AMA with Venus Protocol | Notum

Venus Protocol was created for lenders and borrowers to meet up and give a hand to each other. Venus users can invest in their cryptocurrencies by providing collateral that can be borrowed. Funds users hold within the protocol can get APYs based on the market demand for a particular asset. It can be also used for minting so-called synthetic stablecoins* backed by cryptocurrencies, not fiat currencies. The protocol has its native stablecoin $XVS.

This AMA was full of engaging questions and got us much fun interacting with all of you. We were thrilled to answer all of them, but as there were many, we had to choose the best of the best, and here they are:

• According to the roadmap, what are your next most important priorities? Does the #venusprotocol team have enough funds and a strong community to achieve those milestones?

Over the coming weeks, we will gradually roll out our complete UI Upgrade, which will include a lot more features than the actual interface. The new UI version will be a lot more user-friendly and intuitive. In addition to this, we are actively in the development of some major partnerships, as well as innovative new features including Liquid staking and Isolated lending (which will greatly expand the market scope on Venus Protocol and will allow users with varying risk profiles to take advantage of attractive borrowing and lending rates across a wide variety of assets).

• How is @VenusProtocoldifferent from other lending protocols like AAVE?

Firstly, Venus currently runs on the BNB Chain which allows for fast, low-cost transactions for our users. Venus also differs from other money market protocols through both its ability to borrow other crypto-assets and also its ability to mint synthetic stablecoins with over-collateralized positions backed by a basket of cryptocurrencies to protect the protocol. 

• Will the Venus protocol operate in another blockchain? And please explain the meaning of '' Total Treasury ''? What does it do and how does it work?

Currently, Venus operates on the BNB Chain, but our roadmap includes plans for multi-chain expansion. The Treasury fund is where all protocol revenues from our new Tokenomics will be deposited. All income will first be deposited into Venus’s treasury account. The future sources of income are:

1. Interest reserve
2. Liquidation fees. 5% of the current 10% liquidation fee rewarded to liquidators will be used as income.

*The risk fund is the first fund pool used for compensation when a shortfall occurs. When the ratio of the amount of the risk fund to the total deposits or the total amount reaches a certain level, and the assessment is sufficient to deal with potential risks, the income distribution ratio to the risk fund can be adjusted.

• What are the plans to educate and raise awareness and adoption among the community to make more people understand about #venusprotocol project easily? Are you planning to launch any special campaigns to engage and grow your community soon?

Among the many campaigns we are currently running including influencer partnerships, co-marketing partnerships, and other engagements such as the CoinMarketCap How To Web3 campaign, we are also launching one of our biggest partnerships to date: a mini-program integration into the Binance mobile application. This will allow millions of Binance users to access the benefits of Venus Protocol’s DeFi offering without having to leave the Binance app. 

There are also many more partnerships and campaigns that we have lined up throughout the rest of the year. 

• How safe is the #Venus platform? What precautions have been taken for security in case of an attack on the #Venus platform? 

The security of the Venus protocol is our highest priority; our development team, alongside third-party auditors and consultants, has invested considerable effort to create a protocol that we believe is safe and dependable. All contract codes and balances are publicly verifiable, and security researchers are eligible for a bug bounty for reporting undiscovered vulnerabilities.

Venus Protocol has also been audited by some of the top security auditors in the industry including Certik.

So, thanks for being such a great audience! Each AMA makes crypto more accessible and transparent, and that’s great you’ve participated, as it makes crypto communities stronger and more influential! Hope to see you in another AMA session soon!

* a synthetic stablecoin —  is a coin that imitates another currency without using it. It can be generated from derivatives that are on exchanges. The majority of stablecoins are tied to the U.S. dollar.