Venus BTC (VBTC) is a cryptocurrency token that operates on the Binance Smart Chain (BSC) platform, specifically using the BEP-20 standard.
Venus BTC, being a token on the Binance Smart Chain, leverages the BEP-20 standard, which is similar to Ethereum's ERC-20 standard. These tokens utilise smart contracts to automate certain functions within the network. The Binance Smart Chain operates on a hybrid Proof of Stake (PoS) consensus mechanism, which allows validators to stake their tokens to participate in the network's validation processes. This system ensures the security and integrity of transactions and smart contracts executed on the platform.
Venus BTC enables several DeFi functionalities within the BSC DeFi ecosystem, including: