Since 21st April, the Deposit Volume, Borrow Volume and Repay Volume of Venus Protocol, the leading DeFi protocol on Binance Smart Chain, have all dropped dramatically, and there’s no sign of recovering for 1 month so far.
The Total Deposit Volume decreased by 99.63% from $111.50B on 21st Apr to $417.51M on 23rd May.
The Total Borrowed Volume decreased by 99.32% from $30.32B to $206.88M in the same period.
The same went for its Repay Volume, which decreased by 99.05% from $31.95B to $302.88M.
Venus Protocol’s sluggish on-chain performance seems to affect the $XVS price negatively.
The $XVS token price also started to drop on 11th May, when it worthed $133.32. The price fell 78.92% to $28.10 on 23rd May.
Previously, we’ve introduced many cases of how dapp data could be used as the token price indicators. So remember to monitor Venus Protocol on-chain performance if you are trading $XVS.
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