About Vai (VAI)
VAI is a synthetic BEP-20 stablecoin native to the Venus Protocol ecosystem. The Venus protocol is a decentralized lending and borrowing platform that operates as an algorithmic money market. The protocol is purportedly designed to bring a decentralized finance-based lending system to the BNB Chain in order to enable a fast, low-cost trading experience for users while providing them with access to diverse and liquid asset classes. The current price of $VAI price is live-tracked on Binance.
The stablecoin is designed to be pegged to the value of one U.S. dollar by being backed by other stablecoins. However, Binance warns users that the token has lost its peg, trading below the U.S. dollar value. VAI price is available on Binance.
The Venus Protocol states that its native algorithmic stablecoin can be used for overcollateralized minting, where users can mint VAI on Venus using vToken from the underlying collateral previously provided by the user to the platform. Additionally, Venus claims users can earn interest by depositing VAIs into the Venus Vault and participating in the Venus Liquidity Program.
Users who also hold XVS, the Venus Protocol's governance token, can make changes to specific VAI parameters using the on-chain governance system.