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USDT $1.00 (-0.0%)
BCH $509.82 (-0.8%)
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BNB $347.86 (-0.4%)
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Binance to Add Cardano to its Venus Protocol Platform

Cardano-Liquidity-Mining-Open-on-Binance-Smart-Chain
  • Venus Protocol 2021 roadmap shows that it would add Cardano to its platform.
  • Venus Protocol to enable its asset to be used as collateral for borrowing and lending.
  • According to Venus, Cardano (ADA) has rapidly become part of the top 4 cryptos by market cap globally.

Venus Protocol 2021 roadmap shows that it would add Cardano to its platform. Venus platform is an algorithmic-based money market system. It brings a decentralized finance-based lending and credit system onto Binance Smart Chain.

The platform will enable its assets as collateral for borrowing and lending. Also, Venus noted that it has over 18,000 users and nearly $2 Billion of total value locked in the protocol.

Furthermore, the team said that its Venus Origination fees would add a small price to creating a loan. And it is redeeming a loan from the protocol. However, the cost will be 1 bps that is 0.01% of the deposit or withdrawal.

According to Venus, Cardano (ADA) has rapidly become part of the top 4 cryptos by market cap globally. Its trading volumes have also soared.

At the same time, all top digital asset exchanges support it. This includes ETH, BTC, BCH, BNB, and various stablecoins. Therefore, the team will propose this asset to the money market.

The team also added that Venus liquidations had been tested, with over millions in liquidations working as expected and securing the protocol.

With this in mind, they plan to offer a VIP, which will increase qualified assets borrow factors to 80% from 60%. This will allow users to tap into the value of their digital assets. Besides, users need no downside to the protocol fundamentals as liquidators are doing their jobs.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.