With the growing adoption of blockchain technology in various digital asset infrastructures, an Abu Dhabi team, known for its wealth from the oil industry, has made a significant entry into the space with the launch of Venom Blockchain.
Venom Blockchain Market Value Soars
Venom operates as a basic layer-0 blockchain network equipped with dynamic sharding and a proof-of-stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is adapted for the development of various products. It seamlessly bridges government applications and traditional Web3 projects through its sophisticated mesh network architecture.
The distinguishing feature of the Venom blockchain is its infrastructure, which, according to on its official website, it is capable of processing 100,000 transactions per second, with an average fee per transaction of just $0.0002.
As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by several metrics. Venom Blockchain currently has a market capitalization of over US$5.2 billion and a trading volume of over US$200 million, highlighting Abu Dhabi’s interest in the technology.
More than a million users in the first year
The launch of Venom had a significant impact, attracting over a million users within 24 hours, demonstrating the platform’s appeal to investors and developers building Web3 products.
Furthermore, the platform reportedly has more than 20 projects ready to debut on the platform and several stablecoin pilot initiatives in different countries, underscoring the confidence that developers have in its infrastructure.
Overall, the rise of Venom Blockchain underlines Abu Dhabi’s ability to embrace innovation beyond its traditional sectors and demonstrates the Emirate’s interest in advancing the advancement of blockchain technology.
On March 27th, the blockchain’s native token, VENOM, was listed on KuCoin, leading to a significant price increase of over 27% in 24 hours. The token is currently trading at $0.6580, reflecting a recent increase of 3.8% in the last trading hours.
In the last 24 hours, VENOM token trading volume reached $62,515,705, marking a notable increase of 193.60%, according to CoinGecko data.
Featured image from Shutterstock, chart from TradingView.com
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