Exploring Venus (XVS): Setting Binance Smart Chain (BSC) Wallet on Metamask
Venus network will enable digital asset lending by creating synthetic stable-coins as BEP-20 assets. The Venus users can use over-collateralized leading to borrow other assets, while those who supply collateral into the pool will gain interest. The Venus Token (XVS) is the native BEP-20 governance token of the platform and the VAI token is Venus default synthetic stable-coin pegged to the US Dollar.
The Binance Smart Chain is a fast and secure decentralized digital asset exchange based on the highly performant matching engine built on distributed consensus, launched to rejuvenating the crypto ecosystem. Fast transfers and low fees... sounds like a dream come true. But how to create a Binance Smart Chain Wallet? The easiest way is to set the Metamask wallet for BSC by adding a custom network.
In the setting section, the network name will be "Smart Chain" and the new RPC URL is http//bsc-dataseed.binance.org with 0x38 Chain ID and BNB as Symbol. The block explorer URL is http://bscscan.com which can be used to track transactions and transfers.
When everything was set up, I used the BSC to access the Venus Platform. I sent my Venus (XVS) farmed through the Binance Launchpool and investigated the available options. I can use my Venus (XVS) to vote on Governance Proposals and to supply liquidity to the market.
Added 7.49 Venus (XVS) and 0.68 BNB as Balance Supply, at 1.7% and 15.74% APY, and I will follow up how the reward will be generated. The Dashboard informs me that my borrow limit is $27.21 and I can also mint VAI, the Venus Chain stable coin.More details about Venus can be found in my previous article: Venus (XVS): DeFi Asset lending and stable-coin minting on Binance Smart-Chain
Resources:
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
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