Research Summary
The report discusses the performance of the Venus protocol in Q2 2023. Despite a downturn in daily usage, Venus saw its fourth consecutive quarter of revenue growth, reaching $11.5 million. This growth was attributed to interest rate adjustments and borrowing activities. However, the total value supplied on Venus experienced a 12% QoQ decrease, primarily due to a 32% drop in the price of BNB following SEC charges against various Binance entities. The protocol continues to advance in its development, executing a total of 27 proposals and hosting over 100 AMAs in various languages.
Actionable Insights
- Monitor the Venus protocol: Despite a decrease in daily usage, the protocol continues to grow in revenue. This indicates a resilient and potentially profitable platform.
- Consider the impact of BNB’s price: The drop in BNB’s price significantly affected the total value supplied on Venus. Future fluctuations in BNB’s price could similarly impact Venus’s performance.
- Keep an eye on regulatory actions: The SEC’s charges against various Binance entities had a notable impact on Venus. Further regulatory actions could have significant effects.
