Binance Introduces its Fourth Project on Launchpool: Venus (XVS)
Binance Introduces its Fourth Project on Binance Launchpool: Venus (XVS)
Loads of congratulations to Binance. The series of tweets made by Binance regarding its new project is overwhelming.
The team of Binance reveals about the project in the first tweet which read as “Introducing VenusProtocol $XVS on Binance Launchpool.”
Binance another post on its new project read as “@VenusProtocol’s money market and stablecoin issuance platform can bring DeFi access and yield to CeFi users to a larger extent. We are glad to welcome Venus with its meaningful goals on Binance Launchpool”
Interestingly the last tweet is of the CEO of Binance, Changpeng Zhao who mention “Native Algorithmic Stablecoin on #BSC, Kinda hybrid of Compound and MakerDao, Developed by the @SwipeWallet team, Fair distribution, 0 team allocation, 100% mining, I only learned about it recently when all the work has been done.”
Twitter
The binance team is extremely happy to reveal about its 4th project i.e, Venus (XVS) on Binance Launchpool. Venus Protocol is an algorithm that is mainly based on a money market system developed to shift completely on a decentralized finance-based exchange system on Binance Smart Chain.
As per the information the users can stake their BNB, BUSD, and SXP coins into different pools to farm XSV tokens over 30 days of experiencing the new pool format. The tweet also states that the farming shall commence from 2020/09/29 0:00 AM (UTC).
Kindly note the users cannot experience XVS rewards in the XVS pools for staking the coins before the farming takes place. Then on 2020/10/6 5:00 AM (UTC), the Binance shall list XVS in the Innovation Zone and offer trading for trading pairs including XVS/BTC, XVS/BNB, XVS/BUSD, and XVS/USTD.
Details of XVS Launchpool:
Name of the Token: Venus (XVS)
Rewards: 6,000,000 XVS (20% of Total Token Supply)
Total Supply of Token: 30,000,000 XVS
Private Sale Token Price: No private sale
Terms for staking: No upper limit and KYC required
Supported Tools:
Stake BNB: 3,600,000 XVS in rewards (60%)
Stake SXP: 1,800,000 XVS in rewards (30%)
Stake BUSD: 600,000 XVS in rewards (10%)
Points to Remember:
Screenshot of customers balance and total pool balance shall be taken to calculate reward, it shall be uploaded each hour.
Users are free to claim their accumulated rewards directly in their spot accounts at any time.
Every pool’s annual percentage yield (APY) and total pool balance to be uploaded each hour.
Tokens can be staked in one pool at a time.
Users are free to unstake their funds at any time and can participate immediately in any other pools available at the time.
BNB stake into Launhpool promises to provide users with benefits of holding BNB including VIP benefits, airdrops, etc.
SXP staked in launchpool shall not accept SXP flexible staking rewards.
Risk Involved:
The team made a clarification that the platform will not be responsible in case of any loss occurred while trading. However, it assures to provide security and high-quality coins. The users are requested to invest cautiously keeping in mind the market risk.