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Vai (VAI) is the 2769th largest cryptocurrency in the world by market cap, valued at $19,711,121. The current price of Vai is $0.41255670190096, which is -0.607% lower than yesterday. Prices have ranged between $0.993834 and $0.965156 over the past 24 hours. All prices are listed in US dollars and accurate as of February 03, 2023 09:02 UTC.
The Venus Protocol, or Venus, is a decentralized marketplace for matching lenders with borrowers. Built on the Binance Smart Chain (BSC) blockchain, it allows users to earn interest from cryptocurrency deposits.
Other users can then borrow those funds through overcollateralized loans without the need for a credit check. The lender receives an annual percentage yield (APY) for deposited funds, while the borrower pays interest on what is borrowed. In comparison to similar money market platforms, Venus provides users with collateral tokens which can then be used to mint synthetic stablecoins. These synthetic stablecoins can then be used within other decentralized finance (DeFi) applications and means collateral can remain liquid. VAI is the first USD synthetic stablecoin of the Venus Protocol. It is minted directly through the platform and tracks the price of US Dollars at a ratio of 1:1. Unlike other stablecoins such as USD Coin (USDC), which is backed by real US dollars, VAI is backed by a basket of cryptocurrencies. According to the whitepaper, the stablecoin is completely decentralized, rather than controlled by a single entity.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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