In the early hours of June 5, 2024, Venus (XVS) experienced a notable breakout, surging by 7.84% and reaching a price of $11.45. This surge comes as a significant milestone for the Venus protocol, an algorithmic money market and synthetic stablecoin platform launched on Binance Smart Chain (BSC). The breakout is attributed to a series of strategic developments and communitydriven proposals that have bolstered investor confidence and market interest in the protocol. The cryptocurrency market recently witnessed a significant breakout with Venus (XVS) experiencing a notable surge. On June 5, 2024, Venus saw its price climb by 7.84%, reaching $11.45. This breakout can be attributed to several key developments and strategic moves by the Venus team, each contributing to the increased investor confidence and market activity. Let's delve into the main reasons behind this price surge and explore the corresponding visual evidence for each factor that played a crucial role in this breakout.
TVL on Venus Ethereum reaches $200M milestone: Venus has achieved a total value locked (TVL) of $200M on Ethereum, showcasing significant growth and increasing investor confidence. This milestone reflects the growing trust and participation of the DeFi community in the Venus protocol, highlighting its robust performance and potential for future growth.
Venus Prime is live on BNBChain and coming to Ethereum: The launch of Venus Prime on BNBChain and its upcoming deployment on Ethereum underscore the protocol's crosschain expansion strategy. This move is expected to enhance the usability and market reach of Venus, attracting a broader user base and increasing its market presence.
Venus team announced major snapshot votes for protocol deployment: The Venus team has announced several major snapshot votes, including deploying Venus on OKX X Layer, supporting rsETH as collateral on Ethereum, and deploying on BounceBit Chain to support BBTC and BBUSD. These strategic decisions aim to expand the protocol's capabilities and integrate it with other prominent blockchain networks, thereby enhancing its functionality and appeal.
Proposal for Venus Protocol deployment on BounceBit Chain: The proposal to deploy Venus on BounceBit Chain aims to enhance utility and liquidity for BBTC and BBUSD, offering yield farming, staking, and premium yield generation strategies. This integration is expected to provide additional value to the Venus ecosystem and attract more users seeking diversified asset management options.
Community proposal to deploy Venus on Arbitrum: If passed, this VIP will enable XVS transfers between Arbitrum One and supported networks like BNB Chain and Ethereum using LayerZero. This crosschain capability will facilitate seamless transactions and interoperability, further enhancing the Venus protocol's utility and user experience.
These developments collectively contributed to the recent breakout of Venus (XVS), reflecting the protocol's strategic growth and increasing market confidence. Each of these factors, supported by visual evidence, showcases the dynamic progress and potential of the Venus ecosystem in the everevolving cryptocurrency landscape. The recent breakout of Venus (XVS) is a clear indication of the protocol's robust growth and strategic advancements. With significant milestones such as achieving $200M in TVL on Ethereum and the launch of Venus Prime on BNBChain, the protocol is wellpositioned for further expansion. The community's active involvement in key proposals and the upcoming crosschain deployments underscore the dynamic and innovative nature of the Venus ecosystem. As always, conducting thorough research (DYOR) is crucial for navigating the complexities of the cryptocurrency market effectively.
We have asked 12 Experty community members questions related to "Venus (XVS) - June 2024 Price Update - 7.84% Breakout Crypto News and Analysis". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.
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Cute, funny and a little bit crazy!!!
Explore the Core.
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract. VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one U.S. dollar (USD), whereas XVS tokens are also BEP-20-based, but are instead used for governance of the Venus protocol, and can be used to vote on adjustments—including adding new collateral types, changing parameters and organizing product improvements. The governance of the protocol is entirely controlled by XVS community members, since the Venus founders, team members and other advisors do have any XVS token allocations.
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.
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Ola VictoriaExplore the Core.
They don't seem to have any major problems they are solving currently Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
Spot the Main Event:
There is a recent Proposal for Deployment of Venus Protocols on BounceBit Chain to Support BBTC and BBUSD
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Femi AdeogunDonmello
Explore the Core.
The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
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.
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GLORIA OLUWAFERANMITo God be the Glory
Explore the Core.
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC).
Spot the Main Event:
They announced that another milestone has been achieved! TVL is now at $200M on Venus #Ethereum.
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Overview
Venus Protocol is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). Its mission is to provide a simple and efficient crypto asset lending and borrowing solution within the decentralized finance (DeFi) ecosystem. Venus stands out by enabling users to borrow against collateral at high speed with minimal transaction fees and mint VAI stablecoins ondemand.
Key Features
HighSpeed Transactions: Built on BSC, Venus offers nearinstant transactions with extremely low fees. Collateralized Borrowing: Users can borrow against their crypto assets without credit checks, making liquidity accessible globally. VAI Stablecoins: Minted ondemand by posting at least 200% collateral, VAI tokens are pegged to the USD. Governance: XVS tokens are used for protocol governance, allowing community members to vote on key decisions. Diverse Asset Support: Enables lending markets for various cryptocurrencies like BTC, XRP, and LTC. Price Feed Oracles: Utilizes Chainlink oracles for accurate and tamperproof pricing data.
Recent Developments
Deployment on Arbitrum: Announced VIP to deploy Venus Protocol on Arbitrum. BounceBit Chain Proposal: Proposal to support BBTC and BBUSD on BounceBit Chain. OKX X Layer Integration: Snapshot vote for deploying Venus Protocol on OKX X Layer, a ZKpowered layer2 network. Ethereum TVL Milestone: Achieved $200M in Total Value Locked (TVL) on Ethereum. Venus Prime Growth: Surpassed 400 users, with nearly 200 new users since January 2024.
Market Impact
Increased Adoption: Recent integrations with Arbitrum and OKX X Layer could significantly boost user adoption and liquidity. Enhanced Utility: Support for multiple chains and assets enhances the protocol's utility and attractiveness. Growing TVL: The $200M TVL milestone on Ethereum indicates strong market confidence and usage.
Risks and Opportunities
Challenges: No major security breaches reported, but the protocol must maintain robust security to prevent potential vulnerabilities. Opportunities: Expanding to new chains and integrating with major platforms like OKX can drive further growth and user engagement.
Community Engagement
Active Community: Engaged community on Telegram, Discord, and Twitter, with regular snapshot votes and updates. User Participation: Governance is communitydriven, with XVS holders actively participating in protocol decisions.
Conclusion
Venus Protocol presents a compelling investment opportunity with its innovative approach to DeFi, highspeed transactions, and strong community governance. Recent developments and integrations position it well for future growth. Traders should consider Venus for its expanding utility, growing user base, and robust market presence.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.