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NewsVenus Protocol Launching Incentive Program in Q4 2023 to Promote $XVS Staking

Venus Protocol Launching Incentive Program in Q4 2023 to Promote $XVS Staking

Sep 08,2023,07:52

Venus Protocol, a lending protocol on the BNB Chain, announced that it will launch an incentive program, Venus Prime, early in Q4 2023. It aims to bolster user engagement and growth within the protocol and promote $XVS staking, with a focus on markets including $USDT, $USDC, $BTC and $ETH.

Venus Prime rewards are said to come from the protocol's revenue rather than from external sources. Eligible $XVS holders will receive unique, non-transferable Soulbound tokens. The agreement will encourage pledging through both Prime tokens:

  • Irrevocable "OG" Prime Token:
    • Users must keep $XVS staked (locked in) for 12 straight months.
    • Users also need to use Venus to supply and borrow at least once every month for a year.
  • Revocable Prime Token:
    • Users need to stake at least 1,000 $XVS for 90 days in a row.
    • After these 90 days, they can get their Prime Token.
    • If a user decides to withdraw $XVS and their balance falls below 1,000, their Prime Token will be revoked.

According to TokenInsight data, the price of $XVS went up by 42.17% in the last 24 hours, trading at 5.3007 now.

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