Vai (VAI)
A Synthetic Stablecoin Built on Venus Protocol.- Vai is Venus Protocol’s native decentralized stablecoin that is minted and redeemed directly on the Venus platform running on Binance Smart Chain.
- VAI is the BEP-20 native utility token of Vai and has the following use cases:
- Over-collateralized minting where users can mint VAI on Venus using the vTokens from the underlying collateral that users have previously supplied to the protocol.
- Earn interest by depositing VAI into the Venus Vault and participating in the Venus liquidity mining program.
- Participate in governance to change parameters of VAI.
- Users who have the Venus tokens can create proposals to change specific parameters of VAI by utilizing the on-chain governance system. These parameters include:
- Max Supply: This determines the maximum number of VAI can be minted at any given point.
- Interest Rate: The interest rate parameter controls how much in interest fees the user pays for minting VAI. The interest payments will go directly into the community funds.
- Collateral Ratio: The liquidation prices are controlled by the collateral ratio for each synthetic stablecoin.
- Penalty Ratio: If a liquidation occurs, there will be a penalty that must be paid to the protocol. This penalty ratio is set by the protocol.
- As at February 4th, 2021, the total supply of VAI tokens is 49,823,820, all of which are circulating.
- More information on the supply of VAI can be found here.