What is Viper?
Viper Protocol (Viper) is a decentralized exchange built on the Harmony blockchain. The project is a part of VenomDAO, a decentralized autonomous organization that operates on a community-driven basis without a central authority. VenomDAO's mission is to launch cross-chain projects on new and developing Ethereum Virtual Machines (EVM) and multiple blockchains that are compatible with Ethereum tooling.
The Viper exchange platform offers several features to its users. ViperSwap allows users to swap their assets with different trading pairs. ViperPool enables liquidity providers (LP) to participate in a pool to earn a 0.2% fee on all trades proportional to their share of the pool. ViperPit is a staking platform where users can earn VIPER rewards. Finally, ViperNest allows users to use their VIPER tokens to earn rewards.
To incentivize long-term investment in the platform, the fee structure of the Viper protocol is designed to prevent short-term farming and selling pressure while remaining affordable for individuals who only want to yield farm for a limited amount of time. Yield farming is a practice where users stake their crypto assets and earn additional cryptocurrency through high returns. Withdrawal fees are calculated based on the user's previous withdrawals. If there are no previous withdrawals, the fee is based on the user's first block.
The Viper token is the base of the Viper Protocol. The aim is to distribute this token fairly and extensively while rewarding active and early protocol users on priority. VIPER is also the governance token for ViperSwap and other VenomDAO Dapps developed on the Harmony blockchain. Furthermore, VenomDAO is planning to launch as the governing body for all protocols, ecosystems, and products established over several blockchains. VIPER can vote in elections initiated by Harmony and in the VenomDAO. Compared to VenomDAO, VIPER has the higher voting power in the Viper Protocol and Harmony.
The Viper Protocol uses ViperPit, a single staking pool where the PitBreeder smart contract purchases VIPER tokens using the liquidity pool fees. The rewards are then distributed to those staking in the ViperPit according to their pool share.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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