How to use Venus (XVS): A Step-by-step Guide

This article will introduce Venus (XVS) - an algorithmic money market protocol built on Binance Smart Chain. We would like to give you clear instructions on how to use Venus (XVS), including its core features: Lending, Borrowing, the Minting VAI stablecoin and FAQ about Venus at the end of this article.

Venus Overview

Venus Protocol is a complete algorithmic money market protocol on Binance Smart Chain. The protocol’s designs have mixed styles between Compound and MarkerDAO which combine the benefits of both systems into one.

Venus’ competitive edges are:

• the ability to use the collateral supplied to the market not only to borrow other assets but also to mint synthetic stablecoins - VAI.
• Fast, low-cost transactions: Venus utilizes the Binance Smart chain for quick and instant transactions while accessing a deep network of wrapped tokens and liquidity.

Preparation for trading on Venus

What are the prerequisites for trading on Venus (XVS)?

First, users need to have a Metamask wallet and connect it to Binance Smart Chain. Please refer to this guide to set up a new wallet.

Preparing BNB for the gas fees

To lend or borrow assets on Venus (XVS), users must have some BNB coin. Users can buy BNB on a centralized exchange such as Binance and send them to the Metamask wallet.

How to use Venus

Connecting Venus with Metamask

Step 1: Visit Venus’s trading interface through: https://app.venus.io/dashboard

Step 2: Your wallet address will be shown at the bottom left corner of the screen.

Supplying and Withdrawing assets

1. Supply assets

Step 1: Click the Supply Market tab  and choose any asset to supply. In this article, we selected BNB.

Step 2: Enter the amount you want to supply and click SUPPLY to confirm.

Step 3: Click Confirm  and the Confirmed Transaction notification will be displayed at the bottom right corner of the screen.

2. Withdraw assets

Step 1: Choose the BNB token.

Step 2: Click the Withdraw tab, insert the desired amount and click Withdraw.

Step 3: Click Confirm and the Confirmed Transaction notification will be displayed at the bottom right corner of the screen.

Borrowing and Repaying assets

1. Enable Collateral feature

Step 1: Flip the button located at the Collateral column to enable the Collateral feature.

Step 2: Click Confirm and then the Confirmed Transaction notification will be shown at the bottom right corner.

2. Borrow

Step 1: Choose the asset to borrow.

Step 2: Enter the amount, then click Borrow.

Step 3: Click the Confirm tab, you will see the confirmed transaction appeared at the bottom right corner of the screen.

3. Repay

Step 1: Choose any assets to repay. In this article, we chose USDC.

Step 2: Head to the Repay Borrow tab and click Enable. Then Confirm when the MetaMask window shows up.

Step 3: The confirmed transaction will be shown at the right corner of the screen, confirming the repay function has been commenced. Then insert the amount of asset you want to repay and click Repay Borrow.

Step 4: Click Confirm. you will see the confirmed transaction appeared at the bottom right corner of the screen.

4. Minting VAI and repaying VAI

1. Mint VAI

Step 1: Head to Mint/ Repay VAI tab, insert the desired amount and click Mint VAI.

Step 2: Click Confirm and wait for the transaction to complete.

2. Repay VAI

Step 1: Click Enable located at the Repay VAI Balance window.

Step 2: Click Confirm and the confirmed transaction notification will be displayed.

Step 3: Enter the amount of VAI you want to repay and click Repay.

Step 4: Click Confirm and the confirmed transaction notification will be displayed at the bottom right corner of the screen.

5. Staking and Unstaking

1. Stake VAI

Step 1: Move to the Vault tab and then click Enable to commence the Stake VAI function.

Step 2: Click the Confirm tab and the confirmed Transaction notification will be displayed.

Step 3: Insert the amount to stake.

Step 4: Click Confirm  and wait for the confirmed transaction to show up.

2. Unstake VAI

Step 1: Click Withdraw.

Step 2: Click Confirm and the confirmed transaction notification will be shown at the bottom right corner of the screen.

FAQ about Venus

Other than Metamask, does Venus support other kinds of wallets?

Currently Venus only supports MetaMask and Binance smart chain Wallet. Venus also specifically recommends users to use the MetaMask Wallet.

How much are the gas fees?

0.0007 - 0.0008 BNB per transaction

Where can I find APYs?

Traders can find APYs under the Supply Market tab and the Borrow Market tab. Please refer to the pictures below for further details:

How many XVS do I need to create a proposal? And what are governance tasks I can involve in when holding XVS? 

To create a proposal, a proposer will need 300,000 XVS and the proposal must reach a minimum of 600,000 XVS to be approved. Governance features include:

● Adding new cryptocurrencies or stablecoins to the protocol

● Adjusting variable interest rates for all markets

● Voting on protocol improvements/proposals

● Delegating the protocol’s reserve distribution schedules

Summary

This article has included the most critical and detailed information on Venus (XVS) Token. Please leave any questions you have below, and we will get back to you as soon as we can! Also, join our communities to get updates and discuss crypto:

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