- Summary:
- The impressive growth stats are particularly impressive, considering that the Venom testnet only went live on April 26th, 2023.
The Venom Foundation, a leading force in the implementation of blockchain technology within regulated markets, has reached a critical milestone by surpassing one million registered wallets. This is a major achievement, not only because of the number of users, but also because of the speed with which it happened, considering that Venom’s testnet only went live on April 26th.
Venom says its fast growth is a result of its commitment to fulfilling its original vision of facilitating the widespread use of blockchain technology in strict accordance with applicable regulations. The Foundation’s long-term goal is to usher in a world where governments, corporations, and consumers can all work together without friction thanks to decentralised blockchain-based financial systems.
Impressive growth trajectory and the story behind it
The company has registered fast growth because of its cutting-edge technology, strict adherence to regulations, and safe, user-friendly platform that serves a broad customer base. The rise is a reflection of the rising demand for and acceptance of Venom’s cutting-edge blockchain solutions, which have established a new standard in the industry. In addition, the regular upgrades and efficient running of the Venom testnet have helped to keep users interested and engaged.
June was a particularly successful month for the company. An incredible 46% growth from the previous month resulted in Venom logging 277 million transactions. In addition, there are now 28 million smart contract-enabled accounts on the platform, representing a rise of 65%. During this expansion, the number of NFTs created for use in on-chain and social tasks rose by 93% to a total of 5.8 million.
Christopher Louis Tsu, acting CTO and CEO of Venom Foundation commented: “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 quarter of a million people lined up outside your door”
Venom’s meteoric rise and historic achievement of one million registered wallets are indicative of the growing public confidence in the platform. Importantly, it also signifies the widespread acceptance of blockchain’s potential as a more open, secure, and efficient financial system.
Venom asserts that it has reached the top of its field thanks to its dedication to research and development, transparency, and strategic partnerships. That the Venom Foundation is the first to receive a blockchain operating licence from the Abu Dhabi Global Market (ADGM) is evidence of the project’s commitment to adhering to international regulations and high standards of good governance.