Venom Network is a layer 0 blockchain developed by Venom Foundation and is the first network supervised under the jurisdiction of ADGM – Abu Dhabi Global Market International Financial Centre. Recently, Venom Foundation made significant moves in the crypto space. They allocated $1 billion in funding to invest in Web3 companies and are launching a layer 0 blockchain to act as the primary infrastructure for the global Web3 application ecosystem. On April 25, the project announced its official public testnet, so take some time to experience the project for a chance to receive an Airdrop!
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What is VENOM Network?
Venom is a new Layer-0 blockchain, akin to a global economy built on decentralized financial systems, based on blockchain. They are a new player in the blockchain space dedicated to financial applications, offering Real World Assets (RWA) with the transparency of a blockchain. They are fully regulated by financial authorities in Abu Dhabi.
Venom Foundation’s architecture is essentially a modular blockchain built on its own Threaded Virtual Machine (TVM). This allows VENOM to efficiently execute smart contracts through an asynchronous communication model and dynamic segmentation. Theoretically, the VENOM blockchain can handle interactions between accounts more effectively than EVM-based networks, allowing better parallel processing and reduced latency.
The team behind Venom includes Venom Ventures and Iceberg Capital.
Will VENOM Airdrop in the Future?
Did you know, Venom Foundation and Iceberg Capital previously announced a $1 billion fund to invest in Web3 => Strong financial potential, so allocating a little for Airdrop makes sense.
Notably, according to their whitepaper, 22% of the initial token supply will be allocated to the community. This could likely be an airdrop for early users.
Refer to the whitepaper: https://venom.foundation/Venom_Whitepaper.pdf
Venom’s tokenomics are also detailed as follows:
+ 22% for the community (likely to be used for Airdrop)
+ 28% for ecosystem development (may also allocate a bit for Airdrop)
However, only 10% of these will be unlocked initially, with the remaining 90% distributed over 90 months.
How to Receive VENOM Token Airdrop?
The best way to receive the $VENOM airdrop is to interact with the Venom Network Testnet. Here are step-by-step instructions:
Step 1: Create a Venom Wallet
Visit and create a Venom Wallet at: https://venomwallet.com/ You can download the wallet app or use the Chrome Extension and create a wallet as usual.
Choose ‘Create a new wallet’ to create a new wallet:
Step 2: Claim to Receive VENOM Tokens
At this step, visit https://venom.network/faucet , connect your wallet, Twitter, and follow @VenomFoundation on Twitter. Then choose ‘Claim’ to receive 50 $VENOM.
– Click on ‘Claim’ to receive 50 VENOM.
Additionally, you can also request more testnet tokens by completing other tasks on the Faucet: https://venom.network/faucet
Step 3: Complete Tasks in the Venom Ecosystem
After successfully requesting VENOM tokens, you can now explore the Venom Ecosystem. Scroll down and you will see all the DApps available on the testnet.
For example, the first task requires following Twitter and posting on Twitter to mint an NFT.
Complete tasks for each DApp to earn NFTs. These NFTs represent your interaction with the ecosystem and are key to receiving future airdrop rewards. Try to complete all tasks to maximize your chances of receiving the highest possible Airdrop.
VENOM Airdrop Review
When evaluating an airdrop, there are several factors to consider. First, the likelihood that the project will conduct an airdrop right from the start. Then, to see how many tokens the project plans to allocate for their airdrop campaigns, as well as the difficulty of participating in their airdrop. Another important factor is to assess the utility of the token. Finally, a crucial factor when considering an airdrop is whether the airdropped tokens will be subject to any locking periods.
- Airdrop Likelihood: Venom Foundation has not officially confirmed an airdrop yet, but they have revealed in their official report that they will reward early contributors to the Venom network. 4/5
- Airdrop Token Allocation: 22% of the initial token supply will be allocated to the community. 4/5
- Airdrop Difficulty: The Venom Testnet website is user-friendly. It shows you the tasks you can complete for each DApp. 4/5
- Token Utility: VENOM will be used to pay transaction fees for maintaining the network by validators, securing the network through proof-of-stake, and supporting validators by staking. 3/5
- Token Locking: Out of the initial supply of 7.2 billion VENOM, 15.5% will be available for use, while 84.5% will remain locked. Locked tokens include 10% of the initial supply as stake for early validators. 3.5/5
=> Overview: 3.75/5
The Venom blockchain is predicted to have an airdrop, with 22% of the initial token supply designated for distribution to the community. If you have any further questions, feel free to leave a comment below for our assistance. Wishing you a successful implementation and an early Airdrop from the Venom project.
Readmore: EigenLayer Airdrop Guide – The Leading ReStaking Project
