Venus token holders, including vXVS, will receive an airdrop exclusively on Binance Smart Chain on May 15th at block number 7479562. This airdrop will also be sent to exchange addresses, and they will announce their support plans, if any, directly. We are already coordinating with Binance.com to handle this distribution.
The ratio of the airdrop will be 1,000 VRT to 1 XVS. This will also apply to the net amount of XVS you have supplied to the Venus Protocol and hold vXVS.
What is VRT
Venus Reward Token is a mechanism created to become an additional mining distribution to suppliers and borrowers of Venus Protocol. The goal is to gradually lower XVS inflation rate and also include burning XVS throughout this process. Since XVS is the Governance token that controls the entire protocol, our goal is to make the total supply lower over time to make Governance more secure. In substitution to this, we realize that a lucrative APY yield created by the protocol is important. VRT will have a total supply of 30 billion and be distributed to users over the course of 4 years while we plan to have the XVS distribution double to around 8 years to compliment the reductions. All of this is subject to Governance changes and on-chain proposals.
Utility of VRT
VRT core value is that is the reward point for using the protocol. There will be a vVRT market on Venus so users can re-compound their VRT and earn/borrow against it. VRT distribution rates will be controlled by the Venus Governance modules.
We will be airdropping 1 VENUS NFT per 1 XVS owned (includes net XVS held as vXVS). This will not be sent to exchanges, but rather all non-exchange wallets. This limited edition NFT is a commemoration of the Venus Protocol for all circulating supply XVS holders and will never be re-minted again. This will have the same snapshot block number as the VRT.
Snapshot: May 15, 2021 at Block number 7479562
Begin distribution: May 17, 2021
Finalize distribution: May 24, 2021
Deploy vVRT Market Proposal on Venus: May 30, 2021
Venus Reward Token Distribution & VENUS NFT Details was originally published in Venus Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.