Welcome to the Venly Market's internal token, VENS! VENS are rewards for participating in various activities on the market, and we've designed them specifically for you - our valued users.
How can you earn VENS?
There are several ways:
- Buy and sell NFTs: Participate in the NFT market by buying and selling digital assets.
- Make bids: Place bids on NFTs that are up for auction.
- Simply log in: As an active user on the Venly Market (someone who has deposited funds, bought or sold an NFT), you'll receive a notification every 24 hours asking you to claim your daily VENS reward.
We have a leaderboard that then tracks all the VENS earned within a month. At the end of each period, the top 100 users on the leaderboard receive USDC in amounts based on their positioning. The leaderboard is then reset, but don't worry - you'll keep all the VENS you've earned in your account.
How do we fund these rewards?
The VENS rewards are funded by market fees. When users pay fees to use the market, the pool of funds available for rewards gets larger. This means there is no cap on how much you can earn from the leaderboard.
Currently, VENS are used solely for the purpose of ranking on the leaderboard. But as we continue to develop the Venly Market, we'll be adding more functionality for VENS. Just remember that VENS are internal tokens, not a cryptocurrency. They can't be directly exchanged for USDC or any other cryptocurrency, and their value is limited to use within the Venly Market.
We hope you enjoy participating in the Venly Market and earning your VENS rewards!