The Verida Foundation is preparing for its upcoming TGE and its related multi-tiered airdrop program. This program is intended to reward early adopters to the network and encourage newcomers to discover Verida’s features and capabilities. Both short and long-term incentives are on offer for participants. Read the previous announcements regarding these programs on March 28th and April 18th.
As part of this campaign, Verida is sharing more information on its planned long-term rewards and incentive programs, including details on dedicated funding for those programs. The central element of Verida’s longer-term growth reward programs is a dedicated pool of 200 million VDA tokens, representing 20% of the overall VDA supply, that will be distributed over a multi-year period through several dedicated programs.
As described in the Verida Whitepaper, Verida’s token economics specifies that 20% of the overall token supply (200M tokens) will be allocated to Network Growth Rewards.
The Verida Network Growth token pool will be distributed to end users and application developers to incentivize long-term network growth. These token distributions will focus on the following key areas:
- Connect your data: Earn tokens by pulling your personal data from web3 applications into your Verida identity
- Connect a node: Earn tokens by operating infrastructure on the Verida Network
- Connect a friend: Earn tokens by referring friends to join the Verida Network
- Connect an app: Earn tokens by building a web3 application that leverages the Verida Network
This Network Growth Rewards pool unlocks monthly over a multi-year period and will allow the foundation to maintain several long-term reward programs backed by more than three million monthly tokens.
The Network Growth Rewards pool will support ongoing programs including; referral rewards, incentives for members to import additional datasets into Verida, and to connect with dApps built on Verida. Additional reward programs will continue to be developed, and are anticipated to be presented to the Verida community in the months following the token launch.
In addition to the long-term reward allocations from the Network Growth Reward pool, the Verida Foundation has developed a series of targeted near-term airdrops and reward programs coinciding with the launch of the network and the listing of the VDA Storage Credit Token on several centralized and decentralized exchanges.
This multi-stage airdrop campaign will distribute a minimum of 5 million VDA tokens across a series of targeted reward programs. Although each individual airdrop event within the larger campaign is planned to reward specific activities within the network, it is also expected that many Verida supporters and early adopters will qualify for rewards from several, and in some cases potentially all, of the planned airdrops.
The Verida Foundation’s strategy of a number of multiple, smaller, targeted airdrops (including its inaugural airdrop announced on March 28th) is a deliberate effort to address the shortcomings that often impact hastily conceived airdrop programs, where an excessive portion of the dedicated token reward pool too often finds its way into the hands of casual users and airdrop farmers. Another announcement, from April 21 described the second installment of Verida’s planned airdrop campaign, also with a target program focused on a specific group of ecosystem followers.
By undertaking a series of carefully targeted rewards Verida believes it can increase the percentage of rewards distributed its many enthusiastic supporters. This increases the value of airdrop rewards for actual Verida users, and multiplies the support and incentives for active users.
Verida looks forward to sharing further announcements related to ongoing and planned community recognition and network growth rewards programs as final details of those programs are settled.
Stay tuned for more news on our TGE and listing process! For all questions regarding Verida airdrops, please see our community Airdrops FAQ.
Verida is a pioneering decentralized data network and self-custody wallet that empowers users with control over their digital identity and data. With cutting-edge technology such as zero-knowledge proofs and verifiable credentials, Verida offers secure, self-sovereign storage solutions and innovative applications for a wide range of industries. With a thriving community and a commitment to transparency and security, Verida is leading the charge towards a more decentralized and user-centric digital future.
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