What is XVS?
XVS is the governance token for Venus Protocol.
How to obtain XVS?
You can purchase XVS from Pancakeswap and Binance. You can find XVS trading on various centralized and decentralized cryptocurrency exchanges.
How to use Venus Protocol?
Similar to how lending/borrowing protocols work, users can deposit assets into the Venus protocol and receive vTokens that accrue returns based on the variable interest rates. In the meantime, borrowers will have to pay the variable interest rates for the funds they borrow. The interest rates are calculated algorithmically by supply and demand. Only overcollateralized loans are supported now. Supported assets include ETH, USDC, XRP, FIL, and BCH.
What is VAI?
By posting collaterals in Venus, users can mint VAI - an overcollateralized stablecoin pegged to USD.
What is the Reserve Factor?
The Reserve Factor refers to how much of the interest rate earned goes to the Reserve Pool. The Reserve Pool is created to protect lenders against borrower default and liquidation malfunction. Using the same example as above, SXP has a reserve factor of 20%. 20% of the interest return earned from the SXP borrowings will be directed to the protocol’s reserve and act as an insurance fund.
How to use Binance Smart Chain?
To access Binance Smart Chain, users can access it through Metamask or Binance Chain Wallet. Users will have to customize their Metamask by key in the following details after choosing a custom RPC from the network’s option.
