Decentralized finance (DeFi) protocol Venus integrates two mainstream Terra tokens. Why is this important?
Venus Protocol, a noncustodial multi-purpose protocol for financial operations on BNB Chain (formerly Binance Smart Chain) shares the details of a crucial addition to its token suite.
Venus Protocol integrates UST, LUNA markets
According to the official announcement shared by Venus Protocol’s team on its main blog, new markets have been added to Venus’ assets stack. LUNA, a core native cryptocurrency of Terra and Terra USD (UST), an algorithmically-backed stablecoin of this blockchain, are now seamlessly available for Venus Protocol’s clients.
The @terra_money $UST & $LUNA markets are now live on @VenusProtocol
Both tokens have vibrant and growing communities, sizable market caps, and strong use cases to drive borrowing and lending.
👇 Learn More 👇https://t.co/MYsaglH5lo$XVS @BNBCHAIN pic.twitter.com/eqxipscEKg
— Venus Protocol (@VenusProtocol) March 22, 2022
As such, both tokens become integrated into Venus Protocol’s lending and borrowing modules. UST can be collateralized to borrow major altcoins on BNB Chain.
Venus Protocol’s representatives stressed the importance of this addition for the protocols and excitement over the progress accomplished by Terra so far:
Both TerraUSD (UST) and LUNA are tokens with a strong team, vibrant and growing community, sizable market caps, and strong use cases to drive borrowing and lending on the Venus Protocol.
By press time, DeFi enthusiasts can already deploy their LUNA and UST liquidity into Venus Protocol with lucrative annualized yield: 11.6% APY is offered for LUNA LPs, while UST holders can deposit their coins with 15.6% in APY.
Terra’s DeFi ecosystem is on fire
Since the launch of LUNA and UST operations, Venus Protocols injected almost $500,000 in the two tokens.
Terra is among the most promising smart contracts platforms for DeFi in 2022. Its total value locked (TVL) added 75% in the last 30 days to make it the most influential platform outside Ethereum (ETH).
Currently, its TVL sits at $28 billion, which is more than twice as high as of the closest competitor, BNB Chain (formerly Binance Smart Chain).
Venus Protocol is an all-in-one endpoint to the DeFi segment for crypto newbies and professionals. It allows users to lend, borrow and exchange assets in a noncustodial manner.