In this post we'll be talking about the Venus Protocol.
The Venus Protocol is a decentralized money market built on the Binance Smart Chain that enables users to borrow and supply collateral onto the platform without central authority or control.
You can use it to borrow any cryptocurrency listed on the site or you can lend you crypto to the site and earn interest on it or if you want something more safe you can use the Vault to store VAI and earn XVS.
When you Launch the App, this is the interface your going to see.
To Supply your coin to the Venus Protocol it's really easy, just select your coin, Enable the contract, and then Supply the amount of coin you want to put in the site.
The best part about the Venus Protocol, it's that besides receiving a high APY for the coin you supplied, you also receive XVS as a reward.
You can also easily withdraw the coin you supplied.
You can also borrow other coins using the coin you've Supplied as collateral.
You can additionally use the coin you Borrowed to Mint/Repay VAI, and use this VAI on the Vault to receive even more XVS.
Thank you for learning more about the Venus Protocol with me today, I left a few links that can help you track your progress on the site.
Links:
https://app.venus.io/dashboard
https://cryptocurrency-defi.blogspot.com/2021/03/venus-protocol-defi-in-bsc-network.html
