Venus Crypto Protocol & StealthEX AMA Recap – All You Need to Know
On August 4, 2021 we had StealthEX & Venus Crypto Protocol AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need. Let’s start!
StealthEX
Hey there everyone and welcome to the StealthEX community chat.
Today we will have an AMA with our awesome partners from Venus!
Welcome @CrYpToLoGiC_010 who will be chatting with us and you all today!
Hey Danny!
Danny, Venus Protocol
Hey everyone! Welcome to our quick AMA session today!
StealthEX
Danny is the Global Community Deputy for Venus which is awesome – he knows everything 😉
Brief intro – we will have a round of questions from Twitter first.
Then, I will unblock the chat (will notify you all, fam) and have a live round. That would be the time to ask away!
Danny, Venus Protocol
Hahaha, almost everything!
Yes, please go ahead with your selected questions from the community.
Questions From Twitter
StealthEX
Sure! Here the the ones from Twitter first
Venus Protocol has issued $VRT token as a new family on the $XVS ecosystem. What use case is this token?? Did this token benefit the holder??
Danny, Venus Protocol
Yes, but due to the very complicated nature of Venus smart contracts, there will be use cases for VRT but it has to be very conservative in order to ensure the security of the protocol first. XVS will still be the primary token, and More details on VRT and general Venus Tockenomics will be released soon.
StealthEX
Next one!
Venus Protocol was the highest TVL project in BSC. How is it going to get back at that stage? What are the plans for becoming again the greatest lending protocol on BSC?
Danny, Venus Protocol
The Venus team is tirelessly working everyday to make this happen again. We are slowly fixing many issues and securing the protocol. The most important aspect of a money market is risk control. Venus team released two important cornerstones, risk control frameworks and interest rate model. We have also recently removed all the liquidity withdrawal fees and added support for new currencies.
StealthEX
Thank you for the constant work! Great answer
Next question – What problems is your project trying to solve to make it easier for Crypto users? Please let us know how evolving the roadmap is right now. What will happen this year and in the future?
Danny, Venus Protocol
Thanks!
The most important at this moment is securing user’s funds to avoid any incidents and prevent financial losses. You can find all the details on everything the team is working on in our blog here: https://community.venus.io/c/venus-development/15
StealthEX
Thank you! Fair enough
Here’s one about the features now!
I want to ask, what is the competitive advantage of your project? What do you have over other competitors? About features such as security, scalability, community development,… do you think you’ve finished or need to continue to develop?
Danny, Venus Protocol
Well, being on Binance Smart Chain and one of the biggest advantages of using Venus is the Speed and very low fees. BSC community partnership is also very important. Venus is in constant development. As new technologies and new projects emerge we adapt. Venus will continue to develop as much as required to stay on top of the game in the ecosystem.
StealthEX
Next question is on everyone’s minds now
Is Defi the future of cryptocurrency?
Danny, Venus Protocol
Hahaha, well it’s quite simple, cryptocurrency’s promise is to make money and payments universally accessible to anyone, no matter where they are in the world. Venus protocol takes that promise a step further by offering a Decentralized Marketplace for Lenders and Borrowers.
StealthEX
That’s a great goal here!
Here’s the one for community
Community is integral to any blockchain startup. How do you plan to get the community to be involved in your project? Do you plan on launching any ambassador program, developing dapps on your platform? What will be the roles of these ambassadors?
Danny, Venus Protocol
With close to 75K suppliers and over 20K borrowers on Venus at the moment, we think it’s already a pretty good start and yes, we are planning to launch an Ambassador program along with the new economics that will include a marketing budget. More details will be shared soon 🙂
StealthEX
This is awesome! Make sure to stay tuned guys 🙂
All Investors believe that “With the Right Coin, Everything is Possible”. My question is what all Unique and Killing Features make The Stable Coin $XVS A Right Coin ? And What is your strongest advantage that you think will make your team leading the market?
Danny, Venus Protocol
Haha, well to start, XVS is not a stablecoin, it is the Governance and currency token of the Venus protocol. XVS will be showcased a lot more in the new tokenomics and will become a lot rarer overtime.
StealthEX
Very true!
A lot of people question why it’s taking so long to develop. Can you explain to them how hard it is to actually write code?
Danny, Venus Protocol
Of course! As in any transitions, new coders/DEV’s have to get acquainted with the Venus smart contracts. Also, security and users funds being a primary concern, everything has to be triple checked and tested before it is released. These processes take time.
StealthEX
The utility of the token is one of the factors that evaluates the credibility and potential of the project. So what is the use and role of the $XVS token in the ecosystem? How can users earn more $XVS through the incentive program?
Danny, Venus Protocol
As stated earlier, XVS is the governance token of Venus, which is used to participate in all the voting processes but, it’s also our principal currency and reward token and it will be the principal feature of our new XVS vault. More details should be released soon. User’s can receive/farm more XVS simply by using the Venus platform. (Supplying or Borrowing).
StealthEX
Last question from Twitter!
A good reminder for all you friends to get your live questions ready while Danny answers.
How does @VenusProtocol feel working with a variety of partners to further innovate your ecosystem? What is the biggest advantage of having partners like @StealthEX_io with whom you can bring more innovation?
