Venus Protocol Reports 154% Surge in Monthly Users Amidst Strategic Expansion

Venus Protocol, a leading decentralized finance (DeFi) lending and borrowing platform, has announced a substantial increase in its user base, with monthly active users reportedly doubling. The protocol shared the development on social media, stating, "> Monthly users just doubled. More volume, same seamless experience. Venus is where DeFi moves," attributing the data to Token Terminal. This surge highlights Venus Protocol's growing traction within the competitive DeFi landscape.

The reported growth translates to a 154% increase in monthly active users, rising from 9,600 to 24,400 within a month, according to data referenced from Token Terminal. This user expansion was accompanied by a significant uptick in daily active users, which also doubled quarter-over-quarter in Q1 2024. The increased user engagement reflects a rise in borrowing, depositing, and withdrawal activities on the platform.

This user growth coincides with Venus Protocol's strategic initiatives to expand its ecosystem. In April 2024, the platform successfully deployed on the Ethereum mainnet, aiming to broaden its reach and attract a wider audience. This move facilitates greater liquidity and capital efficiency by allowing users to access a more diverse range of assets and seamlessly interact across the BNB Chain and Ethereum networks.

Further enhancing user engagement, Venus Protocol launched its Venus Prime incentive program on the Ethereum mainnet in April 2024. This program rewards users who stake Venus (XVS) tokens and actively participate in lending and borrowing, offering boosted stablecoin APYs. Such initiatives are designed to foster long-term participation and strengthen the protocol's governance and security.

The platform's robust performance in Q1 2024 saw its Total Value Locked (TVL) grow by 128% quarter-over-quarter, reaching $2.7 billion, marking its highest percentage growth since Q4 2021. This financial expansion, coupled with the doubling of its user base, reinforces Venus Protocol's position as a significant player in the DeFi space, ranking as the fifth-largest lending protocol by market cap at the end of Q1 2024. The protocol continues to explore further cross-chain expansions to Arbitrum and zkEVM, aligning with its vision of becoming a multi-chain DeFi hub.