Venus Does Not Pass $1 Billion

The impressive peak to over $1 billion borrowed between Nov. 24 and 28 proved to be a bug in the dashboard, according to Dominik, a Blue Star Ambassador for Venus Protocol and major Discord contributor.

Over the days in question, the Venus Protocol BNB Borrowing and Lending pages observed major fluctuations, showing at least $1.3 billion in borrowed BNB. 

According to the new –– repaired –– dashboard numbers, Venus Protocol actually peaked at $430 million borrowed, with the APYs still hitting as high as -80%. The $430 million peak is “only” a 600% increase from the around $70 million average for weeks prior. 

The borrowing market has since settled back down to around $47 million borrowed.

The BSC News team was the first to report the bug issue’s incredible numbers on social media. Several in the community, including Venus CEO Brad Harrison, chimed in to explain that the rise in BNB usage came from the recent Binance Launchpad. 

‍

What is Venus Protocol:

Venus is a decentralized protocol for lending and borrowing that works as an algorithmic money market with a synthetic stablecoin, VAI. Venus Protocol is also decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is the largest algorithmic money market and synthetic stablecoin protocol on the BNB Chain. The Binance-backed protocol became famous around the Decentralized Finance (DeFi) following their hint of a massive incoming burn by founder Joselito and its Venus Reward Token VRT rewards for $XVS token holders.

‍

Where to find Venus Protocol:

Website | Twitter | Telegram | Medium