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The VRT Airdrop for XVS Holders: Will This Be a Worthy One?
Just to let everyone know, the snapshot to all supported wallets that have at least 0.01 XVS has already ended. Currently, the Venus Protocol team are preparing the airdrop distributions to all the wallets that support it or maybe already distributing the VRT tokens at the time you are reading this article.
The Venus protocol team have been preparing this event for some months now and usually, in my view, Binance will always be the last one to announce about their support for that kind of event.
The snapshot took place on May 15, 2021 or at the BSC block at the height of 7,479,462. All wallets that have supported the airdrop that have at least 0.01 XVS in that wallet will be eligible to receive the airdrop with a ratio of 1 XVS:1000 VRT. So if you managed to have at least 0.01 XVS in your wallet like Trust Wallet, MXC or in Binance, you can have 10 VRT airdrop tokens after the distribution.
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.
According to the article of Joselito in Medium, the distribution will start from May 17, 2021 and will finalize on May 24, 2021 - that means that in just a week, all valid holders will receive that airdrop that have at least 0.01 XVS in the wallet.
All XVS holders in a non-custodial wallets like Trust Wallet might receive it during the distribution time but with participants that holds XVS in a custodial exchange like Binance, it might take some time. It might be distributed within the given time or it might be extended for some days.
Currently, VRT tokens still doesn't have any data shown in Coinmarketcap and no one really knows what will be its price if ever it gets listed or ready to be traded.
So with this, I'll have my own prediction.
The total supply of VRT tokens is 30,000,000,000. That's a lot! And with that amount of supply, at least $0.1 seems impossible to be an initial price.
However, since VRT tokens are to incentivize stakers, borrowers and suppliers Venus protocol, there's a high chance that it can reach to a cent overtime. Especially of there is an announcement of burning tokens.
And since Venus protocol marks a good work in the Binance Smart Chain ecosystem, and Binance CEO Changpeng Zhao commends the work of Joselito, there's a high chance that VRT tokens will also be listed in the Binance Exchange.
In my opinion, it's price, if it gets listed on Binance, can be seen around $0.1 to $0.2 as the time goes by.
All in all, I have bought a total of 11.5 XVS with my investment of around $1,300. So when distribution happens, I can have 11,500 VRT tokens.
Is it worth the risk? Currently, no. Since I bought some XVS in the top and some at around $90, it made me put at a huge loss. So currently, I am holding my 5 XVS in my Binance account and staked my 6.5 XVS in Harvest Finance.
But I have a strong faith that it will recover because right now, the market is experiencing a correction.