Binance unveils a new stablecoin system, Venus

[bitcoinst]

Binance has unveiled a new “decentralized” stablecoin system called Venus.

The system is built on the Binance Smart Chain and will mint the decentralized stablecoin called VAI, backed by a basket of various BEP-20 tokens (BEP-20 is Binance's token standard). The Venus protocol can be seen as a mixture of MakerDAO and Compound, said Binance CEO Changpeng “CZ” Zhao.

"VAI is minted by the same collateral that is supplied to the protocol. Users can borrow up to 50% of the remaining collateral value they have on the protocol from their vTokens to mint VAI," said Binance. "The collateral provided to Venus will be represented by vTokens (such as vBTC) which will enable users to redeem the underlying collateral as well as to borrow against it."

Using the Venus protocol, users will also be able to stake their Binance coin (BNB), Binance stablecoin (BUSD), and Swipe (SXP) tokens into separate pools to farm Venus (XVS) tokens, beginning Tuesday. Binance will then list XVS into the Innovation Zone on October 6 and open trading for XVS/BTC, XVS/BNB, XVS/BUSD, and XVS/USDT pairs.

The protocol is developed by Swipe Wallet, which Binance acquired earlier this year for an undisclosed amount. Binance said the protocol removes “current pain-points” of Ethereum, such as network congestion and high transaction fees, as it is built on the Binance Smart Chain.

Binance first revealed a project called Venus last August. At the time, Binance said Venus would be a "regional version of Libra." unveils a new ‘decentralized’ stablecoin system, Venus

https://www.theblockcrypto.com/linked/78968/binance-new-decentralized-stablecoin-system-venus

[Bitcoin_Arena]

Ladies and gentlemen, Copycat Changpeng “CZ” Zhao hits out again.
I for one don't see the point of CZ and Binance jumping from one half baked bandwagon to another. Nothing exciting or interesting in their latest "innovations" anymore. Everything is just a hurried copy-paste from an existing project and now here we are with yet another Binance based stablecoin all in attempt to milk the shit out of ignorant "Investors" as quickly as possible.

[sunsilk]

I see it, DAIs competitor through them is VAI. 

I understand what CZs strategy. He never gets out of the trend and as much as he can, him and his company will also go with the trend. Now that there's a lot of issue coming from centralized stable coins, here they are and has made a decentralized stable coin.

We'll get to see more features, projects and even a possible new cryptos made by them whatever the market dictates for its demand.

[Darker45]

Binance is changing the landscape, the playing field. I'm sorry if I may sound off but CZ is acting too Chinese to me. If I look around my place, I can easily find imitation products, copies of reputable brands, only made cheap, substandard, easily broken, and so on.

It seems to me CZ is just busy closely and carefully watching his competitors for anything they seem to fall short. From there, he copies everything with a little tweak here and there and releases his own product. He doesn't seem to really invent or innovate or think something new and original. He just takes what is there and add a little touch of CZ. But he's very good in marketing or creating hype. He's made success out of it.

I can very much liken CZ to some less average students copying exams from their brilliant seatmates, only answering an item or two which they are very sure of, and ends up getting the highest score.

[Yaunfitda]

Lol, ok so this is what the fuss is all about, I'm seen some twitter groups that I was a member, (just there to monitor, but not to listen to advice). But you have to admire CZ, his too innovative to the point of copying or imitating the hottest trend. Only advantage though is that it will be run by him, so there will be a lot of bandwagon here. Decentralised stable coin? Nah, CZ still control it.