Venom Foundation Reached 1 Million Wallets in Just 2 Months

According to an announcement made on July 25th, Venom reached one million wallets on its testnet within just two months after the launch of the Blockchain. The foundation of the blockchain network attributed the rapid adoption to Venom’s innovative technology, strict legal compliance, and secure and user-friendly environment that caters to a diverse user base.

Speaking about the milestone process for the network, Venom Foundation CEO Christopher Louis Tsu expressed his astonishment at the rapid growth, stating:

“We had 250,000 users in the first six days. Can you imagine opening a new shop in town, pulling back the curtains, and seeing a quarter of a million people lining up at your door?”

Incredible Increase in Testnet Transactions

According to testnet data, since its launch on April 26th, Venom has conducted a total of 355 million transactions, with 38.7 million smart contracts created.

The foundation noted that the rising trend, which began in June with a 46% increase in transaction volume to 277 million transactions and a 65% increase in smart contract creation to 28 million contracts, continued.

Additionally, newly minted NFTs on the network increased by 93% during the previous month as part of the testnet tasks, reaching 5.8 million.

Meanwhile, the foundation has not disclosed when the mainnet will be released.

A Blockchain Network Compliant with Legal Regulations

The high adoption rate seems to align with Venom’s goal of being a blockchain network compliant with legal regulations in order to bring emerging technology to the mainstream. The foundation stated that its focus is on developing advanced blockchain solutions for regulated markets. As a result, Venom Foundation has already achieved the distinction of being the first licensed blockchain network by Abu Dhabi Global Market (ADGM).

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