BSC News: Venus Pool introduces withdrawal fees, impacting Belt Finance.
The lending platform Venus on the BSC blockchain announced last night that it will start charging a toll fee, with a withdrawal fee of 0.01%. Many DeFi platforms integrated with Venus are affected as a result.
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The lending platform on the BSC blockchain, Venus, announced last night that it will start charging a toll fee. A 0.01% fee is required for withdrawals, affecting many DeFi platforms integrated with Venus.
Among them, the stablecoin swap protocol Belt Finance, known for stablecoin farming, is impacted by the frequent deposits and withdrawals required due to Venus Pool's reserve funds being held in Venus. With a significant number of users withdrawing their funds, the stablecoin pool in Belt Finance is shrinking. As the withdrawal fees are shared among all participants, it is recommended that users withdraw their funds immediately to prevent further losses. Users can wait for Belt Finance to create a new stablecoin pool before re-entering.
Belt Finance contract address:
https://bscscan.com/address/0xf16d312d119c13dd27fd0dc814b0bcdcaaa62dfd#tokentxns