Vai

Venus Protocol, the largest money market on BNB Chain, lets borrowers mint VAI by locking crypto they have already supplied to the platform. The token is a dollar-pegged IOU created through over-collateralized loans rather than backed by cash in a bank: users post BEP-20 assets worth well above the VAI they draw, and the position is liquidated if collateral slips too far. That makes VAI a collateral claim redeemed through the protocol's smart contracts, not from a company, and no KYC gates its use. Because it depends on the value of volatile crypto and on Venus keeping its money markets solvent, VAI has at times traded below a dollar and leaned on protocol stability mechanisms to pull the peg back. It lives solely on BNB Chain, governed by holders of the Venus XVS token.