Venus Protocol (XVS) Sets New Records as TVL Surpasses $2.51 Billion in Q4, Growth in Multiple Areas

Today, crypto analyst Messari released a report based on status of Venus Protocol ($XVS) in Quarter 4, 2024. The data offered an in-depth overview of $XVS’ transformative journey during the period (October and December, 2024), mentioning crucial financial growth and rising ecosystem adoption.

Venus’ record-breaking quarter

Venus ($XVS), a borrowing and lending DeFi protocol that runs on top of the Binance chain, recorded an outstanding year. Its TVL reached an AHT of $2.51 billion by the end of Q4 (December 24) from $2.19 billion TVL registered in Q3 (September 24). While this represents a 14.6% surge over the previous quarter, the growth was majorly driven by Venus’ move to introduce BTC-pegged assets (like solvBTC, eBTC, and LBTC) on its lending platform.

Quarterly revenue also reached $19.7 million in Quarter 4, an increase from Quarter 3’s $11 million revenue – a 79.9% QoQ growth. Increased borrowing activity and higher market speculation were the catalysts for the revenue surge.

Moving down, daily active users on the Venus platform rose by 27.9%QoQ, surging from 609 in Q3 (September 24) to 779 in Q4 (December 24). This increase signifies a rebound in user engagement after the decreases witnessed in past quarters.

Also, deposits and withdrawals on the Venus Protocol rose substantially. Deposits on the platform surged massively in Q4 (December 24), rising by 128.5% to 169,231 from 74,000 in Q3 (September 24). Withdrawals grew enormously, increasing by 125.9% QoQ to 152,932 from 67,694.

However, staked $XVS on the Venus platform declined by 5.65% QoQ, dropping from $8.17 million in Q3 (September 24) to $7.70 million in Q4 (December 24). Despite the decrease, user participation in Venus staking remained strong, as investors continued engaging with the staking platform.

Venus price updates

The protocol’s robust financial growth is a reflection of its native token’s market performance. $XVS currently strives to maintain an uptrend movement. Its price has been up 10.3% over the past week after it broke away from a downtrend that entrapped its movement more than a month ago. The ongoing price recovery shows its resilience amidst market volatility.

Data from Coinglass shows that Open Interest (IO) on $XVS rose by 8.69% over the last 24 hours, showing rising enthusiasm in the market. Increasing IO shows that more traders are creating positions, optimistic about price growth, which often suggests a bullish sentiment.

Furthermore, the asset’s price is currently trading at $6 after seeing a 3.5% rise over the past 24 hours. This increase indicates rising interest from investors and traders. Users’ heightened participation is typically an indicator of growing confidence in the token, and in this $XVS’s case, potentially signals a price jump in the coming weeks.