Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Decentralized Finance (DeFi) protocol Venus (XVS) is leading the altcoin momentum today after soaring by a massive 45% over the past 24 hours to $7.16, according to data from CoinMarketCap. The digital currency is not a regular performer that is often in the spotlight, a scenario that showcases the impressive sentiment in its community at this time.
The digital currency's growth hinges on the revelation that the protocol will be among the sponsors of Istanbul Fintech Week. The event is considered one of the biggest blockchain and finance summits in the country, known for its robust appreciation of cryptocurrencies and their associated innovation.
For a protocol that is not used to being in the spotlight, the sponsorship may serve as a payday for some of the early investors of XVS, a notion that many are building on to acquire the token ahead of any likely or potential appreciation.
Venus has also been working on improving its protocol and tokenomics in no small measure over the past few weeks. The protocol revealed recently that its latest upgrade features the buyback of some of the XVS tokens in circulation. This new move is bound to increase the value of the Venus token over time, and investors are just pricing it in now.
Vladislav SopovEncompassing DeFi growth
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol has been riding on the positive trends encompassing every aspect of the DeFi world to rechart its own steady uptrend.
Per its on-chain metrics, Venus recorded more than 4,000% growth in its daily volume, showcasing how the buy-up led to the growth of more uniform and integrated volume. Venus is riding on the encompassing positive sentiment in the DeFi world, and the community is expecting its growth to remain sustainable going forward.
Denys Serhiichuk
Yuri Molchan
Dan Burgin
Alex Dovbnya