Binance unveiled a new decentralized stablecoin for defi lenders and borrowers called Venus (VAI), built on the Binance Smart Chain. The protocol was developed by Swipe Wallet, which Binance acquired earlier this year, and allows users to borrow from the Venus Protocol instantly with no trading fees, no slippage, and access to a highly liquid network of wrapped tokens in the network. The white paper explains the dynamics of a new stablecoin (VAI) backed by a basket of other stablecoins and crypto assets that lack centralized control. On Oct 18, Binance and Swipe together the Binance VISA Card with a new deflationary mechanism for burning its own SXP tokens and up to 8% cash back.

The Block (Sept 28, 2020)