In a significant development for both cryptocurrency enthusiasts and the wider tech community, OKX, a leading global crypto exchange, has today announced the listing of Venom Network’s VENOM token on its spot market. This move enables OKX users to trade VENOM against USDT starting from 8:00 AM (UTC) on March 25. Adding to the momentum, OKX has also enabled deposits for VENOM as of 10:30 AM (UTC) today.
VENOM is at the heart of the Venom Network, a state-of-the-art blockchain solution crafted to address the challenges and requirements of real-world applications. With a focus on high performance and robust security, the Venom Network stands out as an optimal environment for decentralized applications (dApps).
The architecture of the Venom Network is particularly noteworthy. It is constructed as a heterogeneous multi-blockchain platform, incorporating dynamic sharding to boost efficiency and scalability. The foundation of this architecture is the Venom masterchain, a layer-0 blockchain that oversees the protocol’s various elements, such as workchains and shardchains. This masterchain is crucial, maintaining the network’s configuration, validator information, stakes, and election rounds, supporting up to 2^32 workchains.
A core component of the Venom Network is its virtual machine, capable of executing smart contract code seamlessly. This Turing-complete virtual machine allows for a new dimension of control and flexibility in executing application logic. Smart contracts in Venom facilitate enhanced governance and execution, supported by a robust validator slashing mechanism and block production for Shardchain, ensuring substantial decentralization.
One of Venom’s notable innovations is its approach to scalability, which significantly improves transaction speeds while reducing costs. Additionally, the network simplifies the development and operation of dApps, ensuring user privacy and streamlined interoperability with other blockchains.
Expanding Web3 Universe
On the other side of this development, OKX is not just any crypto exchange. It’s a global powerhouse in the Web3 space, serving over 50 million users worldwide. Renowned for its speed and reliability, OKX has secured its position as a primary partner for several high-profile entities, including Manchester City FC, McLaren Formula 1, and various notable athletes.
This collaboration extends beyond sports, with OKX playing a significant role in the Tribeca Festival, aiming to usher more creators into the Web3 realm. Further establishing its commitment to the community, OKX emphasizes transparency and security, regularly publishing its Proof of Reserves. The platform’s latest innovation, the OKX Wallet, caters to individuals keen on exploring NFTs, the metaverse, and various tokens within the GameFi and DeFi sectors.
This listing marks a significant milestone for both OKX and the Venom Network, promising enhanced trading opportunities for users and setting a new benchmark in blockchain technology and crypto trading. It reflects a growing trend of integration between innovative blockchain solutions and established financial platforms, fostering a more interconnected and efficient digital asset ecosystem.
