Venom tokens, the native cryptocurrency of the Venom Foundation’s decentralized network, have surged 30% in price over the past 24 hours.
According to the latest report, the token is trading at $0.7311 with a trading volume of $60.3 million.
The recent rise in market value of VENOM is directly linked to the mainnet launch on March 28th along with the VENOM token airdrop event.
Venom operates as a Layer-1 blockchain launched at the Abu Dhabi Global Market (ADGM) and is distinguished by its Layer-0 asynchronous blockchain technology.
It includes a unique mesh network architecture designed for scalability and efficiency, with the goal of driving blockchain adoption across a variety of sectors. This includes government initiatives on stablecoins, central bank digital currencies (CBDCs), real assets (e.g. carbon credits), payments and trade finance applications.
The Venom ecosystem is currently very active, hosting approximately 150 projects in development and 25 decentralized applications (dApps) on testnet.
Blockchain adoption is supported by mesh network technology that facilitates secure inter-chain communication. It facilitates the seamless integration and deployment of blockchain by sovereign states and institutions, with the goal of achieving mass adoption through a secure and decentralized network.
The price surge also coincides with the recent listing of VENOM tokens on the spot trading platform of the Seychelles-based KuCoin exchange.
To celebrate the listing, the Venom Foundation announced an airdrop of 800 VENOM tokens to 500 addresses selected from KuCoin wallets.
This development follows the previous announcement by global cryptocurrency exchange OKX, which listed VENOM on its futures trading platform on March 26, highlighting the token’s expanding market presence.