Just-In: Coinbase Integrates With Top BSC DeFi Protocol Venus (XVS)

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Coinbase lost over $400 mln in Q1 2022

Coinbase’s standalone self-custody crypto wallet, Coinbase Wallet, has been onboarding multiple DApps since its launch last year. Its latest addition is Venus Protocol, a BNB Smart Chain-based (BSC) – previously Binance Smart Chain – lending and borrowing platform. 

The top BSC DeFi platform now supports Coinbase Wallet

Coinbase Wallet made the announcement via a tweet recently. With the integration, users of Coinbase Wallet, especially those who also use Coinbase, can easily connect to Venus Protocol to access its rapidly increasing liquidity pool for fast, secure, and low-cost transactions.

Venus Protocol is currently the biggest DeFi platform by trading volume in the BSC ecosystem.

Per data from blockchain data aggregator Dapp, Venus Protocol’s trading volume was $1.28 billion in the last seven days, a 14.82% decline from its previous week’s all-time high trading volume of $1.48 billion. 

Its trading volume for the last 30 days is $6.20 billion, the most for any BSC decentralized application. Venus  Protocol has been outperforming other BSC heavyweights like PancakeSwap, Alpaca Finance, MDEX, and Cream Finance. 

The price of the platform’s native token, Venus (XVS), has also been putting up an impressive performance in the market. XVS is trading at $10.26, up 5.56% on the day, and 19.7% in the last week. However, the current price of XVS is an about 93% drawdown from its previous all-time high price of $147 reached in May last year.

The price tanked from its high following a $200 million liquidation happening in a single day that led to FUD and speculations of market manipulation happening on the platform. Venus protocol has however been gaining the confidence of investors again as its market performance shows.

Meanwhile, Coinbase Wallet has also recently announced the completion of several other integrations including Solana native tokens, and also PancakeSwap, StarNifty, and Moonpot. 

BNB Smart Chain putting up a strong contest with competitors

The “Ethereum killer” smart contracts blockchain has been positioned to be a very viable contestant to do just what it set out to. In February, BNB Smart Chain surpassed the crypto market behemoth Ethereum in number of transactions. BSC saw a 378% increase in transactions to reach 156.5 million, compared to Ethereum’s 32.74 million. 

Similarly, the BSC’s NFT ecosystem has been flourishing. This month, NFT sales have topped the previous monthly sales all-time high. BSC NFT monthly sales volume in March 2022 surpassed $1.2 million, a 1,180% increase since the end of January.

Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them. She’s actively on the lookout for the latest Crypto related stories. When she’s not writing, she’s catering to her pet chihuahua, or curating vegan recipes. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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