Binance Launches a Mix of MakerDAO and Compound on its Chain
On September 28, Binance announced a new money market system called Venus that features a design that is a combination of both MakerDAO (MKR) and Compound (COMP).
- Binance first announced Venus in August 2019, saying that it aims to break “financial hegemony”
- Running on the Binance Smart Chain, the stablecoin VAI will be collateralized with different tokens based on the Binance standard, BEP-20
- The exchange said that Venus would remove the pain points of Ethereum, as it is built on the Binance Smart Chain
- Users can initially earn interest on 3 assets: Binance Coin (BNB), Swipe (SXP) and the VAI stablecoin
- Binance CEO Changpeng Zhao has described the new stablecoin as a mix of MakerDAO and Compound; it has also been called a “regional Libra”