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# Swipe Wallet’s sneak peek of Venus Protocol
- URL: https://dexplain.com/swipe-wallets-sneak-peek-of-venus-protocol/
- Published: 2020-09-18T14:33:00.000Z
- Updated: 2021-11-30T14:34:25.000Z
- Description: Swipe Wallet’s showed us a sneak peek of Venus Protocol, their DeFi lending platform and dashboard powered by Binance Smart Chain. Let's take a look!
- Author: wizardfromspace
- Tags: Swipe Wallet, Venus Protocol, defi, yield farming, Blockchain, Binance Smart Chain, Project Review

[Swipe Wallet](https://dexplain.com/tag/swipe-wallet/) has taken to twitter to show a sneak peek of their upcoming DeFi platform. Originally referred to as [SwipeFi](https://dexplain.com/sxp-price-predictions-7-reasons-swipe-defi-plans-will-rocket/), the team has now confirmed the product name as Venus Protocol. Venus Protocol will be a [DeFi lending platform](https://dexplain.com/what-is-venus-xvs-defi-platform-on-binance-smart-chain/), powered by Binance Smart Chain. Users will be able to deposit various crypto assets, to earn interest, or use as collateral for loans. A perfect addition to [Swipe’s crypto card](https://dexplain.com/swipe-crypto-debit-card-review/) product.

## What is Venus Protocol?

****Update:** The [DeFi protocol is now live](https://dexplain.com/venus-protocol-launches-to-mainnet-with-xvs-farming/)! We have published a full guide for borrowing and earning interest on Binance Smart Chain. Along with minting VAI stablecoins and how to farm Venus (XVS) tokens. [You can read through it here](https://dexplain.com/venus-protocol-defi-tutorial-how-to-supply-and-borrow-assets-mint-vai-stablecoin-and-farm-xvs-tokens/).

While the team has stayed relatively silent on the details, a Reddit AMA will happen next week. From the screenshot, we expect Venus Protocol to be a DeFi dashboard for the Swipe’s ecosystem as a whole. Meaning it will probably enable users to manage [their SXP staking also](https://dexplain.com/swipe-network-launches-staking-with-12-apr/). Note there is also a ****Vote** section, which indicates a form of governance UI for voting on proposals. What we do know is that it will take [300,000 SXP to open a proposal](https://medium.com/swipe/swipe-bi-weekly-update-7-4e89bfde8200?source=collection%5Fhome---4------1-----------------------), though it will be possible to delegate and pool funds with others to open a proposal.

****Powered by Binance Smart Chain…** much like [Cream Finance’s](https://dexplain.com/cream-finance-launches-on-binance-smart-chain/) recent move to BSC, Swipe will utilize the native cross-chain interoperability for their DeFi lending platform. Meaning from launch we can expect support for popular crypto-assets such as BNB, ETH, USDT, BTC, or USDC. And of course, Binance’s stablecoin BUSD will be in the mix.

- It will be interesting to find out which stablecoin users will ****mint** from locking up collateral, though, it seems certain it will be BUSD.

****But will the APY be attractive…** it remains to be seen if APY will be higher than protocols such as [Curve](https://dexplain.com/what-is-curve-finance-and-crv/)****,** however, [yield farmers](https://dexplain.com/tag/yield-farming) might find moving off [Ethereum](https://dexplain.com/tag/ethereum) to cut away high transaction fees very attractive. Swipe’s tweet also mentions an ****SXP 3x Yield Mining Amplifier** – which maybe some sort of incentive for early adopters and SXP holders.