Key Takeaways:
- The airdrop aims to reward current users and attract new participants to the Vitelabs ecosystem.
- Set for May 10, 2024, the airdrop will be accessible through platforms like ViteX and Binance, ensuring easy participation.
- The VDAO token has a supply of 2,174,226,156, with half designated for a 1:1 airdrop to VITE holders.
YEREVAN (CoinChapter.com) — Vitelabs is preparing for its upcoming VDAO airdrop, which will be completed by May 10, 2024. This initiative is part of Vitelabs’ broader strategy to increase user engagement and expand its ecosystem.
What is Vitelabs?
Vitelabs is a technology company that develops blockchain solutions, offering a platform for secure and efficient digital transactions without the need for a central authority such as a bank. Their primary product, the Vite network, supports various applications, including payments and decentralized exchanges.
Airdrops, like the one planned by Vitelabs, are common in blockchain projects. They distribute free tokens or coins to the wallet addresses of active blockchain network participants. This approach rewards existing users and attracts new participants by giving them a stake in the platform.
Vitelabs Airdrop Approval
The VDAO airdrop represents a milestone for Vitelabs, following a unanimous agreement among its community members. This initiative received its fair share of endorsement, with 100% of the votes in favor from a total of 40 million votes cast by the community.
Tokenomic Landscape
The VDAO token, designed to expand the Vitelabs ecosystem, has a total supply of 2,174,226,156 tokens, which is double the total number of VITE tokens. About 50% of these Vitelabs tokens will be airdropped to existing VITE holders on a 1:1 basis, tailored for long-standing network supporters.
Another 20% of the tokens are allocated for DAO voting rewards to encourage active participation in governance. Meanwhile, the ecosystem allocates 10% to VX holders, which plays a crucial role.
Additionally, the network reserves 10% of the tokens for staking VITE, which helps secure and stabilize the network. The team dedicates the remaining tokens, 5% each, to maintenance and liquidity provisions for ongoing development and to top community projects like Vinu, VITC, VT, Viva, and ViCAT.
So far, an interesting and diversifying dynamic in the broader context of the Vitelabs Airdrop.
In preparation for the airdrop, Vitelabs has ensured that various mechanisms are in place for users to participate. Holders can bridge their VITE BEP20 to Vite native coins through several avenues, including the ViteX gateway, desktop wallets, the web wallet, and exchanges like Binance that support both Vite and BSC networks.
