Vai VAI
About
What Is Vai (VAI)?
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.
Who Are the Founders of Vai?
XVS is distributed via a fair-launch mechanism with no founder and team allocations. It is backed by a well-funded organization Swipe, a Binance portfolio company. Swipe was founded by Joselito Lizarondo, who is also the company’s current CEO.
What Makes Vai Unique?
The Venus protocol is governed by its native token XVS which can be mined by liquidity suppliers, protocol borrowers and stablecoin miners.
The protocol itself introduces an easy-to-use crypto-asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem. It enables users to directly borrow against collateral at higher speed and lower transaction fees. Venus also allows users to mint the VAI stablecoin on demand by depositing at least 200% collateral onto the Venus smart contract.
The people who source liquidity through the Venus Protocol do not have to pass credit checks and can take out a loan by interacting with the Venus decentralized application (DApp). Due to the fact that it is not governed by a central authority, Venus users are not subjected to arbitrary restrictions and can always source desired liquidity by posting sufficient collateral.
The loans are then provided from a pool that is contributed by the Venus users, who can, in turn, receive an annual percentage yield (APY) for their contributions. The Venus Protocol also utilizes price feed oracles that provide accurate pricing data.
How Many Vai (VAI) Coins Are There in Circulation?
Vai (VAI) has a circulating supply of 160,567,211 tokens and a total supply of 160,704,318 as of March 2021.
How Is the Vai Network Secured?
The Vai network is fully secured by the Binance Smart Chain. It is compatible with the Ethereum Virtual Machine (EVM) and can run even if the Binance Chain itself goes offline. Binance Smart Chain makes use of the proof-of-staked authority (POSA) consensus mechanism.
Where Can You Buy Vai (VAI)?
Vai (VAI) can be traded on the following exchanges:
Read CoinMarketCap’s dedicated guide on how to buy Bitcoin if you want to learn more.
AI Analysis
What is the Vai (VAI) cryptocurrency good for? What are its main use cases?
Vai (VAI) is a stablecoin associated with the Vauld platform, which aims to provide users with crypto-backed financial services. Here are some of its main use cases:
Stable Value: As a stablecoin, Vai is designed to maintain a stable value, typically pegged to a fiat currency like the US dollar. This stability makes it an attractive option for users looking to avoid the volatility often associated with other cryptocurrencies.
Trading and Liquidity: Vai can be used in trading on various exchanges, providing liquidity for users who want to enter or exit positions in a more stable asset. It allows traders to hold value without converting back to fiat, which can be subject to delays and fees.
Decentralized Finance (DeFi): Vai plays a role in the DeFi ecosystem, enabling users to participate in lending, borrowing, and yield farming. Users can leverage their crypto assets by taking loans in Vai against their cryptocurrency holdings.
Remittances and Payments: Due to its stable value, Vai can be used for remittances and payments, allowing users to send money without worrying about price fluctuations.
Earning Interest: Users can earn interest on their Vai holdings by participating in various DeFi protocols that offer yield generation opportunities.
Accessing Financial Services: Vai can be utilized within the Vauld platform and other compatible platforms for accessing various financial services, such as loans, credit, and investment opportunities.
Hedging: Investors can use Vai as a hedge against market volatility. When market conditions are uncertain, they can convert other volatile assets into Vai to preserve value.
These use cases contribute to its overall utility within the cryptocurrency ecosystem, particularly focusing on stability and versatility in financial applications.
What blockchain does Vai use? Is it its own blockchain or built on top of another?
Vai is a stablecoin that operates on the VeChainThor blockchain. It is not its own standalone blockchain; rather, it is built on top of the VeChainThor platform, which is designed for supply chain and business applications. If you're looking for detailed and specific functionalities or use cases of Vai, I can provide more information.
Is Vai programmable? Does it support smart contracts or decentralized applications?
As of my last knowledge update in October 2023, Vai is a unique decentralized stablecoin developed by the Venus Protocol, which operates primarily on the Binance Smart Chain (BSC). However, Vai itself is not a programmable platform in the same way that Ethereum is.
Vai does not natively support smart contracts or decentralized applications (dApps) on its own. Instead, it is utilized as a stable asset within the Venus Protocol, which facilitates lending and borrowing services. The Venus Protocol, being built on BSC, leverages the capabilities of the BSC network to support decentralized applications and smart contracts.
For developers interested in building dApps or executing smart contracts, the BSC ecosystem offers the necessary tools and infrastructure to do so. In summary, while Vai is an integral part of the Venus Protocol, it does not directly support programmability or dApps but can be used within the broader context of BSC's capabilities.
How fast are Vai transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, Vai (the native cryptocurrency of the VAI stablecoin ecosystem) operates on the VeChainThor blockchain, which is known for its efficiency and speed. The typical confirmation time for transactions on the VeChainThor network is around 5 seconds.
In terms of throughput, VeChain can handle around 2,000 transactions per second (TPS) under optimal conditions. However, these metrics can vary based on network conditions, congestion, and other factors. For the most up-to-date information, it's advisable to check official VeChain resources or community updates.
How much data can I store on the Vai blockchain? Does it support on-chain data storage?
As of my last knowledge update in October 2023, the Vai blockchain is designed primarily as a decentralized finance (DeFi) platform and may have limitations regarding on-chain data storage. Typically, blockchains like Vai focus on transaction processing and smart contracts rather than extensive data storage.
While some blockchains support on-chain storage to a degree, they often have restrictions regarding the amount of data you can store directly on-chain due to cost and efficiency considerations. In general, large amounts of data are often better managed off-chain, with references or hashes stored on-chain to maintain integrity.
For specific details regarding storage limits and capabilities on the Vai blockchain, it would be advisable to consult the official Vai documentation or community forums, as these platforms often provide the most accurate and up-to-date information on their features and limitations.
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