What is Venus Protocol? How To Buy XVS Token In India?

The world of decentralized finance (DeFi) has been emerging as an important aspect within the crypto space with wider adoption and attention. They are emerging as the leaders in meeting the rising demand for financial services and decentralized applications. Venus is one such decentralized protocol that offers borrowing and lending of cryptos using an algorithmic money market with a synthetic stablecoin, VAI. 

The users here can lend or borrow money without any intermediaries and get loans at lower fees and the lenders here receive incentives. The protocol also enables the minting of the stablecoin VAI which is a BEP-20 token pegged to the value of the US dollar. The native token XVS also acts as a governance token where the holders participate to vote on the network changes. 

Who Are the Founders of Venus?

The Venus network was founded and developed by Swipe project dev team which is led by Joselito Lizarondo. Swipe is a global issuer of crypto debit cards, while the same design is used for the Venus protocol to satisfy the DeFi architecture. 

The platform was launched in 2020, mainly with three core use cases, enabling the mining of VAI stablecoin, collateralized loans, and incentivizing suppliers of collateral assets supported by the protocol. 

How Does Venus Work?

The Venus network is extremely user-friendly and it is designed to calculate the amount of the loan to be offered to the user based on deposited collateral. Here, users can access the protocol to borrow or lend crypto-based funds. They can deposit multiple cryptos and borrow other tokens, which are supported by the platform within an automated market with no intermediaries. 

Here, the VAI stablecoins and the XVS token play a major role. The native token XVS is also used as a governance token, wherein every user has the right to vote on the proposed changes to the protocol. It is also used to mint new VAI stablecoins using vTokens from the previously supplied collateral. This is deposited into the Venus Vault to earn interest by participating in the Venus liquidity mining program.

What Makes Venus Unique-Use Cases?

• Venus offers high speed and extremely low transaction costs as it is built directly on top of the Binance Smart Chain.
• It is the first protocol to enable users to access lending markets for Bitcoin, XRP, Litecoin, and other cryptos to source liquidity in real-time.
• Customers who wish to source liquidity may not have to pass the credit check and are offered loans by interacting with the Venus decentralized application (dApp).
• The loans offered from a pool are contributed by the users, who receive an annual APY for their contribution.
• To avoid market manipulation or attacks, the protocol feeds oracles, including Chainlink, offering untampered acute pricing data.

Read more: DeFi Staking Explained for Beginners

Venus(XVS) Price Analysis

Source: Tradingview

• The XVS price is trading within a rising wedge pattern, and after the recent rejection, the price is plunging down.
• The RSI and the ADX both appear extremely bearish and poised to hit lower support, which may flutter a bearish flag for the crypto.
• Therefore, the price may drop down towards the lower support of the wedge and trigger a rebound.
• However, until the ADX flashes a bearish divergence, the price may continue to consolidate within narrow ranges.

Read more:  Latest Crypto Price Predictions

How to Buy Venus in India?

To buy Venus token in India, just follow the below-mentioned steps:

• Download the CoinDCX app on your Smartphone
• Enter the details required for registration.
• Complete KYC
• After your profile is verified, fund your wallet and buy XVS tokens.