As cryptocurrency markets continue to trade sideways this weekend, quite a few coins are seeing double digits price gains. Today’s biggest gainer is Venus (XVS), rising over 27% in the past 24 hours, ranking it the biggest gainer on Crypto.com. What Is Venus cryptocurrency, and why is the XVS price rising? Let’s find out.
What Is Venus crypto (XVS)?
Venus describes itself as a decentralized marketplace for lenders and borrowers with borderless stablecoins. In other words, Venus enables the world’s first decentralized stablecoin, called VAI. It’s built on the Binance Smart Chain and is backed with crypto assets without the need for centralized control.
XVS is the cryptocurrency that absorbs the price volatility of the crypto market, which is why it has a volatile price.
Like other stablecoins work, VAI allows you to earn interest on funds held within the protocol. It has highly competitive rates, with PancakeSwap giving over 17% APY and BNB offering over 50% APY.
Users can connect to the Venus dApp using their MetaMask wallets and enable a variety of assets as collateral to start earning interest right away.
Why Is Venus Price Rising?
Venus had an AMA earlier today with Justin Sun, the founder of Tron. The transcript of the AMA has been posted in the community section of Venus, and when asked about any plans that can excite both the Tron and Benus communities, Justin said:
“We’ve already made a string of moves in DeFi. We’ll likely work again with Venus on other projects soon. Stay tuned, everyone.”
Tron is gaining traction on the stablecoin sector of crypto, with the circulating supply of TRC20-USDTR surpassing 39.9 billion.
The AMA also talked about plans for Tron and Venus when it comes to the Metaverse. In response, Justin mentioned TRON’s virtual building complex recently completed in Cryptovoxels and that the Metaverse is something that they are actively exploring.
It’s clear that the market is excited about further integration between Tron and Venus. VAI could make a great addition to Tron’s USDT ecosystem, and their decentralized approach to stablecoins provides a unique advantage compared to other solutions.
If you’re looking to put your digital assets to work and earn much higher APY than you ever would leaving your money in the bank account, I would highly recommend checking out Venus. Specifically, I recommend collateralizing BNB since it has the highest APY at this time.
At the time of writing, XVS is trading at $18.86, up over 23% in the past 24 hours. Its market cap is $219 million, with a 24-hour trading volume of $117 million.
You can purchase XVS on Binance, Bithumb, Gate.io, KuCoin, PancakeSwap, and more.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.