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 10 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.
Minimum of 0.01 XVS is required to be eligible
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
VRT Contract address: 0x5F84ce30DC3cF7909101C69086c50De191895883
Binance will support the Venus Reward Token (VRT) Airdrop Program for Venus (XVS) holders. The snapshot for the airdrop will take place at the BSC block height 7,479,562 or at approximately 2021-05-17 04:18 (UTC). Binance will take a snapshot of XVS tokens held by Binance users at the above time, and will distribute VRT tokens at a ratio of 1 XVS = 1,000 VRT.
- The snapshot for the airdrop will take place at the BSC block height 7,479,562. The estimated time is for users’ reference only and is subject to change.
- Deposits and withdrawals for XVS tokens will be tentatively closed at 2021-05-17 03:30 (UTC). The timing will be adjusted according to the network speed.
- XVS tokens that are pending deposit or withdrawal at the time of snapshot will not count towards your XVS balances. Please ensure you leave sufficient time for deposits and withdrawals to complete prior to the snapshot.
- In order to be eligible to receive the VRT airdrop, the minimum amount of XVS held in each user’s Binance account must be at least 0.01 XVS (excluding those in pending trade orders).
- The snapshots will include XVS balances in Spot wallets, Margin accounts and DeFi Staking accounts. Undistributed XVS interest payments will not be included.
- XVS borrowed from Margin, or XVS transferred to Spot wallets from Margin accounts, will not count towards the airdrop threshold.
- For the trading and listing of VRT on Binance, VRT will go through the same strict listing review process as Binance does for any other coin/token. Supporting this airdrop does not guarantee the listing of VRT. Binance does not guarantee any listings as per its internal policy.
- Binance will distribute the VRT tokens after the project has completed the VRT token distribution to Binance. We will post a further announcement once the distribution to Binance users is completed.
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