Venom on-chain activity grows, over 1 million wallets registered

A recent press release reveals that Venom has registered over one million wallets barely three months after testnet launch.

Over 1 million wallets registered on Venom

Following the launch of the Venom testnet on April 26, there has been a noticeable surge in growth. Specifically, registered wallets connected to the mainnet exceeded the 1 million mark in July.

This near-exponential growth, the project says, can be attributed to their base technology, strict regulatory compliance, and secure and user-friendly environment. Combined, these features have been attracting diverse users, including experts and newbies. 

In June, Venom’s growth was evident in multiple planes. For instance, the blockchain processed over 277 million transactions, a 46% increase from May. At the same time, the number of accounts deploying smart contracts rose by 65% to 28 million.

Moreover, the team observed that due to Venom’s focus on research, development, and strategic partnerships, the number of non-fungible tokens (NFTs) minted for on-chain or social tasks rose 93% to 5.8 million.

Commenting on this development, Christopher Louis Tsu, the acting CTO, and CEO of Venom Foundation, said:

 “Frankly speaking, it took me completely by surprise. 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 a quarter of a million people lined up outside your door?”

The Venom Foundation’s mission of mass blockchain adoption while adhering to strict regulatory standards is cited as a driving force for its growth. 

This is coupled with Venom being the first to obtain a license granted by the Abu Dhabi Global Market (ADGM) as approval to run a blockchain.

Enhancing performance for growth

The achievements within a short period could indicate growing trust between crypto and Venom project participants. It also recognizes the project’s vision to create an efficient alternative to traditional finance systems.

The Venom Foundation provides scalable blockchain solutions for real-world applications using distributed ledger technology (DLT). Through performance and security, Venom is focused on empowering governments, businesses, and consumers, allowing them to operate seamlessly and unlocking enhanced transactional capabilities.

While Venom has made impressive progress, the project admits that continuous work is required to tackle future challenges and solidify the position of a pioneer within the crypto space.