A team hailing from Abu Dhabi, renowned for its affluence rooted in the oil industry, has made waves in the burgeoning realm of blockchain technology. Their venture, the Venom Blockchain, marks a significant entry into this domain, harnessing the potential of blockchain for diverse digital asset infrastructures.
Introducing Venom Blockchain: A Technological Marvel
Venom operates as a foundational Layer 0 blockchain network, integrating dynamic sharding and a proof of stake (PoS) consensus method. Crafted to provide an adaptable and efficient infrastructure, this cutting-edge platform facilitates the development of a wide array of products. With its intricate mesh network architecture, Venom seamlessly links governmental applications with traditional Web3 projects.
Key Features of Venom Blockchain
The hallmark of Venom Blockchain lies in its robust infrastructure, capable of processing a staggering 100,000 transactions per second, each at an average fee of merely $0.0002, as per details outlined on its official website.
Rapid Growth and Market Traction
The advent of Venom Blockchain has garnered considerable traction, evident from various metrics. With a market capitalization surpassing $5.2 billion and a trading volume exceeding $200 million, the platform underscores Abu Dhabi’s keen interest in blockchain technology.
User Adoption and Project Pipeline
The launch of Venom witnessed an influx of over one million users within a mere 24 hours, indicative of its allure to investors and developers keen on nurturing Web3 products. Moreover, reports suggest that the platform boasts over 20 projects primed for debut, alongside multiple pilot stablecoin initiatives across different jurisdictions, affirming developers’ confidence in its infrastructure.
Abu Dhabi’s Technological Leap
The rise of Venom Blockchain symbolizes Abu Dhabi’s adeptness in embracing innovation beyond its conventional sectors. It serves as a testament to the emirate’s commitment to fostering the advancement of blockchain technology.
Market Response and Listing of VENOM Token
On March 27, the native token of the Venom Blockchain, VENOM, debuted on KuCoin, triggering a remarkable surge in price, surmounting 27% within 24 hours. Currently, the token is trading at $0.6580, reflecting a recent uptick of 3.8% in the past trading hour.
Market Performance of VENOM Token
In the preceding 24 hours, the trading volume of the VENOM token has soared to $62,515,705, marking a substantial surge of 193.60%, according to data sourced from CoinGecko.
In essence, the emergence of Venom Blockchain encapsulates Abu Dhabi’s bold leap into the digital era, propelling the emirate into the forefront of blockchain innovation.