The price of the Venom token, the native cryptocurrency of the Venom Foundation’s decentralized network, has surged by 30% in the past 24 hours.
Currently, the token is trading at $0.7311, with a trading volume of $60.3 million.
This recent increase in VENOM’s market value can be directly attributed to the launch of its mainnet on March 28, accompanied by a VENOM token airdrop event.
Venom operates as a Layer-1 blockchain originating from the Abu Dhabi Global Market (ADGM). It is notable for its Layer-0 asynchronous blockchain technology, featuring a unique mesh network architecture designed for scalability and efficiency. The aim is to promote blockchain adoption across various sectors, including government initiatives for stablecoins, Central Bank Digital Currencies (CBDCs), real-world assets (such as carbon credits), and applications in payments and trade finance.
The Venom ecosystem is currently thriving with activity, boasting approximately 150 projects under development and 25 decentralized applications (dApps) on its Testnet.
The blockchain’s adoption is bolstered by its mesh network technology, which enables secure interchain communication. This facilitates the seamless integration and deployment of blockchains by sovereign nations and institutions, with the goal of achieving mass adoption through secure and decentralized networks.
Furthermore, the price surge aligns with the recent listing of the VENOM token on the spot trading platform of the Seychelles-based KuCoin exchange.
To mark the listing, the Venom Foundation has announced an airdrop of 800 VENOM tokens to 500 selected addresses from KuCoin wallets.
This development follows a prior announcement from the global cryptocurrency exchange OKX, which listed VENOM on its futures trading platform on March 26, highlighting the expanding market presence of the token.
