VenomPrice

(VENOM)

VENOM serves as the native utility token for the network. Its primary functions include paying transaction fees, commonly known as gas, which are essential for processing any operation on the blockchain. Furthermore, VENOM is crucial for securing the network through Proof-of-Stake (PoS) staking, where token holders can delegate their tokens to validators to earn rewards and contribute to network integrity. Lastly, VENOM holders can participate in network governance, enabling them to vote on important proposals and future developments of the Venom ecosystem.

VENOM launched with an pre-mine supply of 7.2 billion tokens, with a maximum supply capped at 8 billion. A significant aspect of its tokenomics is the vesting schedule, which extends for some early backers and team members for up to 90 months, ensuring long-term commitment. Initially, the token supply is inflationary, designed to incentivize and reward validators for their role in securing the network. However, the Venom Foundation has announced plans to explore and potentially implement a deflationary model in the future, possibly through mechanisms like transaction fee burning, to manage supply and value over time.

To claim the VENOM community airdrop, users typically need to connect their Venom Wallet to the official Venom Airdrop Checker. This tool verifies eligibility based on tasks completed during the testnet phase. Common reasons for not seeing an airdrop allocation include using an incorrect wallet address (e.g., an EVM address instead of the Venom native address) or not having minted all required "NFT badges" during the testnet campaign. Users should ensure they are using the correct Venom Wallet address and have fulfilled all necessary testnet participation criteria to be eligible for the distribution.

To install the Venom Wallet, users can typically find extensions for browsers like Chrome or dedicated mobile applications. The setup process involves creating a new wallet and securely noting down the generated seed phrase. Seed phrase security is paramount; it must be kept confidential and stored offline in a safe place, as it is the master key to your funds. If your device is lost or compromised, your wallet can be recovered on a new device by importing this seed phrase. Never share your seed phrase with anyone or store it digitally where it could be accessed.

Venom utilizes its own token standards, TIP-3 and TIP-4, which differ from Ethereum's ERC-20 tokens. TIP-3 defines fungible tokens on the Venom network, similar in function to ERC-20, allowing for standard cryptocurrency transfers. TIP-4 governs non-fungible tokens (NFTs), providing a framework for unique digital assets. WVENOM, or Wrapped Venom, is a TIP-3 version of the native VENOM token. Its importance lies in enabling seamless interaction with decentralized finance (DeFi) protocols and applications within the Venom ecosystem, such as Web3.World, by providing a standardized, fungible representation of VENOM.

The Venom Foundation stands out as the first blockchain project to be licensed by the Abu Dhabi Global Market (ADGM), an international financial center. This regulatory oversight emphasizes the project's commitment to compliance and institutional backing, setting it apart from many other decentralized networks. Regarding acquisition, VENOM tokens can be purchased on various leading cryptocurrency exchanges. These platforms provide liquidity and accessibility for users looking to trade or acquire VENOM. Always ensure you are using a reputable and secure exchange for your transactions.