BNB Chain’s high lending protocol integrates with Coinbase Pockets

by Cryptospacey

BNB Chain-based (former Binance Good Chain) lending/borrowing platform Venus Protocol (XVS) has been built-in with Coinbase Pockets, a self-custody digital property pockets supplied by the eponymous U.S. crypto alternate.

“We do love our DeFi. Our integration with Venus Protocol, the highest borrowing/lending protocol on BNB Chain is now full!,” Coinbase introduced yesterday.

Venus is certainly one of BNB Chain’s flagship “killer dapps” that touts itself as “a quick, low-cost and decentralized lending system” that “permits debtors to borrow funds utilizing $XVS and 22 different currencies as collateral.”

Based on decentralized finance (DeFi) metrics platform DeFi Llama, Venus is at present the second-largest protocol within the Binance ecosystem by the whole worth locked (TVL) on it. At press time, Venus’s TVL amounted to $1.71 billion—proper behind decentralized alternate PancakeSwap ($4.85 billion TVL).

Top five platforms on BNB Chain by their TVL. Image: DeFi Llama
Prime 5 platforms on BNB Chain by their TVL. Picture: DeFi Llama

Unsurprisingly, the worth of XVS, Venus Protocol’s native token, noticed an uptick after the announcement was made. Per crypto metrics platform CoinGecko, XVS is now buying and selling at roughly $10.45, up round 10% over the previous 24 hours.

New face, new options

Similar to Binance Good Chain itself, Venus has additionally not too long ago undergone some visible rebranding, altering the platform’s brand and coloration palette.

Aside from the visible fluff, Venus Protocol’s builders have additionally introduced that the challenge’s roadmap consists of the upcoming launch of Venus 3.0 “plus a bunch of latest providers and options aimed toward institutional traders and merchants, reminiscent of swaps, margin buying and selling, and a fiat ramp.”

“Venus is working to turn into multi-chain protocol interoperable with further blockchains reminiscent of Ethereum, enabling it to turn into a key innovator within the evolution of the DeFi house,” the builders acknowledged. “It will allow Venus to introduce revolutionary new capabilities for DeFi, reminiscent of undercollateralized loans and NFT collateralization for Venus customers.”

As CryptoSlate reported, Coinbase additionally revealed a brand new subscription service on Wednesday, dubbed Coinbase One, which gives customers $0 transaction charges, $1 million in account safety, and 24/7 buyer assist.

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