NovaDEX is a decentralised cryptocurrency exchange built on Solana. It has recently launched its testnet and confirmed it will be doing a token airdrop to reward its early users. Here is our NovaDEX token airdrop guide.
What is NovaDEX?
NovaDEX is a decentralized exchange that allows users to trade any token on the Solana blockchain with low fees and high speed. Users can also create their own liquidity pools and provide liquidity within a custom price range, which improves efficiency and reduces slippage. NovaDEX is governed by its native token, NVX, which enables users to participate in the protocol’s decision making and benefit from its growth. Users can also get the best rates and earn high yields by swapping and adding liquidity to NovaDEX pools. NovaDEX aims to be the central trading and liquidity hub on Solana, offering a simple and user-friendly interface for engaging in DeFi activities. NovaDEX also has a unique AMM curve for stable pools, which optimizes the curve to deliver the least slippage and best rates.
What is the NovaDEX ($NVX) token?
NovaDEX has a native token known as $NVX. The team have not announced what is the utility of the $NVX token or its tokenomics. However, NovaDEX have been doing various campaigns and have been promising to reward users with $NVX once the token is launched.
Will there be a NovaDEX ($NVX) token airdrop?
NovaDEX have confirmed they will do a token airdrop. They also have several campaigns and tasks users can perform in order to get $NVX.
How to get the NovaDEX ($NVX) token airdrop?
Time needed: 1 hour
Here’s how to get a potential NovaDEX ($NVX) token airdrop
- Set up Solana wallet
NovaDE is built on Solana, so you will need a Solana wallet such as Phantom, OKX or Trust Wallet. We suggest using Phantom wallet, which is the most popular one. To set up a Phantom wallet, download the Phantom wallet Chrome extension here. Click on the button on the top left hand corner, and then settings. Go to developer settings, activate Testnet Mode and select the Solana Devnet mode.
- Get testnet tokens
Connect your wallet to https://app.novadex.io/. Then click on “Faucet” on the left hand side bar. Paste your wallet devnet address and click “devnet” to get 1 testnet SOL token.
- Swap tokens on NovaDEX
Go to “Swap” on NovaDEX. Swap around 15-20% of your testnet SOL for Mock USDT and Mock USDC.
- Add liquidity
Go to “Pools” and add liquidity to any SOL-Mock USDT and SOL-Mock USDC pools. To do this, choose a pool and click on “New Position”. Click “Preview”, check the details and click “Confirm Deposit”.
- Get NovaDEX Tester NFT
Like, retweet and tag 3 friends in this Tweet. Then, join the NovaDEX Discord channel. Note that the Tweet says you also have to swap tokens and add liquidity. However, you should have already done that in steps 3 and 4 above. You will be eligible to get the NovaDEX NFT once the NovaDEX Testnet Campaign ends at 6:00pm (GMT +8) on 30th November 2023.
- BONUS tasks
Go to NovaDEX’s Zealy board and complete the tasks. Some of the tasks overlap with those in the above steps but there are other tasks such as liking and retweeting posts, or writing articles about NovaDEX on Medium.
NovaDEX airdrop review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: NovaDEX’s airdrop is now LIVE.
Airdropped Token Allocation: The airdropped token allocation is unknown.
Airdrop Difficulty: NovaDEX airdrop tasks are not very difficult to complete. Tasks include swapping, adding liquidity and social tasks.
Token Utility: The token utility is unknown.
Token Lockup: The token lockup is unknown.