COTI, IMX, and INJ. What do these coins have in common? Since January 2023, these tokens have soared. COTI is up 50%, IMX 200%, and INJ pumped 700%. But what if I tell you that they have something else in common? These blockchains are appchains, and it is the next big crypto narrative.
Right now is the best time to get into a potential appchain token, and what better than getting these tokens for free. Yes, you heard me right. Venom, a potential appchain has released its testnet and there might be an airdrop of 1.53 Billion Venom tokens to early users. Just like Arbitrum.
Let’s take a look how to get a share of these tokens. Don’t miss the end of this article, as there is a twist. I also have provided a detailed hack for you at the end. Before I get into the details of the big airdrop opportunity. Let me very quickly explain what is Venom.
What is Venom?
Venom is a blockchain that tokenizes real-world assets. That’s another hot crypto narrative, RWA’s. Just like Realio (RIO), Goldfinch (GFI), Centrifuge (CFG), or Chainge (CHNG). Now, Venom, a new appchain, just launched their testnet. I covered Venom in March. See this recent article.
Private blockchains for compliance and security, public blockchains for transparency and innovation. #Venom’s heterogeneous architecture merges the best of both worlds, creating powerful and groundbreaking use cases in #DeFi and #TradFi pic.twitter.com/d6AkqGd6ol
— Venom Foundation (@VenomFoundation) April 5, 2023
And what do we do on a testnet? Right, testing. So, let’s have a look at the tasks that you need to complete. Completing these tasks may put you in a hotspot for a potential airdrop. To clarify, that’s a likely airdrop, but not confirmed.
However, in their white paper, there’s a 22% token allocation towards the community. This is expected to be an airdrop to early users, just like Arbitrum. Just keep in mind that this is a testnet. It may be slow at times. The wallet transactions may take up to a minute or longer. So be patient!
#1 Set Up a Wallet
Before we start, you need to download the non-custodial Venom Wallet. That’s available as an iOS, Android, or Chrome extension app. I used the Chrome extension. To clarify, other wallets don’t work on Venom!
(1/5) Venom Wallet is a non-custodial crypto wallet for #web3 users. You have complete control over your private keys and can securely store and manage your own digital assets. pic.twitter.com/HDYnZssnPX
— Venom Foundation (@VenomFoundation) January 19, 2023
Now go to the Venom Testnet.
- Your first task is to connect your wallet.
- The second task is to connect to your Twitter account and follow the Venom Foundation. This earns you 50 free Testnet VENOM tokens.
- So, now you’re all set for your testnet journey.
- You need to collect 8 NFTs, by doing tasks.
Now continue with some simple and easy tasks. For example:
- Follow the Venom Network on Twitter and Tweet about them.
- After successfully completing a task, you can mint an NFT.
- Done, that’s your first out of 8 NFTs earned.
#2 More Tasks – Staking
Most tasks are easy and straightforward. So, let’s start with them. I show you how you can complete, for instance:
- Liquidity providing.
In this staking task, you do it with a validator. I staked 5 VENOM and received 4.74 stVENOM. The APY is 12%. To add to a liquidity pool, you need to:
- First, you need to swap Venom for some USDT. I swapped 10 Venom and received 3.07 USDT.
- Now you can add this to the pool.
- This gives LP tokens. I received 5.7 LP tokens.
- With these, you can start farming. I locked them for 20 days and received a x1.33 boost. The longer you lock them, the higher your boost.
Following that, stake $10 VENOM on the active validator. pic.twitter.com/ERQbgl00rl
— CHASE💀 (@Abrahamchase09) April 30, 2023
This is most likely the most challenging task. Because you go to a live, mainnet chain. In our case, I picked the BNB chain. The Fantom chain is another option. For this, you need TVENOM, so you need to start with a swap. I swapped 20 VENOM to TVENOM.
The reason for swapping this much is the fees when bridging back from BNB. You need to pay a gas fee, bridging back. If you swap enough TVENOM, it will be a couple of cents. I paid around $0.15 in BNB. If you don’t send this TVENOM, the gas fee may be as much as 0.2 or 0.3 BNB.
🖼️5th NFT Venom Bridge
⚠️If u want u can skip this, as it involves gas fee ~$1.2 on BSC mainnet
✅Select Venom Bridge task
✅Bridge some test tokens from Venom to BSC
✅Claim tokens in bsc
✅Now bridge them back from BSC to Venom
✅Claim on venom
— CryptoTelugu (@CryptoTeluguO) April 28, 2023
So, how are you doing so far? Do you like this testnet? If by now you’re running low on VENOM tokens, I have a solution for you.
#4 Getting Additional VENOM Test Tokens
You can get more testnet tokens. On top of the testnet page is a ‘Get Testnet VENOM’. See the yellow box in the picture and the yellow arrow:
- Every day you can earn 5 VENOM.
- There are also easy tasks on earning more VENOM. Join a handful of Discord servers. The links are on their websites.
3️⃣ Claim more Testnet tokens
🔸Go to https://t.co/hsiZKEevaQ
🔸Perfom the daily quizz task to earn 5 more $Venom
🔸If needed, you can perform simple social tasks to get even more test $Venom pic.twitter.com/SXa8tjdh0V
— 𝗙𝗮𝘀𝘁𝗟𝗶𝗳𝗲 (@0xFastLife) May 1, 2023
Each time you get 15 to 40 more tokens. I got another 100+ tokens this way. My current balance is 90 tokens after I completed all tasks.
#5 Minting an NFT
The last task, I want to show you, has a bit of a twist. You need to mint an NFT on Oasis Gallery. The twist is, that it’s difficult to find an NFT to mint. So, here’s my insider tip.
- Make sure to activate the ‘buy’ button. You can choose between ‘auction’ and ‘buy‘.
- Go to one of the four collections.
- Scroll down until you see the ‘load more‘ button and click this button.
- Repeat this a few times.
- Now you can pick an NFT and mint it.
- Once minted, you need to put it up for sale. I posted mine for 5 VENOM.
✨Click on complete task
✨make a good tweet about venom testnet ensure to tag their handle
✨mint nft pic.twitter.com/RGlE0OIMBi
— Crypto MaMa.L2♟️ (@1CryptoMama) April 26, 2023
Once you have completed all the tasks, make sure to make a screenshot of the 8 NFTs that you collected. Then, go to their Discord server and post the following 3 items:
- The screenshot.
- Your wallet address.
- And leave a comment about your experience in the ‘completed tasks’ channel.
There will be more tasks to follow. It looks like another 12 in total.
And that’s all, folks. Just a reminder. It’s a testnet. At times, it may be slow. Transactions in your wallet may take up to a minute or more at times. Be patient and don’t forget to enjoy it!
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