Venus Protocol (XVS), a BNB Chain-based (previously Binance Smart Chain) lending/borrowing platform, has been linked with Coinbase Wallet, the eponymous U.S. crypto exchange’s self-custody digital assets wallet. Venus is a “quick, low-cost, and decentralised lending system” that “allows borrowers to borrow funds using $XVS and 22 other currencies as collateral,” according to BNB Chain.
According to the Decentralized Finance (DeFi) monitoring site DeFi Llama, Venus is now the second-largest protocol in the Binance ecosystem by total value locked (TVL). Venus’s TVL was $1.71 billion at press time, second only to decentralised exchange PancakeSwap ($4.85 billion TVL).
The price of XVS, Venus Protocol’s native token, rose after the announcement, which was unsurprising. XVS is currently selling at around $10.45, up around 10% in the last 24 hours, according to crypto monitoring portal CoinGecko. Venus, like Binance Smart Chain, has just undergone a redesign, with the platform’s logo and colour palette changing.
Apart from the visual gimmicks, Venus Protocol’s developers have also revealed that the project’s future includes “a variety of additional services and features intended for institutional investors and traders, such as swaps, margin trading, and a fiat ramp,” as well as the imminent introduction of Venus 3.0.