What Is Venom Network?

Venom is a Layer 0 blockchain that aims at scalability and security on Venom Network.

Venom is a Layer 0 blockchain that aims at scalability and security on Venom Network. Its Blockchain has benefits such as low fees and high performance. It works to solve low-scalability problems. There is also Venom Foundation, the first crypto foundation licensed from Abu Dhabi Global Market (ADGM), which is major because the foundation is responsible for the development and management of Venom blockchain.

Moreover, it works to expand the use of Venom and offers interoperability in blockchain technology. They aim to support weak countries financially. Besides there are very useful platforms and Testnet which is live now. Let me tell you about them below.

Table of Contents

Venom Network Ecosystem

Before not telling if there is an airdrop for testnet users or not, we need to take a look at its ecosystem. The ecosystem has an investment that is worth 1 billion dollars by investors. Participants who are below are important for the ecosystem.

Developers are responsible for the management and creation of the network.
Validators verify all transactions on the network and fix the problems if there are any issues.
Users use all dApps platforms. Thus, they test the functionality of the network.

There many dApps to use. These are used for swaps, trade, bridge transactions and more. However, users need to have Venom Wallet to make those transactions. Venom Wallet is a non-custodial wallet that can be used on any platform in Venom Network. Furthermore, when users go to the Venom Network website they log in to the wallet and they can complete all testnet tasks. Users collect some NFTs by doing some basic tasks after claiming testnet tokens from the faucet. The site is very useful because as soon as users enter the Venom Network, the website will direct them about the steps in Testnet. Testnet users may receive an airdrop in the future because the Venom Foundation and Team announced that they will allocate 22% of Venom Tokens to the community.

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Venom Token Economics

Venom does not have a maximum supply. A problem may occur like inflation in the future because of this. That’s why Venom Foundation seeks to fix this problem. In conclusion, Venom’s initial token supply is 7,200,000,000 VENOM. 84.5% of the initial supply is locked.

The token distribution is as below: