Crypto exchange 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. The protocol can be seen as a mixture of MakerDAO and Compound, said Binance CEO Changpeng “CZ” Zhao.
Users will 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 Venus 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.”