Venus XVS wallet

What is Venus XVS (VXVS)?

Supplying XVS to the Venus money market on BNB Smart Chain returns vXVS, the receipt token the protocol mints for that deposit. The distinction is worth getting right: XVS is the governance token of Venus, the one used to vote on markets and risk parameters, while vXVS is a claim ticket on XVS held inside the protocol. Voting power does not travel with the receipt.

The balance behaves in a way that surprises people. The quantity of vXVS never moves on its own. What changes is the exchange rate between vXVS and XVS, which drifts upward as borrowers pay interest into the market, so redeeming the same number of vXVS later releases more XVS than was originally put in. vXVS also uses 8 decimals while XVS uses 18, which is why the displayed figure looks nothing like the amount of XVS behind it.

One more thing to know before moving it: if the position is switched on as collateral and a borrow is open against it, the contract will refuse to let the corresponding vXVS leave the address until the debt is cleared. Redemption itself, and any transfer, is paid for in BNB.

Holding it in Tangem

The private key for the address that owns this position is created inside the card's chip and never comes out of it, and a second card from the same set restores the same address if the first one is lost. Writing down a recovery phrase is offered but not required. A long-lived claim on a lending market is exactly the kind of thing worth putting behind a key you never have to expose.

Supported networks in Tangem (1): BNB Smart Chain.