Venus
XVS
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
XVS (Venus Protocol) displays solid foundational metrics across active development (7.5/10) and tokenomics (6.5/10), supported by continuous multi-chain deployment, active governance proposals reaching VIP-645, and a capped total supply with minimal remaining unlock overhang. Community support is functional (5.5/10) though lacking detailed organic engagement metrics, and market adoption (5.0/10) remains modest with constrained liquidity. However, protocol security and governance are constrained by recurring exploit events. Specifically, the Team and Governance section identifies that 'This includes a ~$100M bad debt event from XVS price manipulation in May 2021 and a $2.15M bad debt exploit in March 2026. These risk-management lapses and ongoing remediation efforts trigger a mandatory cap and result in a score of 4.5.' In addition, the Security section notes the March 2026 hack remains an active risk area. Because a section score was capped at <= 5.0 due to an unresolved qualifying exploit within the protocol, the overall score is capped at 5.0 (reduced from the raw weighted average of 5.80).
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Venus (XVS)
XVS (Venus) is the native governance and reward token for Venus Protocol, a decentralized money market and synthetic stablecoin platform originally launched on BNB Smart Chain. The protocol facilitates permissionless overcollateralized lending, borrowing, and synthetic asset minting (VAI), and has expanded its deployments across multiple networks including Ethereum, opBNB, zkSync, Base, Arbitrum, Optimism, and Unichain.
The XVS token has a capped total supply of 30,000,000 tokens and serves primarily as a governance mechanism, granting voting power over on-chain Venus Improvement Proposals (VIPs). Staking programs such as Venus Prime allow users to stake XVS to receive time-weighted rewards funded by protocol revenues. Protocol infrastructure includes core lending pools, isolated lending markets, VAI controllers, and cross-chain bridge architecture, with security audits conducted by firms including CertiK, Quantstamp, and Hacken.
Venus Protocol has encountered multiple market manipulation events, exploits, and risk-management challenges. In May 2021, an XVS price manipulation incident generated approximately $100 million in protocol bad debt. In September 2025, an attempted exploit was interdicted when protocol operations were paused and $3 million of the attacker's assets were frozen via governance. In March 2026, the protocol experienced another exploit that resulted in $2.15 million in bad debt. Additional risks and historical concerns include a WBETH depegging incident, disputes over governance delegation integrity, and centralization trade-offs associated with emergency administrative interventions, such as market pausing and forced position liquidations.