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.
What is happening to Venom?
On 16th December 2023, Venom Foundation announced on Twitter as of 14th December 2023, they will no longer continue operating in ADGM (Abu Dhabi Global Market). Therefore, Venom Foundation will begin the dissolution process. They have however, mentioned that they are open to exploring future opportunities within ADGM. However, it does mean that it is unlikely there will be a Venom airdrop in the foreseeable future.
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.
Connect your Twitter account to your Venom wallet to claim 50 testnet $VENOM tokens.
- 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. You will be required to complete various tasks to claim additional testnet Venom.
- Complete Venom Foundation tasks
On the task page, follow Venom Foundation on Telegram and subscribe to their YouTube Channel. Once that’s done, you can claim your NFT by clicking “Mint NFT”.
- Complete Venom Wallet tasks
Go to the task page. Send at least 1 VENOM token to 0:077873f1453fa67b0f1ce77f1e806675acd19c4694b9738be61fd406618f2f7a. Then, click “Mint NFT”.
- Complete Web3.World tasks
On the task page, join the Web3.World Telegram Channel and swap any token available on testnet.web3.world to any other tokens. Then mint the NFT.
- Use Venom Bridge
Go to the task page. Join the Venom Bridge Telegram channel. Then, transfer tokens from Venom to EVM chains. First, go to https://testnet.venombridge.com/bridge and connect your Venom and EVM (e.g. Metamask) wallets. 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. Then, go to the “History” tab, click “Only My” and find that transaction. Click on the transaction and “confirm” to release transfer in Binance Smart Chain. Afterwards, do the transaction in reverse, i.e. swap from Binance Smart Chan to Venom Testnet.
- Claim Snipa Finance NFT
- Stake Venom
Go to the task page. Connect your Venom wallet to https://testnet.venomstake.com/. Then choose the amount you wish to stake and click “Stake”. You can also unstake your Venom at any time by going to the “Unstake” tab, choosing the amount you wish to unstake and clicking “Unstake”. On the task page, click “check”, you may need to wait a few minutes after the task has been completed before the checking will be sucessful. Finally, mint the NFT.
- Trade NFTs on Oasis Gallery
Find the instructions on the task page. Oasis Gallery is a NFT marketplace on Venom. Buy any NFT on Oasis Gallery here. Click on the NFT you wish to buy, connect your Venom wallet, click “Buy now” and confirm the transaction. Then go back onto the task page and click “Check”. Now, list your NFT for sale on Oasis Gallery by going to their website and going to the “My NFTs” tab. Click on your NFT and “Put for sale”. Choose your sale price and confirm the transaction. Return to the task page and click “Check” and finally, mint your NFT.
- Complete VenomPad tasks
Go to the task page. Follow and Tweet about VenomPad. Click “Check” once each of the the tasks have been completed. Mint the NFT.
- Buy NFT on Nümi
Go to the task page. Watch the video, tweet about Nümi and buy any NFT on Nümi.
If you made a Venom Wallet before June 2023, you should receive Nümi token airdrops. Click the refresh button at the bottom part of your wallet to see it. If you don’t have any Nümi tokens, you can swap them at Web3.World with VENOM tokens. Once you have some Nümi tokens, you can buy an NFT on the Nümi Marketplace after signing up for an account. Finally, mint the NFT.
- Mint Ylide NFT
- Complete Gravix tasks
Go to the task page. Follow Gravix on Twitter. Then, connect your Venom wallet to https://app.gravix.io/ and open a long/short position. However, you will need USDT to open a position. If you do not have any USDT in your Venom wallet, go to https://testnet.web3.world/swap and swap some $VENOM for $USDT first. Lastly, mint your NFT.
- Collect Qamon NFT
- Burn Venom
- Complete OneArt tasks
Go to the OneArt task page. Follow OneArt on Twitter. Then, download the OneArt mobile app here and import your Venom Wallet using your seed phrase. If you have at least 3 VENOM, a window will pop up asking you to Mint your NFT, click “Mint”. Once you have minted your OneArt Welcome NFT, go back to the task page and mint your other NFT.
- Complete Valicit tasks
Go to the Valicit task page, follow Valicit on Twitter, buy a ticket and mint their NFT.
- 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.
- Complete Everplay tasks
- Complete Chainspot tasks
Connect your wallet to the Chainspot task page. Follow @chainspotIO on Twitter. Then, connect your Metamask wallet to Chainspot (make sure you are connected to BSC Chain) and click “Claim” in order to Claim 10 $CST tokens. Transfer any amount of CST tokens from BSC Chain to Venom Testnet. Finally, mint your NFT.
- Complete Segmint tasks
Go to the Segmint task page. Follow @segmintapp on Twitter. Next, mint any segment on segmint.app by finding an empty seat and clicking “Mint segment”. This will cost 0.49 testnet $VENOM. Finally, mint your NFT.
- Post screenshot and wallet address on Venom Discord
Post a screenshot of your NFT achievements together with your wallet address on the Completed-tasks channel on Venom’s Discord.
- Complete Ventory tasks
- Complete tasks and collect NFT rewards
Connect your wallet regularly to https://venom.network/tasks. Complete any new tasks, there will be more coming soon!
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.
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: Based on recent events, Venom Foundation is unlikely to do an airdrop.
Airdropped Token Allocation: 22% of the initial token supply will be allocated to the community. However, it is unlikely that Venom would do an airdrop.
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. However, it is unlikely that Venom would do an airdrop.