collateralized positions, backed by a basket of cryptocurrencies, to protect the protocol. This ensures a secure credit environment where lenders receive a compounded interest rate annually, paid per block, while borrowers pay interest on the cryptocurrency borrowed.