The Venus Protocol team has been hard at work developing $VAI, its decentralised stablecoin. We are checking in on its progress as we eagerly await its readiness!
Published: 9/4/2023, Updated 9/20/2023
The Venus Protocol team has been hard at work, tirelessly contributing to the future of decentralised finance. Despite all the building work, Venus remains deeply connected to the community so being part of this community has been an absolute pleasure for me.
Venus has its own decentralised stablecoin and I have requested a generous 14,000 $VAI grant from Venus over at the Venus Forums so I have been especially keen to be kept in the loop on all the latest $VAI developments.
I took part in a $VAI discord quiz and scored 8/10. I’ve now tried to rectify my mistakes by clicking through links, reading articles and scrolling through the Venus forums which has reaffirmed my belief in the team's unwavering commitment to the protocol.
My noteworthy takes are:
Venus VAI Peg Stability Module (PSM): This easy to use tool to help maintain the peg stability of the $VAI. It's designed to keep $VAI at a stable $1 USD by utilising two stablecoins: VAI (the target stablecoin) and USDT (a trusty sidekick to maintain the peg). It's like the magic behind MakerDAO's $DAI.
Venus Stars Innovation: The Venus Stars has gone the extra mile by introducing the Venus VAI PSM, a trading tool that that could be advantageous for arbitrage traders as it allows users capitalise on the price difference between $VAI and $USDT. Fancy trying it out? Click right here.
$VAI Minting & BNBchain Liquidity: There's been chat on telegram about re-enabling $VAI minting and providing a liquidity boost for $VAI on the BNBChain. With the depreciation of $BUSD, we could also expect to see a FDUS/XVS trading pair.
Expanding Horizons: Venus has laid out some plans to expand into two new blockchains, with a third one lurking in the shadow realms. The two proposals recently shared are Polygon zkEVM (proposal) and Arbitrum (proposal). These blockchain expansions would allow the protocol to reach a wider audience and grow its user base.
Real World Assets (RAW) Collateral: Venus Community Forums are buzzing with proposals, including the ambitious plan to collateralizing VAI with $20 Million in Real World Assets (RAW) through Credix Finance. The world of RWAs is a hot topic, and Venus' considerations has us positively thrilled!
To finish off, I want to affirm that Vrtuhub stands firmly behind $VAI, confidently supporting it to increase its adoption and usage. Our mission is nothing short of becoming the ultimate esports hub across the blockchain space. Our debut event is destined to send shock waves through crypto as we believe esports will capture the interest of crypto once we gain momentum.
As $VAI liquidity surges and accessibility across blockchains broadens, it strengthens our commitment to embrace it as our preferred stablecoin for transactions. We are thrilled to be an early part of this journey, and hope to foster a strong and mutually beneficial relationship with Venus Protocol.
Disclaimer: The following article reflects the personal viewpoint of the author Bilal Khan and is not intended to serve as professional financial guidance. Its primary purpose is to provide educational and engaging content. Please be aware that engaging in trading, investing in stocks, cryptocurrency, or participating in investment activities, including gambling, carries substantial risks, and there are no guaranteed returns. Always conduct thorough research before making any financial decisions.