Danny, Venus Protocol
When it comes to working with StealthEX in particular, the answer is pretty simple – We are giving our community different exchange opportunities. Knowing that all exchanges (as well as preferences of users) are different is crucial. Non-custodial, instant services that require no registration and allow easy tapping into liquidity + cross chain swaps are in demand, so we cooperate! Facilitation is key to decentralization!
Live Questions
Live question 1
What do you think about the explosion of NFT that is causing a lot of attention in the world? How does the Venus project take advantage and exploit it to the full extent?
Danny, Venus Protocol
At the moment, Venus is concentrating on what it is meant to be, a lending and borrowing platform.
Live question 2
I have to ask, Is the Venus Protocol finally completely safe? That is, what mechanism does the project use to prevent a Rug pull or the flash loans that have been on the rise these days?
Danny, Venus Protocol
We’re definitely heading in the proper direction. We are making weekly adjustments on the Protocol to ensure that nobody can abuse the protocol. You can also find more answers to your security concerns in the latest weekly announcements.
Live question 3
What is Venus’s top priority in 2021? Can Venus share a bit about this year’s strategy? What makes Venus feel confident to win long term?
Danny, Venus Protocol
Growth and development. I can’t share more information at this time but be on the lookout for a new Tokenomics model.
Live question 4
What major partnerships does VenusProtocol intend to use or how does VenusProtocol bring its products to the average consumer – especially non-crypto users?
Danny, Venus Protocol
We are currently working on business development with major LP pools and AMM projects to keep growing.
Live question 5
Is my personal data safe on the VenusProtocol? Is VenusProtocol data security technology completely safe for customers?
Danny, Venus Protocol
Venus does not retain any personal user data. We are a completely decentralized protocol.
Live question 6
I want to know what’s the plan to get VAI on peg? VAI is, in my opinion, a cornerstone of the project.
Danny, Venus Protocol
The team is already studying various options. More details Will be released soon.
Live question 7
Is the new Venus team communicating with Joselito and his swipe team and is swipe activity contributing to any ongoing or future Venus developments in any manner at all.
Danny, Venus Protocol
No, Swipe and Venus have taken their own ways.
Live question 8
VenusProtocol is a global project or local project? At present, which market are you focusing on, or is it focused on building and growing to gain customers, users and partners?
Danny, Venus Protocol
Yes absolutely. We expect a huge amount of TVL growth in the next quarter.
Live question 9
SECURITY is always mentioned in any projects, so what will VenusProtocol do to protect against the risk of losing money or leaking information?
Danny, Venus Protocol
Read our latest announcements, that’s a pretty good start.
Live question 10
With so many updates in innovations that Venus Protocol is having, do you have plans to include products like Limit Orders, info page or Stop Loss?
Danny, Venus Protocol
Not at the moment as Venus isn’t an exchange but a Lending and borrowing platform.
Live question 11
Security & User Interface are the Most Important Aspect that Users see on a platform. How has VenusProtocol worked on this? Is Platform suitable for Newbies in the crypto field?
Danny, Venus Protocol
Yes absolutely. The platform is very easy to use and there are many user guides availlables. the team is also working on some GUI upgrades and part of our future marketing budget will be spent on educational videos as well!
Live question 12
Most of the projects are solid with good utility and token infrastructure but underperform because investors dump them after the exchanges. What will Venus do to mitigate those risks?
Danny, Venus Protocol
Check out the new XVS vault details when released. 😉
Live question 13
Currently, covid translation is exploding again, very complicated and affecting the whole world. So what effect does it have on VenusProtocol’s economy? And how does VenusProtocol generate income and profit to sustain the project?
Danny, Venus Protocol
We are in the midst of changing our income model. The new model should be released soon.
Live question 14
Do you have any Coin Burn or BuyBack system or do you have any plan to burn Token to increase token value and attract investors to invest in your project on Defi?
Danny, Venus Protocol
Check the 7th question I answered earlier 🙂
That’s it everyone. That’s Unfortunately all the time I have today and all the questions I can answer without giving away too much before the new economic model is published. Please, do have a look at our latest risk control framework and interest rate model! It should definitely explain some of the most frequently asked questions.
StealthEX
Thank you so much Danny! That’s a pity to have not so much time, but we will be happy to have you back for another round when everything is published 😉
Thank you for detailed answers! It was a blast!
Always welcome to swap Venus coin on StealthEX
How To Buy Venus Crypto?
Just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to XVS.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your XVS coins!
And by the way, don’t forget that now StealthEX users can purchase cryptocurrencies using fiat and we still offer the opportunity to buy crypto at fixed rates!
If you have remaining questions about the StealthEX exchange service you can go to our FAQ section and find all the necessary information there.
Follow us on Medium, Twitter, Telegram, YouTube and Reddit to get StealthEX.io updates and the latest news about the crypto world.
We are always ready to give you support if you have any issues with exchanging coins. Our team does our best to protect all members and answer their questions. For all requests message us via [email protected].
You are more than welcome to visit StealthEX exchange and see how fast and convenient it is.
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