Venus Protocol, one of the Top 5 decentralized finance (DeFi) lending platforms, today announced it has been approved for a grant from the Arbitrum Foundation.
This grant comes on the heels of Venus Protocol’s successful deployment on the Arbitrum network earlier this year and underscores the platform’s commitment to expanding its services within the Arbitrum ecosystem.
The grant, structured around three key verticals, is designed to support Venus Protocol’s ambitious growth plans on Arbitrum network, including the deployment of new markets, the introduction of Venus Prime, and the achievement of substantial user adoption and Total Value Locked (TVL) targets.
“We are thrilled to receive this grant from the Arbitrum Foundation,” said Danny Cooper, Leading the Venus Vanguard Team. “This support not only validates our vision for DeFi on Arbitrum but also provides us with the resources to accelerate our development and user acquisition strategies on this promising Layer 2 solution.”
Progress towards these verticals will be transparently tracked through a custom Dune Analytics dashboard, ensuring accountability and allowing the community to follow Venus Protocol’s growth on Arbitrum.
“This grant from the Arbitrum Foundation is a testament to the potential of Venus Protocol on Arbitrum,” added Brad Harisson. “We’re excited to bring innovative DeFi products like ETH Looping and support for LSTs and LRTs to Arbitrum users, further enriching the ecosystem and providing more opportunities for users to engage with decentralized finance.”
Venus is already hard at work, with plans to launch the ETH Looping pool and new markets for stETH and eETH in the coming weeks. The highly anticipated Venus Prime program on Arbitrum is also in its final stages of development, promising enhanced benefits for dedicated users of the platform.
This grant and the associated developments represent a significant step forward in Venus Protocol’s multi-chain strategy, reinforcing its position as a leading DeFi platform across multiple blockchain networks.
For more information about Venus Protocol and its services on Arbitrum, please visit website.
About Venus Protocol
Venus is a Top 5 lending protocol in the multichain DeFi space, currently deployed on Ethereum, OP Mainnet, ZKsync, BNB chain, opBNB and Arbitrum. Venus is the most audited DeFi protocol in the industry which makes users confident in the safety of their assets once they deposit on Venus. All decisions regarding Venus Protocol are made by Venus DAO, a fully-decentralized community governed by the $XVS native token. With the $XVS token, users also have access to Real Yield using Venus Prime, which ensures sustainable liquidity.
About The Arbitrum Foundation
The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum.
Arbitrum One
Arbitrum One—a leading Ethereum Layer-2 scaling solution initially developed by Offchain Labs—offers ultra-fast, low-cost transactions with security derived from Ethereum through Optimistic Rollup technology. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 54%+ TVL in the L2 segment. 2000+ DeFi and NFT projects are live in the ecosystem to date. In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.
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