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Venus BTC (VBTC) is in the top 1,000 cryptocurrencies in the world by market cap. The current price of Venus BTC is $476.4, which is -0.652% lower than yesterday. Prices have ranged between $489.48 and $478.39 over the past 24 hours. All prices are listed in US dollars and accurate as of February 03, 2023 04:02 UTC.
The Venus protocol is a DeFi project that is built on the Binance Smart Chain. It is a lending and borrowing platform where users can earn interest on their tokens.
Venus also allows users to mint the protocol’s native token (VAI), a stablecoin pegged 1:1 to the US dollar. The protocol aims to become the Aave of Binance, creating a unique DeFi marketplace. Using the Binance Smart Chain allows Venus to charge low fees and make high speed transactions. The Venus protocol creates pegged assets when collateral is supplied, called vTokens. vBTC is one such token, representing the unit of the collateral supplied and can be used as a redemption tool. Essentially, vTokens are receipts for the assets you supplied. Unlike your standard 1:1 peg, vBTC is pegged at 1:49, with the current price at around US$700.
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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