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How to
How to Buy Venom?
03/26/2024

How to Buy Venom?

03/26/2024
4,3

Explore the Venom Blockchain, a Layer 0 solution enhancing scalability. Plus, get insights on trading Venom on Bybit and participating in special events to win VENOM tokens.

What Is Venom Blockchain?

Venom is a Layer 0 chain leveraging dynamic sharding to enhance its scalability capabilities. This technology significantly increases how many transactions the blockchain can handle - going over 100,000 transactions per second, all while keeping the cost of transactions very low, less than $0.0002 per transaction. 

Layer-0 is the base layer that allows other blockchains (Layer-1) to be built on top of it. Layer-0 solves problems of flexibility and scalability that monolithic Layer-1 networks face (examples: Bitcoin, Solana) allowing developers to create their blockchain networks tailored to specific purposes without running usual limitations related to scalability and interoperability.

In the Venom ecosystem, the masterchain, which is the Layer-0 chain, plays a central role in coordinating and facilitating communication between various chains such as workchains and shard chains, all functioning independently. This configuration allows for transactions to bypass a single consensus mechanism and eliminates the need to limit the data size for each transaction. Venom is among the notable examples of Layer-0 chains, along with Cosmos, Polkadot, and Avalanche.

Venom does not offer compatibility with the Ethereum Virtual Machine (EVM). Instead, Venom employs the Threaded Virtual Machine (TVM), which supports the execution of smart contracts in various programming languages, including Rust and Go. 
Venom has also gained significant online attention due to what is considered one of the largest airdrop in the history of cryptocurrency, with over a billion VENOM tokens allocated.

At this point, the Venom Ecosystem includes:

Source & Copyright: Venom Foundation

Recently, Venom launched its mainnet, marking a step forward in its development. Following this, it is planned listed on major cryptocurrency exchanges, including Bybit and others. Now, users have the opportunity to trade the VENOM/USDT pair on OKX, Gate.io, Mexc, Poloniex, and Web3.world.

How to Participate in Bybit Special Event?

In celebration of its new listing, Bybit is hosting a special promotion with a grand prize pool of 720,000 VENOM.

Participation Details:

Event Timing: Starts on March 25, 2024, at 8AM UTC and concludes on April 8, 2024, at 8:59AM UTC.
Registration: To join, visit this page sign up for the event, and qualify for the rewards.

To Participate, follow these steps:

Create an account on Bybit and complete the Identity Verification process.

Either deposit a minimum of 500 VENOM or deposit 100 USDT and make your first Spot trade of 100 USDT worth of VENOM using your Bybit account.

The first 2,400 newcomers completing these requirements will be awarded 150 VENOM each.

Source & Copyright: Bybit

Rewards for Existing Users: 360,000 VENOM Available

If you've been a Bybit user since before March 25, 2024, 8AM UTC, you're also eligible to win. To claim your 75 VENOM, you need to:

Deposit at least 500 VENOM; OR deposit a minimum of 200 USDT and execute trades of at least 200 USDT worth of VENOM through your Bybit account.

A total of 4,800 existing users will receive rewards on a first-come, first-served basis.

Source & Copyright: Bybit

How to Buy Venom on Bybit? 

Venom will be listed on Bybit Spot trading platform. After listing, the token will be available for trade via Spot Grid Bots.

Here's a detailed guide to help you begin with the Spot Grid Bot on Bybit.

To access the Bybit Trading Bot interface, navigate to 'Trade' and then 'Trading Bot' in the top menu. 

Source & Copyright: Bybit Help Center 

To set up your Spot Grid Bot, click on 'Create Now' which directs you to the creation page. 

Source & Copyright: Bybit Help Center 

There are two ways to create Spot Grid Bots:

  1. Manual Setup: This option requires you to manually enter details such as the Spot pair, Price Range, Total Investment, and other specific settings.
  2. AI Strategy: With AI Strategy, the system will recommend settings based on the historical performance of the Spot trading pair. You may also consider recommendations from 'Aurora’s Picks' to customize a Spot Grid Bot according to your preferences.

Source & Copyright: Bybit Help Center 

After configuring your bot, click on 'Create Now'. Please review the details of the grid bot you've set up, and then click on 'Confirm' to commence trading.


Source & Copyright: Bybit Help Center 

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