A new team coupled with community input seems to have started yielding results for the protocol.
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Decentralized lending protocol, Venus, has returned to the top of the weekly BNB Chain transaction volume rankings.
According to the latest data fetched by Dapp.com, Venus amassed $1.48 billion in total trade volume in the last 7 days on March 15, leading the 2nd-placed protocol with about $130 million.
In a list that includes other BNB Chain powerhouses, PancakeSwap and Alpaca Finance, coming tops is quite an achievement. The Venus Protocol seems to have gradually regained investors’ confidence after the turbulence it faced following an exploit in 2021.
Top BNB Chain Dapps By Transaction Volume 7 Days
$XVS @VenusProtocol
$CAKE @PancakeSwap
$ALPACA @AlpacaFinance
$BSW @Biswap_Dex
@solo_top
$MDX @Mdextech
$ACSI @acryptosdao
$BANANA @ape_swap
$EPS @Ellipsisfi
$1INCH @1inch
An exploit on Venus in May last year plunged the price of its XVS token from an all-time high of $146.82 to $32.59. The confidence of the Venus community went through some turbulence, and the protocol faced a lot of fear, uncertainty, and doubt (FUD). As of writing, the value of XVS has dropped further to $8.3, representing a 94% drop from its all-time high.
In a Livestream with BSC News, Venus disclosed that the protocol had onboarded a new team and revised XVS’s tokenomics in an effort to revive the protocol. Recently, Venus conducted a logo and brand design competition to give the protocol a new face. The protocol also carried out a community survey which it promised to implement in 2022. The resurgence in Venus Protocol’s trading volume suggests that the efforts to revamp the protocol have started bearing fruit.
What is Venus Protocol?
Venus Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is one of the largest algorithmic money market and synthetic stablecoin protocols on BNB Chain. The Binance-backed protocol became famous around the DeFi following their hint of a massive incoming burn by founder Joselito and its Venus Reward Token (VRT) rewards for XVS token holders.
Where to find Venus Protocol:
Source : bsc.news
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