Exploring Venus (XVS) and setting Binance Smart Chain (BSC) Wallet on Metamask

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Venus network will enable digital asset lending by creating synthetic stable-coins as BEP-20 assets. The Venus users can use over-collateralized leading to borrow other assets, while those who supply collateral into the pool will gain interest. The Venus Token (XVS) is the native BEP-20 governance token of the platform and the VAI token is Venus default synthetic stable-coin pegged to the US Dollar.

The Binance Smart Chain is a fast and secure decentralized digital asset exchange based on the highly performant matching engine built on distributed consensus, launched to rejuvenating the crypto ecosystem. Fast transfers and low fees... sounds like a dream come true. But how to create a Binance Smart Chain Wallet? The easiest way is to set the Metamask wallet for BSC by adding a custom network.

In the setting section, the network name will be "Smart Chain" and the new RPC URL is http//bsc-dataseed.binance.org with 0x38 Chain ID and BNB as Symbol. The block explorer URL is http://bscscan.com which can be used to track transactions and transfers.

When everything was set up, I used the BSC to access the Venus Platform. I sent my Venus (XVS) farmed through the Binance Launchpool and investigated the available options. I can use my Venus (XVS) to vote on Governance Proposals and to supply liquidity to the market.

Added 7.49 Venus (XVS) and 0.68 BNB as Balance Supply, at 1.7% and 15.74% APY, and I will follow up how the reward will be generated. The Dashboard informs me that my borrow limit is $27.21 and I can also mint VAI, the Venus Chain stable coin.More details about Venus can be found in my previous article: Venus (XVS): DeFi Asset lending and stable-coin minting on Binance Smart-Chain 

Links and referrals:

Venus (XVS): DeFi Asset lending and stable-coin minting on Binance Smart-Chain

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Comments

I saw in other tutorials 56 instead of 38 at ChainID and some of them are writing it without 0x in front of the number

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3 years ago

My ID on cakedife was rejected so I can't make deposits 😥

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3 years ago

Any reasons ? Try another ID or do a picture from another angle

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3 years ago

I don't have proof of bills since am here abroad.

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3 years ago

I don't know... why you don't do it for yout home address

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3 years ago

I did... And that is my prob.. Proof of bills..

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3 years ago

Seems as a complicated one. No bills paid either at home or abroad?

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3 years ago

I need to ask at home.. The name isn't mine though

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3 years ago

I am really looking forward on learning more about crypto and how they work. And to simply learn by reading, I have been following some users here that publishes article that concerns cryptocurrencies, trading, and etc. Thanks for this info! And please don’t get me wrong if I somehow save some of your articles because I really want to learn more.

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3 years ago

That's fine! The whole point of sharing my experience is to provide useful info for others. Thank you for the visit 😊

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3 years ago

This is useful information indeed. Goos job for sharing!

$ 0.00
3 years ago

No, I must thank you for sharing such info for others because you will never know how can this have an impact to your readers. Your feed is worth the visit, by the way. 😊

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3 years ago

Thanks for the kind words

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3 years ago