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.
Encompassing 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.