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BNB Chain’s top lending protocol integrates with Coinbase Wallet

WikiBit 2022-03-26 15:13

Abstract:Venus Protocol is the second-largest platform on BNB Chain by the total value locked on it.

  BNB Chain-based (former Binance Smart Chain) lending/borrowing platform Venus Protocol (XVS) has been integrated with Coinbase Wallet, a self-custody digital assets wallet provided by the eponymous U.S. crypto exchange.

  “We do love our DeFi. Our integration with Venus Protocol, the top borrowing/lending protocol on BNB Chain is now complete!,” Coinbase announced yesterday.

  Venus is one of BNB Chains flagship “killer dapps” that touts itself as “a fast, low-cost and decentralized lending system” that “allows borrowers to borrow funds using $XVS and 22 other currencies as collateral.”

  According to decentralized finance (DeFi) metrics platform DeFi Llama, Venus is currently the second-largest protocol in the Binance ecosystem by the total value locked (TVL) on it. At press time, Venuss TVL amounted to $1.71 billion—right behind decentralized exchange PancakeSwap ($4.85 billion TVL).

  Top five platforms on BNB Chain by their TVL. Image: DeFi Llama

  Unsurprisingly, the price of XVS, Venus Protocols native token, saw an uptick after the announcement was made. Per crypto metrics platform CoinGecko, XVS is now trading at roughly $10.45, up around 10% over the past 24 hours.

New face, new features

  Just like Binance Smart Chain itself, Venus has also recently undergone some visual rebranding, changing the platforms logo and color palette.

  Apart from the visual fluff, Venus Protocol‘s developers have also announced that the project’s roadmap includes the upcoming launch of Venus 3.0 “plus a host of new services and features aimed at institutional investors and traders, such as swaps, margin trading, and a fiat ramp.”

  “Venus is working to become multi-chain protocol interoperable with additional blockchains such as Ethereum, enabling it to become a key innovator in the evolution of the DeFi space,” the developers stated. “This will enable Venus to introduce revolutionary new capabilities for DeFi, such as undercollateralized loans and NFT collateralization for Venus users.”