2022-1-1 17:40 |
Venus Protocol, a BSC-based decentralized money market, has decided to boost the rewards distribution for its brand new XVS Vault. The initiative will see an increase in rewards over the course of the next 120 days, and it essentially means that the project’s stakers will see significant growth in the annual percentage yield.
It all comes in celebration of the project’s Mission to Venus contest, which was launched earlier this month. The contest offers over $1 million in rewards, which will be distributed via a number of events, including token airdrops, NFT objects, exclusive Venus NFT anniversary event, and more.
All of the prizes and increases are meant to increase the community’s engagement with the Venus project. To that end, the project has increased the APY on the 1.2 million $XVS staked in the vault to no less than 40%, which will last for 120 days. This period was selected as it represents the average transit time from Earth to Venus. Since the start of the Mission to Venus contest, around 1,287.25 XVS tokens were distributed to the vault every day.
Now, while the rewards are a big part of the initiative, there will be other benefits for the XVS stakers. For example, they will also receive exclusive rights to vote on new VIP proposals, and they will even earn a revenue share from protocol liquidations. Of course, this will only start after the project fully implements its new economic model.
The company’s spokesperson said that Venus allows anyone to supply collateral and earn interest, or choose to borrow against their crypto assets. This can be done in seconds, thanks to its low-cost, high-speed blockchain. Now, thanks to the launch of the Mission to Venus contest, anyone who seeks refuge from the market volatility will have extra incentive to participate in the Venus ecosystem.
The contest itself launched on Christmas day, December 25th, and it will last until April 23rd, 2022.
What is Venus Protocol?Venus is a money market system created to allow decentralized lending and borrowing. It is algorithmic-based, and launched on the Binance SmartChain. It allows cryptocurrency holders to use their assets to supply collateral to the network. In exchange, they earn passive income through variable APY.
As for borrowers, they can instantly access low-cost loans and raise money without having to sell their own digital assets. At the time of writing, Venus allows borrowers to borrow funds using 23 different currencies as collateral, including XVS itself.
The thing that makes venus different from other money market protocols is the fact that it grants the ability to borrow other crypto assets, as well, and also the ability to mint synthetic stablecoins with over-collateralized positions. It is all backed by a basket of cryptocurrencies, which are protecting the protocol.
The post Venus Protocol is boosting rewards distribution in celebration of its Mission to Venus contest appeared first on Invezz.
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