Venus Protocol (Venus) is a lending platform and synthetic stablecoin protocol. Users can lend or borrow money from a pool of assets without asking permission, and interest rates are determined by the protocol and automated based on demand. Additionally, collateral providers can create synthetic stablecoins (VAI) with overcollateralized positions.
The fact that Venus is built on top of the Binance Smart Chain contributes to its great speed and incredibly cheap transaction costs. Because of its near-instant transactions, the protocol is the first to allow users to access loan markets for Bitcoin (BTC), XRP, Litecoin (LTC), and other cryptocurrencies to source liquidity in real-time.
Customers that use the Venus Protocol to source liquidity do not need to pass a credit check and can get a loan immediately by engaging with the Venus decentralized application (DApp). Users are not constrained by their geographic region, credit score, or anything else because there are no centralized authorities in existence, and they can always access liquidity by providing appropriate collateral.