cointelegraph.com
Binance Smart Chain (BSC) has rapidly risen to prominence in 2021 as high transaction costs and congestion on the Ethereum (ETH) network led smaller-size investors to search for cheaper alternatives.
One of the top choices to earn a yield on the BSC is Venus (XVS), an algorithmic money market and synthetic stablecoin protocol that provides a lending and borrowing solution for the decentralized finance (DeFi) ecosystem.
When compared to DeFi platforms across all blockchain networks, Venus ranks eighth behind its main Ethereum competitor Curve, which currently has $6.47 billion in TVL.
The flow of institutional and retail investors into the cryptocurrency ecosystem has picked up in 2021 and this trend is likely to continue for the foreseeable future.
Despite this week's Berlin upgrade to the Ethereum network, fees are still high and this leaves the door open to competing chains and protocols looking to expand their userbase.
Venus is well-positioned to see further growth as people increasingly flee the legacy financial system in search of higher yields and effortless capital mobility.
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