VENUS DEPLOYS VIP-23 PROPOSAL.
Venus, a money market and synthetic stablecoin protocol built on Binance Smart Chain (BSC), has now deployed the VIP-23 proposal to allow a full upgrade to Chainlink as its oracle solution.
In order to have a fully algorithmic money market, Venus requires price data to determine the value of the underlying collateral lent and borrowed by users. This price data is needed in two important processes, loan issuance and loan liquidations. Every time a user requests a loan, Venus needs the fair market value of the underlying collateral to determine the loan size. Additionally, Venus protocol needs to perform consistent checks on the health of loans to guarantee they are always overcollateralized, ensuring users are protected against under-collateralization risks.
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
About Venus
Venus Protocol is an algorithmic-based money market system designed to bring a complete decentralized finance-based lending and credit system onto Binance Smart Chain. Venus enables users to utilize their cryptocurrencies by supplying collateral to the network that may be borrowed by pledging over-collateralized cryptocurrencies. The difference of Venus from other money market protocols is the ability to use the collateral supplied to the market not only to borrow other assets but also to mint synthetic stablecoins with over-collateralized positions that protect the protocol. Venus utilizes the Binance Smart chain for fast, low-cost transactions while accessing a deep network of wrapped tokens and liquidity.
⬇️DETAILS:
https://blog.venus.io/venus-deploys-vip-23-proposal-d25720b8bd8e
