ethereum: Venus (XVS) - June 2024 Price Update - 7.84% Breakout Crypto News and Analysis

ethereum: Venus (XVS) - June 2024 Price Update - 7.84% Breakout Crypto News and Analysis

< Show Article: Venus (XVS) - June 2024 Price Update - 7.84% Breakout Crypto News and Analysisarticle avatarAbdullahi Saleh Saidu

Cute, funny and a little bit crazy!!!

Spot the Main Event:

The Venus team on 4th July, announced three major snapshot votes which are as follows: 1. New Snapshot Vote: Deploy Venus Protocol on OKX X Layer 2. New Snapshot Vote: Support rsETH as collateral on Venus on Ethereum Mainnet 3. New Snapshot Vote: Proposal for Deployment of Venus Protocols on BounceBit Chain to Support BBTC and BBUSD * Venus propose the cross-chain deployment of Venus Protocol to X-Layer by OKX. X Layer is a ZK-powered layer-2 network that connects the OKX and Ethereum communities, enabling users worldwide to participate in a global on-chain ecosystem. The ecosystem has seen successful cross-chain deployment of projects such as: Frax Finance, Zerolend, QuickSwap, etc. The team look forward to the opportunity to welcome Venus to its ecosystem. * rsETH is a Liquid Restaked Token (LRT) issued by Kelp DAO designed to offer liquidity to illiquid assets deposited into restaking platforms, such as EigenLayer. It aims to address the risks and challenges posed by the current offering of restaking. Kelp has more than 300k ETH worth of assets restaked by over 25k users. DeFi integrations across Balancer, Uniswap, Curve, Pendle, and Maverick with $50Mn+ in liquidity Presence on 9 L2s including Arbitrum, Optimism, Blast, Scroll, and Mode LRTs are a great use case for Venus as it is one of the fastest-growing ecosystems. With rsETH being one of the top LRTs, integrating it as a collateral asset will create new demand on Venus which will be beneficial for both protocols. * BounceBit is excited to propose the integration of Venus’s lending and borrowing services into the BounceBit chain. This collaboration aims to enhance the functionality and reach of both platforms by supporting BounceBit’s native assets, BBTC and BBUSD, which are Liquidity-Secured Derivatives (LSD) from Ceffu. The integration will enable effective funding rate arbitrage and yield generation for these assets, aligning with the strategic goals of both entities to foster innovation and growth in the DeFi ecosystem. Integrating Venus’s lending and borrowing services with BounceBit will bring significant value to the community through several use cases: Enhanced Utility and Liquidity: BBTC and BBUSD holders can leverage their assets for yield farming, staking, and arbitrage within a secure and efficient framework. Premium Yield Generation: Users can participate in premium yield generation strategies such as funding rate arbitrage through Ceffu’s MirrorX solution, enabling access to deep liquidity on multiple asset markets with reduced counterparty risk. Comprehensive Asset Management: Users gain access to diversified asset management services, allowing them to choose strategies that best fit their risk tolerance and investment goals. Security and Compliance: The integration will adhere to high standards of security and regulatory compliance, ensuring user trust and system integrity.

article avatarFemi Adeogun


Spot the Main Event:

Following the community proposal [VRC] Deploy Venus Protocol on Arbitrum, and the associated snapshot, if passed, this VIP configures the bridge contract between Arbitrum one and the supported networks (BNB Chain, Ethereum, opBNB) using LayerZero (snapshot). After the execution, it will be possible to send XVS from Arbitrum one to any supported network and vice versa.


To God be the Glory

Spot the Main Event:

They announced that another milestone has been achieved! TVL is now at $200M on Venus #Ethereum.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

Experience Experty at its fullest

Join to unleash the power of crypto wisdom and never feel FOMO again.