Cardano Liquidity Mining To Open on Binance Smart Chain

Cardano Liquidity Mining To Open on Binance Smart Chain


Key Takeaways

Venus Protocol announced that it would add Cardano to its platform and allow the asset to be used as collateral. Given the high gas fees of DeFi apps on Ethereum, BSC projects such as Venus have risen in popularity recently. While Venus may appeal to some ADA holders, others may choose to wait till Cardano gets its very own DeFi protocol.

The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner

Share this article

Holders of Cardano’s native cryptocurrency ADA may soon access liquidity mining on Venus Protocol, which runs on Binance Smart Chain.

Cardano Liquidity Mining Launches

In its 2021 roadmap, Venus announced that it would add Cardano’s ADA currency to its platform and allow the asset to be used as collateral for borrowing and lending.

ADA surged at the beginning of the month. The rally made Cardano the fourth-largest cryptocurrency, with a market capitalization of more than $26 billion.

Other leading crypto assets listed on the Venus platform include ETH, BTC, BCH, BNB, XRP, LINK, DOT, FIL, along with various stablecoins.

Venus has expanded rapidly since its initial launch in November of last year.

Within four months, the team claims it has acquired 18,000 users and about $2 billion of total value locked (TVL), one of the highest in the BSC ecosystem. It has the highest 24-hour volume of all DEXs according to CoinMarketCap, a data analytics site that Binance acquired in 2020.

Venus is built on the Binance Smart Chain (BSC). Activities like token swaps are often considerably cheaper than on Ethereum, which is known for its prohibitively expensive gas fees. The high prices have made it difficult for traders with less capital to access DeFi apps.

Meanwhile, the Cardano team also has plans for its own lending and liquidity provision protocol called Liqwid Finance.

Cardano successfully completed its Mary hard fork on Feb. 3, which is part of an update that will see the network transition from Shelley to the Goguen Era. Once Goguen rolls out, the initial work on Liqwid.Finance may begin. In the event of delays, Venus Protocol may be the most viable option for ADA holders looking to participate in the booming DeFi space.

Disclosure: The author did not hold crypto mentioned in this article at the time of press.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

BNB Holders to Enjoy New Utility as Binance Takes on Ethereum

The crypto exchange Binance is preparing to enter the smart contracts market by launching a new Ethereum-compatible blockchain. The move is set to increase the utility of Binance’s native token,…

Looking Back on 2020 and 2021 Predictions

Happy New Year from all of us at Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will…

A Comparison of DeFi Protocol Token Valuations

The proliferation of DeFi protocols was the crypto story of last year. But how do the major token valuations compare? Valuing DeFi Protocol Tokens DeFi protocols earn money by charging…

IDEX Launches on Binance Smart Chain as Ethereum Fees Soar

Decentralized exchange IDEX has launched its trading infrastructure on Binance Smart Chain (BSC) as Ethereum DeFi users experience high fees. The developers will kickstart the launch with the distribution of…

Source link

Latest Crypto News

Popular Links

Notify of
Inline Feedbacks
View all comments