Binance Launchpool: Venus (XVS) for Swipe and Binance Coin holders

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#Club1BCH

4 years ago

In community: Cryptocurrency and Blockchain(7b7f)

On Saturday Binance Launchpool launched Flamingo (FLM) farming for BNB holders. The previous two Launchpool projects, Bella Protocol and Wing Finance, rewarded BNB staking on Flexible Savings but since Flamingo farming, the projects are moving to their own Launchpool platform. Whit this move, users can earn rewards for only one project.

The 4th Launchpool product is Venus, a DeFi money market platform built on Binance chain. Venus enables digital asset lending and the genesis of synthetic stable-coins as BEP-20 assets. Venus offers over-collateralized leading for borrowers and interest for users supplying collateral assets to the pool. Venus (XVS) is the native BEP-20 governance token of the platform and VAI is the protocol's default synthetic stable-coin pegged to the US Dollar.

Launchpool details

Venus (XVS) total token supply is 30 million tokens, and 20% of them are allocated and will be distributed through the Binance Launchpool. The 6 million tokens will be shared by Binance users who will stake Binance Coin (BNB), Swipe (SXP) and Binance USD into the Venus Pool. The distribution started tomorrow (29.09.2020) and will continue for 30 days, until the 28th of October. From the total of 6 millions Venus tokens, 60% (3.6 million) are allocated to Binance Coin holders, 30% (1.8 million) to Swipe holders and 10% (0.6 million) to Binance USD holders.

The official listing will take place at 5 AM (UTC) on the 6th of October, into the Innovation Zone. Venus (XVS) will have trading pairs with Bitcoin, Binance Coin, Binance USD and Tether. Between 29th of September and the listing time (6th of October), only 135,000 tokens will be rewarded daily. The amount will be dropped to 32,727 per day after the listing, and will remain like this until the last day, the 28th of October. Snapshots of user balances taken each hour to calculate user rewards. The reward can be claimed directly into the spot wallet and the assets can be unstaked with no delay.