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Venus BNB

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Discover Venus BNB's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Venus BNB?

Venus BNB (VBNB) is a cryptocurrency that operates on the Binance Smart Chain (BEP20) platform. It is a synthetic asset representing Binance Coin (BNB) on the Venus Protocol, a decentralized finance (DeFi) platform. VBNB is a vToken, which is the primary means of interacting with the Venus Protocol, allowing users to mint, redeem, borrow, repay, liquidate, and transfer assets within the protocol.

How is Venus BNB used?

Venus BNB (VBNB) is a cryptocurrency that operates on the Binance Smart Chain platform. It is a synthetic asset representing Binance Coin (BNB) on the Venus Protocol, a decentralized finance (DeFi) platform. The Venus Protocol is an algorithmic money market and synthetic stablecoin decentralized finance protocol.

vTokens, like VBNB, are the primary means of interacting with the Venus Protocol. Users can mint, redeem, borrow, repay, liquidate, and transfer vTokens using the vToken contract. Each asset supported by the Venus Protocol is integrated through a vToken contract, which is an EIP-20 compliant representation of balances supplied to the protocol.

In essence, VBNB is used to facilitate various financial operations within the Venus Protocol, such as lending, borrowing, and minting synthetic stablecoins.

How do I store Venus BNB?

To store Venus BNB (vBNB) tokens, you can follow these steps:

  1. Create a Binance Account: If you don't already have one, create an account on Binance, a popular cryptocurrency exchange.

  2. Get a Compatible Wallet: Ensure you have a wallet that supports Binance Smart Chain (BSC) and EIP-20 tokens, such as MetaMask or Trust Wallet. This will allow you to store and manage your vBNB tokens securely.

  3. Acquire vBNB Tokens: You can purchase vBNB tokens by selecting BNB as the payment and vBNB as the coin you want to acquire on Binance.

  1. Transfer to Your Wallet: Once you have acquired vBNB tokens, transfer them to your compatible wallet. Make sure to keep your wallet secure by using strong passwords and two-factor authentication.

  2. Monitor and Manage: Keep track of your vBNB tokens and manage them through your wallet. You can also use platforms like PTPWallet or IronWallet to monitor and manage your vBNB tokens.

By following these steps, you can safely store and manage your Venus BNB tokens.

How to buy Venus BNB?

To buy Venus BNB (vBNB) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports vBNB and is compatible with your preferred exchange. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Download the wallet extension or app from the relevant store.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a Secret Recovery Phrase or Seed Words, which are crucial for wallet recovery. Record them accurately.

  3. Buy Base Currency: Choose a cryptocurrency exchange platform and purchase a base currency like Bitcoin, Ethereum, or Tether. This will be used to trade vBNB.

  1. Transfer Funds to Wallet: Withdraw the base currency to your crypto wallet by providing the wallet address and the amount to transfer.

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet, such as Pancake Swap. Compare trading fees and liquidity before selecting a DEX.

  3. Connect Wallet to DEX and Trade: Connect your wallet to the DEX and select vBNB from the list. Enter the amount you want to trade, and complete the transaction.

  1. Verify Smart Contract (If Necessary): If vBNB is not listed on the DEX, use bscscan or etherscan to find the smart contract address. Be cautious of scams and ensure the correct contract address.

Additionally, you can explore exchanges and markets where vBNB is available, such as CoinScan, which provides a step-by-step guide and reviews of various exchanges.

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History of Venus BNB

Venus BNB (vBNB) is a cryptocurrency that operates on the Binance Smart Chain platform. It is part of the Venus protocol, an algorithmic money market and synthetic stablecoin decentralized finance protocol.

Historical Prices and Performance

The historical prices of Venus BNB (vBNB) show significant fluctuations. The all-time high was reached on May 5, 2024, at $813.94, and the all-time low was on December 12, 2020, at $0.5537. As of June 11, 2024, the opening price was $15.20, with a high of $15.30 and a low of $14.73, closing at $14.80.

Market Capitalization and Supply

The current market capitalization of Venus BNB is around $1,247,769,053, with a circulating supply of 84,327,095 vBNB. The total supply is also 84,327,095 vBNB, but the maximum supply is undefined.

Recent Performance

In the past 24 hours, the price of Venus BNB decreased by 1.05%, and in the past 7 days, it rose by 3.76%. The current price is CLP 4,740.80 per vBNB, which is 42.49% below the all-time high.

Trading Volume

The 24-hour trading volume of Venus BNB is around $824,255,194, with a volume-to-market-cap ratio of 66.06%.

Community and Popularity

Venus BNB is currently ranked #218 and is included in 5,146 watchlists, indicating a moderate level of popularity and community interest.

Historical Data

Historical data for Venus BNB is available, showing daily, weekly, and monthly price performance, along with adjusted closing prices and daily volumes.

