Today’s Crypto Update: Venus Protocol (XVS) in Q4 2024

Today, crypto analyst Messari released a report on the status of Venus Protocol (XVS) in Quarter 4, 2024. The data offered an in-depth overview of XVS’ transformative journey during the period (October to December, 2024), mentioning crucial financial growth and rising ecosystem adoption.

State of @VenusProtocol Q4

Key Update: Venus Protocol expands multichain presence, launching on the Base network while implementing gasless transactions on zkSync to enhance user experience.

QoQ Metrics 📊

• TVL ⬆️ 14.6% to $2.51B
• Total Value Borrowed ⬆️ 87.3%
• Protocol… pic.twitter.com/9ugZ8DYTh4
  — Messari (@MessariCrypto) March 21, 2025

Venus’ Record-breaking Quarter

Venus (XVS), a borrowing and lending DeFi protocol running on the Binance chain, recorded an outstanding year. Its TVL reached an AHT of $2.51 billion by the end of Q4 (December 24), up from $2.19 billion in Q3 (September 24). This represents a 14.6% surge over the previous quarter, driven largely by the introduction of BTC-pegged assets (like solvBTC, eBTC, and LBTC) on its lending platform.

Quarterly revenue also reached $19.7 million in Q4, up from $11 million in Q3, reflecting a 79.9% QoQ growth. Increased borrowing activity and higher market speculation were pivotal for this revenue surge.

Daily active users on the Venus platform rose by 27.9% QoQ, increasing from 609 in Q3 to 779 in Q4. This increase signifies a rebound in user engagement following declines in earlier quarters.

Deposits and withdrawals on the Venus Protocol rose substantially. Deposits surged by 128.5% to 169,231 from 74,000 in Q3. Withdrawals increased by 125.9% QoQ to 152,932 from 67,694.

However, staked XVS on the Venus platform declined by 5.65% QoQ, dropping from $8.17 million in Q3 to $7.70 million in Q4. Despite this decrease, user participation in Venus staking remained strong, as investors continued to engage with the staking platform.

Venus Price Updates

The protocol’s robust financial growth reflects its native token’s market performance. XVS is on an upward trend, with a 10.3% increase over the past week after breaking out of a month-long downtrend. This price recovery indicates resilience amidst market volatility.

Data from Coinglass shows that Open Interest (IO) on XVS rose by 8.69% over the last 24 hours, reflecting rising enthusiasm in the market. Increasing IO signifies that more traders are creating positions, often suggesting bullish sentiment.

Currently, the asset’s price is trading at $6, having risen by 3.5% over the past 24 hours. This increase indicates growing interest from investors and traders, hinting at potential price growth in the coming weeks.