Yesterday, Binance Launchpool announced the reception of a new project, the Venus Protocol.

This project was developed on the “Binance Smart Chain” blockchain prepared by Binance to serve as a competitor to Ethereum.

Binance, the world’s largest cryptocurrency exchange, has entered the world of decentralized finance (DeFi) with the “Binance Launchpool” platform.

After Project “Bella”, the first project was launched in “Binance Launchpool” Binance announced the “Wing” project about two weeks ago.

According to a blog published by the official Binance website, the “Venus Protocol” project is now next.

In the article published by Binance, the “Venus Protocol” is defined as an algorithm-based financial market system where transactions such as borrowing and lending can be carried out.

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The Venus Protocol is developed by Swipe Wallet, which was previously acquired by Binance earlier this year.

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Binance suggested that Project Venus is an alternative to Ethereum and could be a solution to issues such as Ethereum network congestion and high transaction fees.

In this project, built on the “Binance Smart Chain” blockchain, a stable coin called “VAI” based on the “BEP-20” standard will be launched.

Changpeng Zhao, CEO of Binance, stated that the Venus platform can be considered a combination of the Makerihai and Compund projects.

“Venus” can be used not only for credit transactions but also to earn the cryptocurrency called “XVS”.

Starting today, users will be able to share their investments in separate pools using Binance Coin (BNB), Binance Stablecoin (BUSD), and Coin (SXP) using the Venus platform.

Binance will include XVS coin on October 6 in the “innovation zone” previously announced by Binance, which we touched on in the title:

Binance launches “Innovation Zone” to allow users to trade new DeFi coins

The cryptocurrency “XVS” will be traded on Binance from October 6 against the following cryptocurrencies:

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XVS/BTC, XVS/BNB, XVS/BUSD, XVS/USDT.

Binance Founder: CeFi and DeFi Meet “Binance Launchpool” Projects:

Binance has made significant progress in the field of DeFi.

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He told Binance’s founder and CEO that he aims to bring in centralized (CeFi) and decentralized (DeFi) finance through “Binance Launchpool” projects.

CZ also announced that Binance plans to build a bridge between the CeFi and DeFi ecosystems via the Binance Smart Chain.

CZ also added that Binance Launchpool is very happy to host the Venus Project in line with these goals.

In his remarks, the CEO suggested that through the financial market model of the “Venus” platform and the algorithm for generating stable coins, the DeFi sector will expand significantly and reach CeFi users as well.

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