Venus (XVS) is a lending and synthetic stablecoin protocol that operates on the BNB Smart Chain. It offers users the ability to borrow and lend from asset pools without needing permission, and also allows them to mint synthetic stablecoin (VAI) by using collateral. The protocol was created to address the limitations of the Ethereum network in terms of cost and speed. Initially, it was supported by the Swipe project team, but now control is in the hands of XVS token holders.
After experiencing a major liquidation event in May 2021, which resulted in a loss of $77 million, the management of the project was taken away from the Swipe team. A new Venus Council was established to oversee the project. In this article, we will answer two frequently asked questions: What is Venus (XVS), and how can you buy Venus (XVS) with TRY.
Contents
What is Venus (XVS)?
How to Buy Venus (XVS) with TRY?
How to Open an Account on Binance TR?
How to Verify an Account on Binance TR?
How to Deposit TL on Binance TR?
How to Buy XVS Coin with TL on Binance TR?
What is Binance TR?
What is Venus (XVS)?
Venus is a lending platform and synthetic stablecoin protocol that operates on the BNB Smart Chain. It allows users to borrow or lend from asset pools without requiring permission, and the interest rates are automatically determined based on demand. Additionally, users can mint synthetic stablecoin (VAI) by providing collateral through over-collateralized positions. For the latest financial and business news, you can visit COINTURK FINANCE.
The main goal of Venus is to bridge the gap between traditional financial lending and decentralized protocols on the BNB Smart Chain, specifically by addressing the cost and speed limitations of the Ethereum network. Venus combines a money market protocol with the ability to mint stablecoins, which allows users to use the same collateral for both functions within a single ecosystem. It was forked from Compound and Maker.
Initially, the development of Venus was fully supported by the Swipe project team. However, since there was no pre-mining for founders or developers, control now rests solely with XVS token holders. The community has proposed various governance changes, including upgrades to oracles, risk improvements, and changes in the interest rate model.
On March 30, 2021, the Venus community approved the Venus V2 upgrade plan, which was implemented on April 15, 2021. This upgrade introduced additional penalties for VAI liquidations, a 0.01% minting fee for VAI directed to the Reserve Treasury (managed by XVS governance), and a 0.01% redemption fee for asset withdrawals from Venus, also allocated to the Reserve Treasury. The upgrade also included the distribution of the Venus Reward Token (VRT) via AirDrop to XVS holders as a reward token on May 15, 2021.
In May 2021, Venus suffered a loss of $77 million due to bad debt following a significant liquidation event. The price of XVS experienced a sudden increase from $80 to $145 within three hours on May 18, 2021, leading to a substantial amount of borrowing using XVS as collateral. When the price later fell back to around $80, the liquidation of loans collateralized with XVS was triggered. The liquidation officers’ sale of seized collateral caused a higher-than-normal deviation, and the final liquidation value was not enough to cover the bad loans, resulting in a net deficit. This deficit had to be resolved through the Venus Grant Program.
Following this event, it was announced on May 30, 2021, that the Swipe team, including Venus’s founder Joselito Lizarondo, would no longer manage the project. Instead, a decision was made to establish a new Venus Council.
How to Buy Venus (XVS) with TRY?
For investors in Turkey who want to buy Venus (XVS), Binance TR is the most suitable cryptocurrency exchange. On Binance TR, you can easily create an account and trade over 100 cryptocurrencies, including XVS. To buy Venus (XVS) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is a simple process. First, go to trbinance.com and click on the “Create Account” button. In the first step, you will be asked to provide basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identity number.
After entering all the required information accurately, you will need to complete an email or SMS verification to confirm your details. Once this process is complete, you can proceed to the second step, which is identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification is a necessary security measure that must be completed before you can start trading cryptocurrencies or during the account creation process. This process helps protect both the user and the cryptocurrency exchange. You can complete the verification process either through your phone or on the official Binance TR website. Please note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right corner, then click on “Identity Verification and Limits” from the drop-down menu. Next, click on “Verify.” You will then need to scan the QR code that appears using your phone’s camera and continue the process on your phone. If you are unable to scan the QR code, you can click on “Copy URL” to receive the identity verification address via SMS on your phone.
Once you enter the address on your phone or scan the QR code, a screen will appear where you can continue the verification process. Tap on the “Identity” option to proceed.
Next, you will need to select the appropriate document type for verification. After selecting the document type, tap on “Upload Front Side” to continue. Take a clear photo of the front side of your ID card or driver’s license according to the document type you selected. Then, tap on “Upload Back Side” to take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable.
After uploading the front and back sides of your document, tap on the “Selfie” option. Your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible.
Once you have completed all the steps accurately, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit Turkish lira (TL) into your Binance TR account from any bank. You can deposit TL 24/7 from banks such as Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans, and carry out uninterrupted transactions. Deposits from other banks can be made 24/7 with FAST for amounts up to 50,000 TL. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, go to trbinance.com and hover over the “Wallet” option at the top left of the main page. From the drop-down menu, click on “Deposit.”
A page will open where you can select your preferred bank for the deposit process. If your bank is not integrated with Binance TR, you can choose the “Other Banks” option.
For example, let’s continue with the Vakıfbank option. When you click on Vakıfbank, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. Simply transfer the desired amount to your Binance TR account using the information provided on the bank’s page.
Once your bank completes the transfer process, the funds will automatically be reflected in your Binance TR account wallet.
How to Buy XVS Coin with TL on Binance TR?
After completing the deposit process, you can proceed to purchase XVS coins using Turkish lira (TL) by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
On the following page, type “XVS” in the search section on the right side of the page and click on the XVS/TRY option from the results. This will take you to the TL to XVS purchase page.
On this page, enter the desired price at which you want to buy XVS in the first box, and the amount of XVS you want to buy in the second box. After entering the information, click the “Buy XVS” button to complete your purchase.
What is Binance TR?
Binance TR is the official platform of Binance, the world’s largest cryptocurrency exchange by trading volume, specifically designed for cryptocurrency investors in Turkey. It was launched in 2020 and is headquartered in Istanbul. You can access Binance TR at trbinance.com.
Binance TR leverages the technology, security measures, and liquidity provided by Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can easily deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs on Binance TR.
Users on Binance TR have access to Binance’s core functionalities, including market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer:
The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is recommended to conduct your own research.
