Venom, a new L1 blockchain built on TVM, has announced a massive airdrop that will give away free $VENOM tokens to interested users. To participate in this Venom airdrop, users need to follow some simple steps, which are outlined below. Let’s take a look at this Crypto Airdrop Alert in more detail
What is Venom Foundation?
❗Testnet❗
Our team is proud to officially announce that the #DeFi services and #DEX coming live on #testnet mode.
We are very thankful to our brilliant community❤️ that made this happen.Have a seamless and secure experience! pic.twitter.com/Huc2kp92GU
— Web3World (@w3w_exchange) April 25, 2023
Venom Foundation is a newly established layer-0 blockchain that aims to revolutionize the global economy by providing decentralized, blockchain-based financial systems. They operate as a financial application-specific blockchain (appchain) and focus on real-world assets (RWA) with the added transparency of blockchain technology. The company is fully regulated by financial authorities in Abu Dhabi, providing users with a secure and trustworthy platform.
Modular Architecture Built on TVM
Venom Foundation is built on its own Threaded Virtual Machine (TVM) – a modular blockchain architecture that allows for the efficient execution of smart contracts through an asynchronous communication model and dynamic sharding. This architecture enables the network to handle interactions between accounts more effectively than EVM-based networks. It enables greater parallelism and reduces delays, which is vital for scaling solutions.
Dynamic Sharding
Venom Foundation’s dynamic sharding feature allows validators to divide into parallel groups when the network experiences heavy loads. These groups handle transactions through “split events,” which prevents delays and increases efficiency. The network’s innovative design aims to facilitate the next generation of digital services and products, making it a crucial infrastructure for future financial applications.
Venom Foundation is a promising platform for those looking for a more efficient and scalable blockchain network. Its modular architecture and dynamic sharding features enable it to handle high loads and provide efficient execution of smart contracts. Moreover, its focus on real-world assets and full regulation by financial authorities make it a trustworthy and secure platform. As Venom Foundation continues to evolve, it will be exciting to see how it shapes the future of blockchain-based financial systems.
Crypto Airdrop Alert: How to Participate in Venom Airdrop?
Setting up the Venom Wallet
The first step is to download the Venom wallet and create a new wallet at venomwallet.com. After creating the wallet, users should save the seed phrase, which is a series of words that can be used to recover the wallet in case it is lost or damaged. The Venom wallet is a non-custodial wallet that allows users to store, send, and receive tokens safely.
Completing Tasks to be Eligible for the Airdrop
Crypto Airdrop Alert: Image Source: Venom Foundation
Once the wallet is set up, users need to go to venom.network/tasks and complete some simple tasks to be eligible for the airdrop. Users can receive test tokens by answering a question. To be eligible for the airdrop, users must complete several tasks, including subscribing, tweeting about the project, and minting NFTs. They must also send test tokens to the designated address and mint more NFTs. Users need to follow @w3w_exchange, make swaps, deposit into pools, and farm tokens.
Swapping and Depositing Tokens
To make a swap, users should go to the website testnet.web3.world/swap, choose the number of tokens they want to swap, and click SWAP. To provide liquidity, they should go to testnet.web3.world/pools, select the pair they want, pick the amount, and click Connect. Then, they should deposit tokens and authorize transactions to add liquidity.
Yield Farming and Staking $VENOM
Yield farming, also known as liquidity mining, is a way for cryptocurrency holders to earn rewards for providing liquidity to decentralized finance (DeFi) protocols. In yield farming, users lock up their crypto assets in a smart contract, allowing other users to borrow these assets in exchange for an interest rate. The lenders earn rewards in the form of the protocol’s native tokens or other cryptocurrencies, which they can then trade or hold for potential appreciation in value.
Users must also deposit LP tokens to yield farming pools by going to testnet.web3.world/farming, selecting the amount of tokens and days, and clicking deposit. They should stake $VENOM and then claim NFTs by going to venom.network/tasks/venom-pools and selecting the validator and amount. To stake tokens, they should go to venom.network/tasks/venom-stake, select the amount, and click STAKE.
Using the Venom to EVM Bridge
To use the Venom to EVM bridge and vice versa, users should go to venom.network/tasks/venom-bridge, connect their wallets, select networks, and token amounts, and click continue.
Buying and Listing NFTs on the Marketplace
Finally, users can buy and list NFTs on the marketplace by going to venom.network/tasks/oasis-ga… and testnet.oasis.gallery, selecting any NFT, and buying and listing it for sale. The complete step-by-step instructions can be found here.
Conclusion
Participating in Venom’s $1 billion airdrop is a great opportunity for users to get free $VENOM tokens. By following the above steps, users can participate in the airdrop and increase their chances of winning free tokens. However, users should also exercise caution and do their own research before investing in any cryptocurrency or blockchain project.
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