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How Venus BNB works

Venus BNB (vBNB) is a synthetic asset that represents Binance Coin (BNB) on the Venus Protocol, a decentralized finance (DeFi) platform built on the Binance Smart Chain. The Venus Protocol allows users to supply or borrow assets, including vBNB, through a collection of smart contracts. Here's how it works:

Supplying Assets

Users can supply capital (BNB or BEP-20 tokens) to the Venus Protocol to receive vTokens. These vTokens are BEP-20 compliant tokens that represent ownership of the supplied assets in the market. The protocol tracks the balances and algorithmically sets interest rates for borrowers and suppliers.

Borrowing Assets

Users can borrow assets from the protocol by holding other assets as collateral. The protocol ensures that each borrowing user maintains a sufficient collateral balance across all vTokens. This is enforced by the Diamond Comptroller contract, which validates permissible user actions based on risk parameters.

Minting VAI

The Venus Protocol also enables the minting of VAI, a synthetic stablecoin pegged to 1 USD. VAI is minted using the same collateral that is supplied to the protocol.

Interest Rates

Interest rates are determined algorithmically based on the current utilization of a given market. This means that the interest rates are adjusted dynamically based on how much of the supplied assets are liquid versus borrowed.

Governance

The Venus Governance Token (XVS) allows holders to govern the protocol via the governor contract. Holders of XVS can create and vote on proposals that affect other Venus contracts.

Technical Details

The Venus Protocol is built using a variety of contracts, including VToken, VBep20, VBNB, Diamond Comptroller, InterestRateModel, and others. These contracts are implemented using the Solidity programming language and are deployed on the Binance Smart Chain. The protocol also uses libraries for safe math operations and error tracking.

Documentation and Testing

The Venus Protocol provides extensive documentation, including autogenerated documentation and guides. The protocol also includes a testing framework with contract tests defined under the tests directory. Code coverage can be run using the Hardhat tool.

Overall, Venus BNB (vBNB) is a key component of the Venus Protocol, allowing users to supply and borrow assets in a decentralized and algorithmically governed environment.

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Venus BNB's strengths

Venus BNB (vBNB) has several strengths that contribute to its potential and value:

  1. Algorithmic Money Market and Synthetic Stablecoin Protocol: Venus BNB operates on the Binance Smart Chain platform and is part of the Venus Protocol, which is an algorithmic money market and synthetic stablecoin decentralized finance protocol. This protocol allows for the creation of synthetic assets, providing users with a more stable and reliable investment option.

  2. vToken Representation: vBNB is a vToken, which is the primary means of interacting with the Venus Protocol. Each asset supported by the protocol is integrated through a vToken contract, making it an EIP-20 compliant representation of balances supplied to the protocol.

  3. Decentralized Finance (DeFi) Platform: Venus BNB is part of a decentralized finance platform, which means it operates without a central authority, providing users with more control and transparency over their assets.

  1. Technical Analysis and Predictions: Venus BNB's price is influenced by various factors, including market demand, sentiment, technological advancements, and regulatory news. Technical analysis tools such as price charts, volume indicators, and moving averages help traders identify market trends and potential buy and sell signals, making it easier to make informed investment decisions.

  2. Long-Term Growth Potential: Venus BNB is predicted to experience significant growth in the long term, with price predictions reaching as high as $1500 by 2030. This growth is linked to the continued maturation of the digital finance ecosystem, technological advancements, increased accessibility, and mainstream adoption.

These strengths position Venus BNB as a promising investment opportunity in the decentralized finance sector.

Venus BNB's risks

Venus BNB (VBNB) carries several risks, including:

  1. Smart Contract Risk: Venus V4 is built on smart contracts, which can be vulnerable to exploitation or malfunction. This risk is mitigated by making the protocol code public and conducting thorough audits.

  2. Liquidation Risk: The protocol is exposed to liquidation risks, particularly if large positions are liquidated, which can cause cascading effects in the market. This is exemplified by the BNB Chain exploiter's position, which was liquidated to prevent further market instability.

  3. Market Volatility: The DeFi ecosystem is highly volatile, and price fluctuations can impact the stability of the protocol. For instance, a significant decline in BNB prices could lead to liquidations and further market instability.

  1. Security Issues: Venus has faced security issues in the past, such as the BNB Chain Bridge hack, which underscores the need for robust risk management strategies.

These risks are actively managed through various measures, including isolated pools, risk funds, and enhanced governance models, to ensure the stability and security of the Venus Protocol.

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Did Venus BNB raise funds?

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Venus BNB's ecosystem

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Venus BNB’s team

  • Venus Protocol Team: The team behind Venus BNB (vBNB) is comprised of experts in blockchain, finance, and software development.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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