Wrapped VENOMPrice

(WVENOM)

Wrapped VENOM (wVENOM) is a token that facilitates interactions within the Venom blockchain ecosystem. The Venom blockchain is a multi-blockchain network designed to provide a basis for scalable Web3 applications in the decentralized finance (DeFi) and global payments markets. It is built on a robust Layer 0 infrastructure and employs dynamic sharding technology to achieve scalability and security. The Venom network is characterized by high transaction speeds, potentially exceeding 100,000 per second, and minimal average transaction fees. The Venom blockchain utilizes the Threaded Virtual Machine (TVM) for executing smart contract code, which is a Turing-complete virtual machine. This allows for more flexible and controlled execution of application logic and supports developers building smart contracts, including those using Solidity. wVENOM itself is a fungible TIP-3 standard token, which maintains a 1:1 ratio with the native VENOM token. The purpose of wVENOM is to simplify interactions within DeFi protocols on the Venom network, as these protocols typically handle the process of wrapping VENOM tokens in the background to integrate them more seamlessly into the DeFi ecosystem. Users can convert their wVENOM back to VENOM tokens. The Venom ecosystem supports a variety of use cases, including DeFi, GameFi, and SocialFi applications. It also enables Decentralized Autonomous Organizations (DAOs) and digital identity solutions. The native VENOM token plays several roles, such as paying for transaction fees, securing the network through Proof-of-Stake (PoS) mechanisms, and supporting validators through staking. Holding VENOM tokens can also grant users governance rights, allowing participation in decisions about the blockchain's future development. The Venom network aims to address scalability and security challenges in the crypto space. Its architecture includes a Layer 0 masterchain responsible for coordinating network entities like workchains and shardchains, and it supports a significant number of workchains. The ecosystem includes various tools and applications such as VenomWallet for asset management, VenomScan for transaction history, VenomGet for token access, VenomBridge for interchain transactions, VenomPools for staking, and Web3.World as a native decentralized exchange. wVENOM tokens can be acquired through decentralized exchanges. Learn more

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