Venom blockchain hits 1M testnet wallets in two months

According to a July 25 statement shared with , Venom Blockchain reached 1 million wallets on testnet within just two months of its launch. crypto slate.

The blockchain network foundation has contributed to its rapid adoption, he said.It features innovative technology, strict regulatory compliance, and a safe and user-friendly environment that caters to a diverse user base. ”

Commenting on the milestone, Venom Foundation CEO Christopher Lewis Tzu expressed surprise at its rapid growth, stating:

“We had 250,000 users in the first six days. Can you imagine opening a new store in town, closing the curtains and half a million people outside the door?”

Venom Testnet Exceeds 350 Million Transaction Volume

According to the testnet dataSince its launch on April 26, Venom has processed a total of 355 million transactions and created 38.7 million smart contracts.

The foundation noted a continued upward trend that began in June, when transaction volume rose 46% to 277 million and the number of smart contracts created surged 65% to 28 million.

Additionally, the number of newly minted NFTs on the network as part of on-chain/social tasks increased by 93% to 5.8 million last month.

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

Venom aims to be a compliant exchange.

The high adoption rate is consistent with Venom’s goal of mainstreaming emerging technologies as a regulated blockchain network. The foundation said it is focused on developing advanced blockchain solutions for regulated markets.

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

Although still in the testnet stage, the Venom Blockchain has several potential use cases, including Proof of Reserves mechanisms, central bank digital currencies (CBDC), CBDC-backed stablecoins, microtransactions, and more.

Venom is a blockchain built on Thread Virtual Machine (TVM) by the Venom Foundation. Its innovative technology, user-friendly interface, and secure architecture have contributed to its rapid adoption over the past two months.

An article about the Venom blockchain reaching 1 million testnet wallets in two months was first published on CryptoSlate.

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