As decentralized ledger technology becomes more present in the mainstream, one of its representatives, the Venom Network, has recently broken its record in the number of registered wallets on the Layer-0 blockchain protocol designed to host Web3 applications.
Specifically, the first regulated chain of its kind based in Abu Dhabi, the United Arab Emirates (UAE), has passed over one million registered wallets in less than three months since its testnet launch on April 26, according to the latest information shared with Finbold on July 25.
Venom’s other positive results
On top of that, in June alone, the Venom blockchain saw 277 million transactions, which represents a 46% increase from the month before. At the same time, the network registered a 65% surge in the number of accounts with smart contracts, which currently amount to 28 million.
Furthermore, the company has recorded an impressive 93% month-on-month (MoM) increase in the number of minted non-fungible tokens (NFTs) as part of on-chain and social tasks, hitting a total of 5.8 million. Commenting on these results, Venom’s acting CTO and CEO, Christopher Louis Tsu, stated:
“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, Venom opened its public testnet, bringing ten in-house decentralized apps (dApps) as part of its growing ecosystem, letting users and developers test it immediately, giving the former direct experience with dApps as the latter test and debug them, as Finbold reported at the time.
It is also worth mentioning that the Venom Foundation is the first to receive a license for running blockchain, issued by the Abu Dhabi Global Market (ADGM), signifying its compliance with international laws and strict governance standards, aiding the company’s efforts to drive the next phase of financial evolution.
Furthermore, it helps Venom’s mission to provide scalable, secure, seamless, and efficient Web3 solutions for real-world applications toward decentralized blockchain-based financial systems that will shape the global economy in the future.
