Venom blockchain hits 1M testnet wallets in two months News โธ Technology
Venom blockchain hits 1M testnet wallets in two months
Venom Foundation is the first blockchain network licensed by the Abu Dhabi Global Market (ADGM).
2 min read
Updated: Jul. 25, 2023 at 5:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Venom Blockchain has reached one million wallets on its testnet within just two months of its launch, according to a July 25 statement shared with CryptoSlate.
The blockchain network’s Foundation attributed the rapid adoption “to its innovative technology, rigorous regulatory compliance, and secure, user-friendly environment catering to a diverse user base.”
Speaking on the milestone, Venom Foundation CEO Christopher Louis Tsu expressed surprise at its rapid growth, saying:
“We had 250,000 users in the first six days. Can you imagine opening a new shop in town, drawing the curtains back and seeing quarter of a million people lined up outside your door.”
Venom’s testnet transaction volume surpasses 350 million
According to its testnet data, Venom has, in total, processed 355 million transactions since its launch on April 26, while smart contracts created have also reached 38.7 million.
The Foundation noted the continued uptrend that began in June when its transaction volume increased by 46% to 277 million transactions, and its smart contracts creation soared by 65% to 28 million.
Additionally, newly minted NFTs on the network jumped by 93% toย 5.8 million as part of on-chain/social tasks during the previous month.
Meanwhile, the Foundation is yet to reveal when the mainnet will launch.
Venom aims to be a regulatory-compliant exchange.
The high adoption rate aligns with Venom’s goal of being the regulatory-compliant blockchain network to take the emerging technology mainstream. Its Foundation said its focus is developing advanced blockchain solutions for regulated markets.
Venom Foundation is the first blockchain network licensed by the Abu Dhabi Global Market (ADGM).
While it is still in the testnet phase, Venom Blockchain has several potential use cases, which include Proof of Reserves mechanisms, central bank digital currencies (CBDCs), CBDC-backed Stablecoins, microtransactions, etc.
Venom is a blockchain built by Venom Foundation on Threaded Virtual Machine (TVM). Its innovative technology, user-friendly interface, and secure architecture contributed to the rapid adoption in the past two months.
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