By hykss on Skatehive
Today we are focusing on Venus, the coin and the platform, its features, what it's trying to solve and how to make it work for us. I'll try to give explanations in a very simple fashion (as much as I can) and will share my very recent experience with it. Note this is a 2-way learning process, I'm not expert at all, just trying to learn everyday about this crypto world. I believe sharing my progress and my mistakes can help people (including myself !). That's why I encourage you to ask questions in comments and point out things I should have done or not. First part is more about theory but the second part is hands-on with all my transactions on Venus platform. In a nutshell Venus protocol is a new algorithmic money market system bringing Decentralised Finance (DeFi) onto Binance Smart Chain. It's very similar to what Compound and MarkerDao are doing with lending and borrowing capabilities but it's faster and cheaper thanks to the use of BSC insteand of ETH chain. Lenders provide liquidi