Abu Dhabi, known for its economic strength in the oil industry, has entered the realm of blockchain technology with a team that built the Venom Blockchain for Web3 application, which recently launched worldwide.

The Layer 0 (L0) Venom blockchain differentiates itself with an infrastructure capable of processing 100,000 transactions per second while maintaining a low average transaction fee of $0.0002, according to its website.

Since its inception, the Venom Blockchain has experienced significant growth, with a market capitalization surpassing $5.2 billion and a trading volume exceeding $200 million, underlining the confidence investors have placed in the project. 

Moreover, within a mere 24 hours of its launch, Venom garnered a user base of over one million, indicating strong appeal among developers and investors seeking to leverage the platform’s infrastructure for web3 product development.

The platform has attracted a diverse array of projects, with over 20 initiatives already in the pipeline, awaiting deployment on the Venom Blockchain. Additionally, the platform has initiated pilot programs for stablecoin projects in various countries, demonstrating its versatility and potential for global adoption.

Abu Dhabi is emerging as a pivotal center for fintech innovation, and the triumph of projects like Venom marks a significant move towards the decentralization of technological advancements. This challenges the long-held view that innovation is the exclusive domain of established tech hubs.

Venom, with its scalable and secure architecture, along with a swiftly growing user base, is not just making its presence known in the global tech landscape. It is redefining the benchmarks for how technology can be harnessed to streamline governance and economic operations.

As of the latest update, the native token of the project, VENOM, is currently trading at $0.6788. It has witnessed a surge of over 27% in the past 24 hours and a steady increase of 3% in the last hour. 

Featured image from Shutterstock, chart from TradingView.com

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