According to recent reports, Venus Protocol and Deri Protocol will be working together to pioneer DeFi transforming initiatives.
With this collaboration, Venus Protocol liquidity pools will make it possible for Deri Protocol to set up the “External Custody” function.
Besides, this new function enables tokens serving as collateral on Venus to be a support base token on Deri. Thus, the scalability of the support base token system improves. In other words, Venus will provide a system that’s similar to conventional finance (in which the bank serves as a custodian for trading organizations when they pay capital into their accounts).
— Binance Smart Chain (@BinanceChain) December 22, 2021
There is more information about the collaboration such as:
- Venus will be able to tap into tens of millions in total value locked (TVL) on Deri Protocol. Therefore, aiding the growth and development of Venus across areas like GameFi and DeFi.
- Venus will also leverage Deri Protocol in bringing more partners which help in attaining the goal of getting over $1B in TVL.
- Deri Protocol also plans to utilize the “composability” of DeFi apps to create on-chain mechanisms which will exchange risk exposures in an efficient manner. This means the platform has minted an important block in the DeFi structure.
- Venus also plans to improve areas around security and introduce optimized collateral factors.
Recently, Deri Protocol partnered with MyDeFiPet (a virtual pet game) with the aim of incorporating gaming and decentralized finance (DeFi). The partnership makes it possible for gamers to easily carry out Perpetual Futures trading and Everlasting Options.
$XVS and $DERI Price Outlook
As of the time of writing, Venus’s price was $16.43 with a 24-hour trading volume of $8,381,729. XVS price is also down by 0.2% over the last 24 hours. Besides, it has a circulating supply of 12 Million XVS coins and a total supply of 29.8 Million.
On the other hand, Deri Protocol’s price today was $0.222626 with a 24-hour trading volume of $503,424. DERI price was down by 5.8% over the last 24 hours. Besides, it has a circulating supply of 130 Million DERI coins and a total supply of 456 Million.
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