What is Vai (VAI) Coin
Vai is a decentralized stablecoin built on the Venus Protocol that runs on the Binance Smart Chain. Venus Protocol, launched in 2019, is governed by the XVS token. The latter was designed to be a fair launch cryptocurrency with no preliminary allocation to the project’s founders or its team. It can be earned through Binance Launchpool by providing liquidity to the protocol.
Vai, powered by the Venus Protocol, claims to be the first decentralized stablecoin on the Binance Smart Chain that is backed by a basket of stablecoins and other crypto assets without centralized control. Being powered by Binance Smart Chain allows Vai to offer its users a high-speed, low-fee money market.
- VAI is the BEP-20 native utility token of Vai and has the following use cases:
- Over-collateralized minting where users can mint VAI on Venus using the vTokens from the underlying collateral that users have previously supplied to the protocol.
- Earn interest by depositing VAI into the Venus Vault and participating in the Venus liquidity mining program.
- Participate in governance to change parameters of VAI.
- Users who have the Venus tokens can create proposals to change specific parameters of VAI by utilizing the on-chain governance system. These parameters include:
- Max Supply: This determines the maximum number of VAI can be minted at any given point.
- Interest Rate: The interest rate parameter controls how much in interest fees the user pays for minting VAI. The interest payments will go directly into the community funds.
- Collateral Ratio: The liquidation prices are controlled by the collateral ratio for each synthetic stablecoin.
- Penalty Ratio: If a liquidation occurs, there will be a penalty that must be paid to the protocol. This penalty ratio is set by the protocol.
- As at February 4th, 2021, the total supply of VAI tokens is 49,823,820, all of which are circulating.
How To Buy Vai (VAI) Coin
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Vai coin question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy Vai coin, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Vai (VAI) Coin
Vai (VAI) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Vai (VAI) Coin Review
You can learn more about Vai (VAI) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://venus.io/ Whitepaper https://venus.io/Whitepaper.pdf Github https://github.com/VenusProtocol/Venus-Protocol Telegram https://t.me/VenusProtocol Medium https://medium.com/VenusProtocol Documentation https://docs.venus.io/