It seems that we need to go on the path of centralization to achieve mass recruitment. However, projects like the Venus Protocol have shown that it is very possible to bring DeFi to the masses by balancing the security of decentralization with the ease of use of centralized services.
Venus Protocol, the first algorithm money maker to launch on the BNB chain, has put Binance’s blockchain network on the map. Brad Harrison, CEO of Venus, said it was the first dApp launched on the BNB chain and has been one of the most popular projects on the blockchain ever since.
Harrison, who spoke with Alex Fazel of Cryptonites at Paris Blockchain Week, said the Venus Protocol is currently the most popular project in the BNB chain and its trading volume exceeds that of Ethereum.
The goal of the project was to provide decentralized finance to more people. To achieve that, Harrison believed that Venus needed to strike a balance between the freedom of decentralization and the convenience of centralization. That’s why Venus chose to boot on the BNB chain over larger blockchains with larger network effects like Ethereum.
Another major reason Venus decided to launch a much smaller and lesser-known BNB chain was to make it more accessible to more users.
“I call Ethereum the blockchain Beverly Hills.”
Harrison explained that European and North American developers were primarily Ethereum-based, while other developing countries focused on the BNB chain, where Venus decided.
Binance’s blockchain is currently one of the highest user adoptions from any network, surpassing its larger and older competitors in terms of transaction count, transaction volume and TVL.
However, he recognizes that using a centralized network that is inherently permitted comes at a cost.
“There are trade-offs.”
Some may also express concern about how “decentralized” the BNB chain project really is, but Harrison said both Venus and the BNB chain are working more decentralized. I did. He told Cryptonites TV that something is happening behind the scenes that makes the BNB chain safer and less dependent on centralized services.
It didn’t stop users onboarding to Venus. According to Harrison, the vast majority of users want services that are effective, easy to use, and cost-saving. Venus has selected all check boxes.
To attract more users to the platform, Venus is working to introduce new services such as stable yields and unsecured loans. The project positions itself to cater to both institutional and private investors who believe they will be in the crypto market within the next few months.
“It’s only a matter of time before we talk about liquidity in terms of trillions, not billions. DeFi stays here.”
