Venom Foundation is licensed by the Abu Dhabi Global Market (ADGM), and they have been making big moves in the crypto space recently. They have allocated $1 billion in funding to invest in Web3 firms, and is launching a layer-0 blockchain that will function as the main infrastructure for a global ecosystem of Web3 applications. According to their whitepaper, 22% of the initial token supply will be allocated to the community. This is very likely to be an airdrop to early users.
Step-by-Step Venom Testnet Guide
What is Venom Foundation?
Venom Foundation is a new layer-0 blockchain that envisions a global economy built on decentralized, blockchain-based, financial systems. They are a new player in the financial application-specific blockchain (appchain) space, offering real-world assets (RWA) with the transparency of a blockchain. They are fully regulated by financial authorities in Abu Dhabi.
The architecture of Venom Foundation is essentially a modular blockchain that is built on its own Threaded Virtual Machine (TVM). This allows for the efficient execution of smart contracts through an asynchronous communication model as well as dynamic sharding.
In theory, the Venom blockchain can handle interactions between accounts more effectively than EVM-based networks, allowing for greater parallelism and reduced delays. As the network experiences heavy loads, validators divide into parallel groups and handle transactions through “split events.” As such, their mission is to be the infrastructure for the next generation of digital services and products.
Does Venom Foundation have a Token?
$VENOM, the native currency of the Venom blockchain, serves multiple purposes. It is used to pay transaction fees, which helps maintain the network and compensate validators. Additionally, it secures the network through a proof-of-stake mechanism and allows network participants to support validators via DePools staking.
According to their whitepaper, the $VENOM token has no fixed maximum supply. It has an inflationary model, with a projected annual inflation rate of 1%. However, the Venom Foundation is exploring ways to transition to a deflationary model.
How to Get $VENOM Token Airdrop?
The best way to get the $VENOM airdrop is to interact with the Venom Network Testnet. Here’s a step-by-step guide:
- Create a Venom Wallet
Go to the Venom Network Testnet, and install a Venom Wallet (Chrome users can download here). Pin the wallet to your Google Chrome Extension at the top right.
- Claim Testnet $VENOM Tokens
Go to the Task page, and log in with your Venom Wallet. Connect your wallet, Twitter account and follow Venom Foundation to claim 50 testnet $VENOM.
You can also claim additional testnet tokens by completing other tasks on the Faucet page. - Wrap $VENOM tokens
Visit the Swap page. Choose VENOM and WVENOM tokens, and the amount. Then click “Wrap VENOM” and approve your transaction.
- Provide liquidity
Go to “Liquidity Providing” and click “Add Liquidity”. Then, connect pool and approve the transaction, set the amount you wish to add and continue. Next, deposit your tokens and confirm the transaction in the wallet. Then, click “Supply tokens” and approve the transaction.
- Deposit into farming pools
Go to the “Farming” tab, choose the USDT/WVENOM pool. Then, enter the amount you want to deposit and select the lock-up period. Click the deposit button and approve the transaction in your Venom Wallet when prompted.
- Stake Venom
Connect your wallet to https://testnet.venomstake.com/. Then choose the amount you wish to stake and click “Stake”.
- Use Venom Bridge
Connect your wallet to https://testnet.venombridge.com/bridge. In the “From” and “To” fields, select “Venom Testnet” and “Binance Smart Chain” respectively. Select the amount of Venom tokens you want to transfer and turn off the “Swap TVENOM to pay BSC gas” option. Click “Continue”, then approve the transaction.
- Trade NFTs on Oasis Gallery
Oasis Gallery is a NFT marketplace on Venom. You can buy and sell NFTs on Oasis Gallery by going to their website. Afterwards, choose an NFT you wish to buy and click “Buy now”.
- Claim Snipa Finance NFT
Claim your free Snipa Finance NFT! Full guide here.
- Complete Venom Ecosystem Tasks
After claiming the tokens, you can now explore the Venom Ecosystem. Scroll down and you will see all the available DApps on the testnet.
Complete the tasks for each DApp to earn an NFT. These NFTs represent your engagement with the ecosystem, and are key to getting airdrop rewards in the future! - Complete tasks on Venom’s Zealy Questboard
Go to Venom’s Zealy Questboard and complete the tasks. Tasks include liking and sharing their Tweets, and following social media accounts.
How to mint Venom NFTs
You can mint Venom NFTs as rewards for using the Venom testnet and represent your engagement with the ecosystem. They could be the key to getting airdrop rewards in the future! Here’s a step-by-step guide:
- Go to https://venom.network/tasks, and click “Complete tasks”. Follow Venom Network on Twitter and tweet about the Venom Testnet. Then click “Mint” to mint your Venom NFT.
- You will then need to send any amount of Venom tokens to their address. Once you have done so, click “Check” and you can now mint your NFT.
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: Venom Foundation has not officially confirmed an airdrop, but they revealed in their whitepaper that they will reward early users who contribute to the Venom network.
Airdropped Token Allocation: 22% of the initial token supply will be allocated to the community.
Airdrop Difficulty: The Venom Testnet page is very UI-friendly. It shows you the tasks you can complete for each DApp!
Token Utility: $VENOM will be used to pay for transaction fees to maintain the network by validators, secure the network through proof-of-stake mechanisms, and support validators by network participants through DePools staking.
Token Lockup: Of the initial supply of 7.2 billion $VENOM, 15.5% will be available to use, while 84.5% will remained locked. The locked tokens include 10% of the initial supply as a stake of early validators.
