With the increasing prominence of decentralized ledger technology in mainstream adoption, the Venom Network has emerged as a notable player, achieving a significant milestone in the number of registered wallets on its Layer-0 blockchain protocol dedicated to supporting Web3 applications.
According to recent data shared with Finbold on July 25, the Venom Network, the first regulated chain of its kind based in Abu Dhabi, the United Arab Emirates (UAE), has achieved an impressive milestone by surpassing one million registered wallets in under three months since its testnet launch on April 26.
Venom’s other positive results
Additionally, in the month of June alone, the Venom blockchain witnessed a remarkable 46% increase in the number of transactions, totaling 277 million. Moreover, the network experienced a significant 65% growth in the count of accounts utilizing smart contracts, reaching a total of 28 million.
In addition, the company has achieved a remarkable 93% month-on-month (MoM) growth in the creation of non-fungible tokens (NFTs) through on-chain and social tasks, reaching a total of 5.8 million. Regarding these achievements, Venom’s acting CTO and CEO, Christopher Louis Tsu, expressed his thoughts:
“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?”
Advancing since testnet
In late April, the Venom Network launched its public testnet, introducing ten in-house decentralized apps (dApps) to its growing ecosystem. This allowed users to directly experience the dApps, while developers could test and debug them, as previously reported by Finbold.
Additionally, it’s noteworthy that the Venom Foundation is the first entity to obtain a license for operating a blockchain, granted by the Abu Dhabi Global Market (ADGM). This license underscores the company’s compliance with international regulations and robust governance standards, further supporting its mission to drive the next phase of financial evolution.
Moreover, this achievement aligns with Venom’s overarching goal of delivering scalable, secure, seamless, and efficient Web3 solutions for real-world applications in decentralized blockchain-based financial systems. These efforts are poised to shape the future of the global economy.
Source: Finbold