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LayerZero Makes Multi-Chain Proposal to Venus Protocol
September 27, 2022
MINS
The proposal aims to upgrade Venus Protocol to an efficient chain-agnostic lending platform, using LayerZero's Omnichain messaging services.
Venus Protocol-LayerZero Multi-Chain Lending
A new governance proposal for the leading decentralized lending and borrowing money market on BNB Chain, Venus Protocol, to partner with LayerZero Labs has been presented to the Venus Community.
The partnership aims to upgrade Venus Protocol into an efficient cross-chain money market using LayerZero's Omnichain messaging services.
The co-founder of LayerZero Labs, Ryan Zarick, presented the proposal to the Venus community. Venus Protocol announced the proposal on Twitter on Sept. 19.
🔥With this proposal, Venus aims to move closer to becoming the most efficient, cross-chain capital solution available on the market.
— Venus Protocol (@VenusProtocol) September 20, 2022
⚡️https://t.co/2v0A4XEelw$XVS #DeFi @LayerZero_Labs @BSCNews pic.twitter.com/fi2GmZy8Iz
How Would LayerZero Upgrade Venus?
LayerZero Labs provides cross-chain messaging, enabling smooth interoperability between different blockchains using an Oracle-Relayer messaging mechanism. The mechanism allows a user-protocol on one chain to communicate and reach a consensus with another protocol on a different chain without the need to bridge tokens between the two chains.
For example, let's say that a Venus user has funds on BNB Chain but wants to yield-farm on Ethereum. Currently, the user would typically need to:
- Deposit assets as collateral on BNB Chain, and borrow funds on BNB Chain.
- Bridge the funds from BNB Chain to Ethereum with bridging fees, swap to the appropriate asset on Ethereum with swap fees, then deposit into the farm on Ethereum.
- To pay back the loan, the user will go through the reverse process: swap back on Ethereum Chain with a fee, bridge back to BNB Chain, pay back the loan and recover the collateral.
The procedure requires multiple actions on the user’s part, wastes time, and involves a higher level of risk because of the need to interact with various smart contracts. Deploying LayerZero's Omnichain messaging infrastructure on Venus will enable Venus users to have collateral on one chain and borrow and use assets on another chain while bypassing bridging and swaps with the fees. The integration will work at the backend, and users will not need to interact with any other interface apart from Venus'.
LayerZero's tech is live on 10 chains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche and Fantom. Audits are in progress towards deploying on 16 other chains as well.
If the proposal is approved, it would mean that users of Venus Protocol would have lending exposure to many chains through LayerZero, potentially offering cheaper cross-chain lending and borrowing. It would also reduce lending complexity for users.
Ultimately, users could take advantage of the abundant Decentralized Finance (DeFi) benefits available on other chains. For more details about the proposal, HERE is a link to it.
What is Venus Protocol:
Venus Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is one of the largest algorithmic money market and synthetic stablecoin protocols on the BNB Chain. The Binance-backed protocol became famous around the 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 Venus Protocol:
Website | Twitter | Telegram | Medium
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Ether Futures ETFs Hit the Market: ProShares, VanEck, and More Offer Options
October 2, 2023
This marks the first-ever ETFs based on ether futures, following the introduction of the first bitcoin futures ETF two years ago.
Summary
- A range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched.
- These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
In a significant development for the crypto industry, a range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched. These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
Renowned for launching the first U.S. bitcoin futures ETF, ProShares leads the charge with the launch of the ProShares Ether Strategy ETF, along with two additional offerings that provide a blend of exposure to both bitcoin and ether. ProShares’ CEO, Michael L. Sapir, expressed optimism about the appeal of these crypto-linked ETFs to investors, stating, "We think that many investors who are interested in cryptocurrencies but are concerned about custody risks, or who are challenged by the learning curve and complexities required to buy them directly, will be attracted to our crypto-linked ETFs."
Bitwise also joined the fray with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
VanEck, a prominent asset manager, has also entered the arena with the VanEck Ethereum Strategy ETF. This ETF is designed to target capital appreciation by investing in ether futures contracts, providing investors with an alternative path to participate in the robust futures market centered around Ethereum.
Additionally, the VanEck Ethereum Strategy ETF has also entered the market, “designed to seek capital appreciation” through ether futures contracts. As highlighted by Kyle DaCruz, Director of Digital Asset Product at VanEck, these offerings provide a means for investors to tap into the robust futures market surrounding Ethereum.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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