Venom blockchain reaches 1 million testnet wallets in two months

Venom Blockchain has reached one million wallets on its testnet in just two months since its launch, according to a July 25 statement shared with CryptoSlate.

He block chain Network Foundation credited the rapid adoption “to its innovative technology, rigorous regulatory compliance, and secure, easy-to-use environment that serves a diverse user base.”

Speaking about 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 store in the city, drawing the curtains and seeing a quarter of a million people lining up outside your door?

Venom testnet transaction volume exceeds 350 million

according to their test network dataVenom has processed, in total, 355 million transactions since its launch on April 26, while smart contracts created also reached 38.7 million.

The Foundation noted the continued upward trend that began in June when its transaction volume increased by 46% to 277 million transactions, and smart contract creation skyrocketed 65% to 28 million.

Also, newly minted NFTs online jumped 93% to 5.8 million as part of social/chain tasks in the prior month.

Meanwhile, the Foundation has yet to reveal when the mainnet will launch.

Venom is intended to be a compliant exchange.

The high adoption rate aligns with Venom’s goal to be the compliant blockchain network to take the emerging technology mainstream. His Foundation said that its focus is on developing advanced blockchain solutions for regulated markets.

Venom Foundation is the first licensed blockchain network of the Abu Dhabi Global Market (ADGM).

While still in the testing phase, the Venom Blockchain has several potential use cases, including proof-of-reserve mechanisms, central bank digital currencies (CBDCs), CBDC-backed stablecoins, microtransactions, etc.

Venom is a blockchain built by the Venom Foundation on the Threaded Virtual Machine (TVM). Its innovative technology, easy-to-use interface, and secure architecture have contributed to rapid adoption in the past two months.

The charge Venom blockchain reaches 1 million testnet wallets in two months first appeared in CryptoSlate.

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