Venus (XVS) rallies 900%, TVL hits $3.54B after Binance Smart Chain launch

Venus (XVS) rallies 900%, TVL hits $3.54B after Binance Smart Chain launch


As decentralized finance continues to increase it hold on the wider cryptocurrency market, Binance Smart Chain (BSC) is beginning to emerge as a suitable option for traders looking to escape from high transaction fees on the Ethereum (ETH) network. 

With more attention being paid to BSC, DeFi projects operating on the chain have also seen an influx of buying activity in recent weeks as token holders rush to supply liquidity for recently launched protocols. One such project is Venus (XVS), an algorithmic money market and synthetic stablecoin protocol designed specifically for the BSC.

XVS/USDT 4-hour chart. Source: TradingView

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Data from Cointelegraph Markets and TradingView shows that XVS price has exploded 775% from a low of $10.04 on Feb. 2 to an all-time high of $82.86 on Feb. 18 amidst an increase in activity on BSC.

Total value locked grows as the list of supported assets expands

A scroll through the project’s Twitter feed points to a rapidly expanding ecosystem

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