Venus peaked during the high of the 2021 bull run in May. The cryptocurrency suffered from brutal market corrections ever since and has failed to ride the bullish wave again. The all-time high was established at a price level of $138 while the price subsequently declined to double-digits. At the time of writing, the cryptocurrency stands at a price level of$15. The token has been losing value with a downtrend being established as December started – despite the fact that the cryptocurrency is relatively stable. The daily high and low for XVS token stands at $16.25 and $15.28 respectively. Venus stands at a market rank of #313 with the capitalization increasingly slightly during the past twenty-four hours.
What is Venus?
As the decentralized finance sphere gained momentum, various projects jumped up on the opportunity to provide the best services. Venus, being one of the projects focused towards DeFi, provides easy-to-use lending and borrowing solutions for the DeFi segment. It is essentially a decentralized money market and a stablecoin protocol. The network is aiming to solve the problem of limited liquidity in the defi space by enabling users to directly borrow against collateral at high speed with minimum fees. Moreover, the project regards itself to enable the world’s first stablecoin, VAI, built on Binance Smart Chain which is completely decentralized and is backed by a basket of stablecoin as well as crypto assets.
XVS & Tron collaboration
The current bearish outlook of the cryptocurrency may soon shift as one of the largest cryptocurrencies in the market, Tron, is currently in collaboration with Venus. This collaboration also serves as a testament to the potential that the network possesses and its upcoming importance place in the cryptocurrency market. Recently, the founder of Tron Justin Sun, went live on XVS’s platform to answer some questions regarding the collaboration and the value both the network will be able to add to each other.
Justin Sun regards XVS’s offering to be very important for Tron’s ecosystem. Per the TRX founder, XVS shatters all the barriers between Tron and Binance Smart Chain which will incrementally increase the liquidity in the market and will also add onto the scalability of the Tron ecosystem. The cooperation between the two networks will also leads to the access of BSC projects for TRX users. Sun furthered that Venus is the most popular DeFi lending product on Binance Smart Chain and both the network will be able to work on their shared vision of cross-chain liquidity through the collaboration.
