Venus.io Review 2021

Venus is a digital platform for trading decentralized digital assets. It is relatively unique in its functionality and architecture. As a result, it offers some special features as a lending and borrowing marketplace. Unlike most other decentralized platforms, Venus is based on the Binance Smart Chain, which also happens to be the platform’s niche.

It uses a stable coin that is borderless, and thus, decentralized. The significant benefits that Venus offers are almost instantaneous transactions and a significantly lower fee charged for transactions. The platform aims to provide access to high liquidity for various cryptocurrencies.

What Is Venus.io?

Venus.io Basic

Venus is a digital marketplace for the trade of decentralized currencies and assets. Users can offer digital collateral and borrow a sum that is up to 75% of the total value of their assets. Venus.io aims to be absolutely transparent in its operation. To ensure that, Venus has been built on the Binance Smart Chain (BSC). Thus, it lacks centralized control.

Steps Ahead

The two primary protocols that give Venus an edge on the Binance Smart Chain are instant 3-second transactions and marginal charges. As a general rule, crypto markets have been known to be highly volatile and fluctuating. The innovative protocols of instant transactions and nominal fees are something that can be very beneficial for individuals.

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How Does Venus.io Work?

The Venus marketplace is based on the BSC (Binance Smart Chain), and BEP-20 serves as the standard token on this decentralized platform. Venus.io was launched exclusively on the Binance Smart Chain. Venus is completely decentralized, even down to the control. Data mining is something that the users are rewarded for. This gives the platform an efficient way to mine and maintain decentralized nodes on the chain. BEP-20 can be regarded as an extension of the ERC-20 token.

Venus has also introduced the world’s first decentralized stablecoin, VAI. This stablecoin is backed by crypto assets and a list of other stable coins.

Is Venus.io Regulated?

One can consider Venus as a platform that is regulated by mutual governance and decentralization. This automatically eliminates any possibility of manipulation of the chain. A number of protocols created by Venus are devised for the purpose of governance. As mentioned earlier, the BEP-20 token is also the governance token for the platform as regulation has become democratic in nature. There is also a limit on the maximum number of tokens. These tokens can either be purchased or earned with the help of digital mining for the ecosystem. A small percentage of these tokens are in circulation, although the majority of the limit relies upon mining.

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Quick Summary of Venus.io

  • Venus IO is a digital platform for digital and crypto assets.
  • It also acts as a marketplace for borrowers and lenders around the world.
  • Offers instant (*almost) transfer for decentralized funds.
  • Significantly lower transactional fees charged from the users.
  • Seeking to be transparent, the team has linked Venus’ whitepaper on their website.
  • The platform offers user rewards for mining crypto.

Features of Venus.io

  • Venus.io offers a unique list of features and standards with a special stature on the Binance Smart chain as a protocol. Venus allows the users to digitally mine tokens that hold value on the platform. Digital-mining or minting can imply that the only limit users have on earning “free-profit” is based on the minting capabilities.
  • The list of supported altcoins is highly inclusive and consists of popular coins such as Venus (XVS), USD Coin, BNB, XRP, LTC, etc. When it comes to borrowing funds/assets, Venus allows users to apply without a credit check. This is one of the most convenient and useful features as it provides a clean slate for the decentralized domain. The over-collateralized theme throughout the market more often acts as a layer of added security rather than being a limitation or hindrance.

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What Makes Venus.io (XVS) Unique?

The token of this algorithm money market has many unique characteristics. Firstly, the total amount of tokens is 30 Million XVS. XVS can be minted to act as collateral for borrowings. At the same time, it can also be exchanged for other stablecoins.

However, the features that set it ahead of most of its market competition are its impressively fast transaction speed and the marginally low fee. These unique features are a result of being solely on the Binance Smart Chain. Liquidity is always in the hands of users who want instant access to it and the added benefit of 3-second transfers. The lack of any authority for centralization is hugely beneficial. This is because it leads to an advantage that very few platforms get to experience. The lack implies that the users are not limited or restricted from using the platform based on their geographic region, credit score, etc. Hence, collaterals become the deciding factor for borrowing. It is worth mentioning that there are only over 4 Million tokens in circulation out of the maximum of 30 million. Thus, the scope for ‘minting profits’ is also enormous.

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Venus.io Review: Pros and Cons

Pros Cons
3-second transactions. No mobile app for either Android or iOS.
Significantly low fees than the industry. XVS cannot be borrowed from Venus.
Rewards for minting the token. Over-collateralized architecture can be limiting for extremely high volumes.
Most popular protocol on the BSC. Liquidity modules might be vulnerable.

Getting Started with Venus.io

Venus can be a powerful tool when it comes to making governance/BSC/trading environments. The code is available on the GitHub library. Interested personnel can also join the respective telegram channel to interact with the team. They can also build a Venus-based application. The interactive community and responsive team can help one get started with Venus.io and reap the benefits that come with it. The basket of protocols is quite diverse by design. These innovative protocols can be implemented in any way desired by the user. They can also be tailored to suit particular use cases and scenarios. Thus, they are pretty versatile in nature.

