How to BuyXVS(venus)
5 Steps to Buy XVS(venus) on BYDFi
Create Your Free BYDFi Account
Sign up on BYDFi with your email/phone and set a strong password to secure your account.
Secure Your Account
Enhance account security with Google Authenticator, anti-phishing code, and fund password.
Verify Your Account
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Add Payment Method
Once your BYDFi account is verified, add credit/debit card or bank account
BuyXVS(venus)
There are various payment methods available to purchase XVS on BYDFi. We'll guide you through it
Choose how to purchase XVS on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy XVS(venus)
- 1
Buy XVS(venus) with Credit/Debit Card
This is the easiest way for new users to buy (XVS). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy XVS(venus) through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy XVS(venus) on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular XVS(venus) buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the XVS(venus) trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to XVS(venus)
Note: BYDFi offers a variety of order types to buy XVS(venus) in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available XVS(venus) in your account
How to store XVS(venus)?
The best way to store XVS(venus) will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store XVS(venus)
Store XVS in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your XVS to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw XVS(venus) to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade XVS(venus) or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of XVS(venus).
How you can use XVS(venus) with BYDFi
Hold
Store XVS(venus) in your BYDFi account.
Trade
Trade XVS(venus) in spot and futures markets.
Why is BYDFi the best platform to buy XVS(venus)?
Safe and Reliable
Our regular Proof of Reserves (PoR) mechanism ensures that customer funds are backed 1:1 by physical assets. BYDFi was recognized as one of the best cryptocurrency exchanges of 2021 by Forbes and named the Best Cryptocurrency App of 2022 by Ascent.
High Liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy XVS on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying XVS(venus) on BYDFi is quick and convenient. Buy Coin on BYDFi to receive XVS
Answers
What Is Venus (XVS)?
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC).
The protocol introduces a simple-to-use crypto asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one U.S. dollar (USD), whereas XVS tokens are also BEP-20-based, but are instead used for governance of the Venus protocol, and can be used to vote on adjustments—including adding new collateral types, changing parameters and organizing product improvements.
The governance of the protocol is entirely controlled by XVS community members, since the Venus founders, team members and other advisors do have any XVS token allocations.
Who Are the Founders of Venus (XVS)?
The development of the Venus project is being undertaken by the Swipe project team. The main goal of Venus is to achieve decentralization through community-governance. There are no pre-mines for the team, developers or founders, giving XVS holders total control over the path the Venus Protocol takes.
What Makes Venus (XVS) Unique?
Venus main strength is its high speed and extremely low transaction costs, which are a direct result of being built on top of the Binance Smart Chain. The protocol is the first to enable users to access lending markets for Bitcoin (BTC), XRP Litecoin (LTC) and other cryptocurrencies to source liquidity in real-time, thanks to its near-instant transactions.
Customers sourcing liquidity using the Venus Protocol do not have to pass a credit check and can quickly take out a loan by interacting with the Venus decentralized application (DApp). Since there are no centralized authorities in place, users are not restricted by their geographic region, credit score or anything else, and can always source liquidity by posting sufficient collateral.
These loans are provided from a pool contributed by Venus users, who receive a variable APY for their contribution. These loans are secured by the over-collateralized deposits made by borrowers on the platform.
To avoid market manipulation attacks, the Venus Protocol utilizes price feed oracles, including those from Chainlink to provide accurate pricing data that cannot be tampered with. Thanks to the Binance Smart Chain, the protocol can access the price feeds at a lower cost and with better efficiency, reducing the overall cost footprint of the system.
How Many Venus (XVS) Coins Are There in Circulation?
Venus has a maximum total supply of 30 million XVS tokens, and just over 4.2 million XVS tokens were in circulation as of November 2020.
Venus was one of the first platforms to conduct a Launchpool on Binance, which allowed users to farm XVS by staking different assets including Binance Coin (BNB), Binance USD (BUSD) and Swipe (SXP) tokens. A total of 20% of the total supply (6 million XVS) was allocated to the Binance Launchpool, and the token was listed shortly after on the Binance spot exchange platform.
The project had no pre-sale or private sale, and the team has no token allocation, but 1% of the total supply (300,000 XVS) is reserved for Binance Smart Chain ecosystem grants. The remaining 23.7 million XVS tokens will be gradually unlocked over a period of four years as they are mined by those that use the Venus protocol.
According to the project white paper, 35% of daily XVS rewards are distributed to borrowers, 35% to suppliers, and the remaining 30% to VAI stablecoin minters.
How is the Venus (XVS) Network Secured?
The Venus network is secured by the Binance Smart Chain, a blockchain that runs in parallel to the Binance Chain. BSC is compatible with the Ethereum Virtual Machine (EVM) and is capable of running even if the Binance Chain goes offline or encounters issues.
Binance Smart Chain utilizes a unique consensus algorithm known as proof-of-staked authority (POSA) to secure the blockchain. This is essentially a hybrid consensus mechanism that combines aspects of both proof-of-stake (POS) and proof-of-authority (POA). It is built around a network of 21 validators who are responsible for executing tasks on the Binance Smart Chain, and reaching consensus about recently processed transactions.
Beyond this, Venus suppliers are protected by automatic liquidation measures, which will automatically liquidate the collateral of borrowers if it falls below 75% of their borrowed amount—thereby reimbursing suppliers early to maintain the minimum collateralization ratio.
Where Can You Buy Venus (XVS)?
As of November 2020, Venus is available to trade on a single exchange platform: Binance. It is listed against Tether (USDT), Bitcoin (BTC), Binance Coin (BNB) and Binance USD (BUSD). There are currently no direct fiat on-ramps to purchase Venus.
To buy Bitcoin and other cryptocurrencies with your credit or debit card, check out our simple guide.
