As the decentralized finance (DeFi) sector continues to appeal to a wider environment day by day, the congestion in the Ethereum (ETH) network leads users to alternatives. Recently, there have been shifts to the Binance Smart Chain (BSC) network.
The number of DeFi projects working on BSC has been increasing in recent weeks, and investors show great interest in the newly implemented protocols. The synthetic stablecoin protocol Venus (XVS), designed specifically for BSC, is one of the leading names in the uptrend.
According to Cointelegraph Markets and TradingView data, the XVS price rose from $ 10.04 on Feb.2 to $ 82.86 on Feb.18, with the trading increase on the BSC network. The price increase during this period was calculated as 775 percent.
As the number of supported assets increases, the amount of locked assets also increases
Of the project Twitter In the account, it is observed that the number of coins that are valid for deposit income, liquidity mining and depositing collateral to obtain loans with various value assets regularly increases.
The most recently added currency is Cardano (ADA), while other projects currently available include Ethereum (ETH), Litecoin (LTC), Polkadot (DOT) and Chainlink (LINK).
According to data shared by Venus, there are currently $ 3.54 billion in assets locked in the Venus protocol. It is the seventh largest DeFi protocol behind SushiSwap, which currently has a locked value of $ 3.7 billion.
High Gas fees on the Ethereum network are likely to continue for a while. In this case, more growth is likely to be seen in networks such as BSC and DeFi protocols, which can benefit from low transaction costs.
The expansion of the supported token list and the increase in total assets locked to the Venus protocol could make it one of the strongest names in decentralized finance.
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