Manage Your Borrowing Limit

The borrowing limit on the platform is directly proportional to the volume of assets. Users can offer their assets and borrow an amount that is up to 75% of the total worth of the said assets. Borrowing can also be done by offering XVS tokens as collateral. It is also worth mentioning here that they can be minted on the platform itself. Speaking in theoretical terms, if the users can mine without a limit, they can borrow accordingly as the borrowing limit too is minted (figuratively). Once the users connect to the platform, they can choose the asset whose borrowing limit they want to increase. It is to be kept in mind that a small amount of gas fee will be charged for the transaction. Thereupon, the users need to enter the amount that they would want to supply. As the interest adds to the users’ supply balance, their borrowing limit will also increase over time. This is because the supply balance is proportional to the borrowing limit.

Borrowing Assets

With the Venus protocol, users can borrow any asset that is supported by the platform. These assets can then be sent to their respective wallets. To borrow an asset, users have to go to borrowing markets. Next, they have to choose the crypto or digital asset that they wish to borrow. The borrowing limit of the asset is also related to supply balance, similar to borrowing money. The collateral mining is what makes this so enticing. When borrowed against supply balance, the users can continue to mint tokens and would never have to repay the borrowing.

Earn Interest on Your Assets

Venus.io also provides a way for the De-Fi users of the platform to earn interest on their crypto assets. De-Fi stands for Decentralized Finance. The traders who deal with De-Fi can now lend their assets in this digital marketplace for synthetic stablecoins. They can also earn interest in them. To start earning interests, users have to select the coin or cryptocurrency that they wish to earn interest in. Next, they need to enter the value they wish to lend to the market. It is worth mentioning here that the amount of assets given up for lending will be locked. The interest is not fixed, and it changes as per the demand of the asset that is being lent.

Access Instant Liquidity On Venus.io

The greatest advantage of Venus is it’s all-on-the-chain nature. This gives users a vast range of options. The users have instant access to the liquidity that is available across the world. The individuals have the option to liquidate their existing assets. They can also borrow with no trading fees. There is also the assurance of no-slippage, which adds to the credibility of it all. However, the amount of liquidity the users can access is also a factor that depends on the collaterals.

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How to Request a Loan at Venus.io?

To request a loan with the Venus protocol or any platform based upon it, users can simply have to visit the borrowing market. Next, they need to select the asset which they wish to loan. Then the users choose to mine the collateral for the loan. Additionally, they can also offer their crypto loans assets. Since Venus offers near-instant transactions, the loan transfer is expected to be almost instantaneous. The loans are over collateralized. This has another implication for the user. They can only get 75% of the amount in loans of their total collateral.

Venus.io Fees

Venus does not have a fixed fee amount. The amount of each transaction fee can be calculated with the help of their Whitepaper, available on the Venus.io website. Each kind of fee might be different from the other based on the exchange, demand, and other factors.

The interest rates for lending are calculated in a similar fashion. They fluctuate based on the market and might yield different returns at different points in time. Click here to know more.

Venus.io Token Details

The protocol is scalable, and new tokens can be introduced on Venus. However, the XVS stands are the token that is at the heart of Venus. This BEP-20 token does have a maximum limit of 30 million, albeit most of them are yet to be mined.

Supported Assets and Rates of Venus.io

The rates on the Venus.io platform depend on a long list of factors, and therefore, they are not fixed. There is no universal number or minimum charge like most other platforms. With the help of the Venus protocol, the transactions are cost-free and come with no slippage.

When it comes to synthetic stablecoins, they do have a fixed rate for their respective minting. The yield curve is something that is a result of usage and circulation. The governance process of the protocol can lead to exponential gains in certain cases as well.

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Venus.io Security Measures

The security of the Venus (XVS) Network consists of different aspects. The inherent over-collateralized nature of lending acts as the basis of security. Each block is part of the ledger. So, the governance and protection of the Venus Network are democratic and completely decentralized.

In a decentralized environment, Venus might grow substantially and thus, security is paramount. The Venus website showcases their security assurance with verification from the Certik Foundation. Their integration with mediums such as SWIPE also appears to add a claim of security. It is essential to mention that the liquidity modules might still be undergoing upgrades. 

The liquidity functionality was compromised, and in a historic incident, an account lost $66 Million. On the other hand, a few of the other concerned accounts harvested fruits worth millions. The protocol lost about $77 million as a direct result of this event. Since then, their team has constantly been updating the community about the changes they are making to ensure this is a standalone incident and not a recurring one. The Venus team has also released an up-to-date post mortem report for this incident on their blog.

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Venus.io Customer Support

The Venus team and its community of members is a tightly knit unit. The team is highly responsive on various channels. The active community can also help new users to navigate through the new domains. This support ought to be enough for anyone who wishes to build their application based on the protocol.

Venus.io Review: Conclusion

Venus.io is a good platform for lending and borrowing digital assets. The Venus protocol offers some exceptional features that are unique and amazing by definition. Venus has the potential to become the backbone of any marketplace or even an exchange. Most importantly, the low costs on the platform will always be a reason to make it an excellent recommendation.

FAQs

Is Venus.io Legit?

Venus.io, the platform based on the Venus protocol, is one of the most efficient platforms where the underlying architecture ensures reliable functioning and inspires trust. Over-collateralized loans and other safety verifications from third parties seem to make Venus.io a legit service as it stands.

How Is The Venus.io (XVS) Network Secured?

A governance protocol secures the Venus (XVS) Network. This governance happens democratically and is done by the users themselves. When it comes to loans on the network, the relatively high amount of collateral also clears out specific openings.

Where Can You Buy Venus.io (XVS) Token?

To buy the Venus (XVS) token, users can either exchange them on the marketplace or mine them on the ecosystem. Borrowing by minting is usually recommended as the scale for mining is high and provides some extra advantages.

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