Venom Foundation to Potentially Acquire Everscale
In Brief
Venom Ventures Fund is reportedly acquiring the Everscale blockchain, according to sources familiar with the matter.
Venom Ventures Fund invested $5 million into Everscale in January.
Venom Foundation, the layer-1 blockchain company licensed by Abu Dhabi Global Market (ADGM), could be making a move to acquire the Everscale blockchain, according to sources familiar with the matter.
Sources close to the matter have revealed to Metaverse Post that the Everscale team will now be focusing their efforts on the Venom layer-1 blockchain. This development comes after Venom Ventures Fund invested $5 million in the Everscale blockchain three months ago, with the goal of developing the Venom blockchain and its ecosystem, with Everscale potentially serving as a layer-2 solution.
Insiders familiar with the acquisition have shared that Everscale possessed a talented technical team, but struggled with mismanagement and an inadequate business development team, ultimately leading to the potential acquisition. According to the sources, the Venom blockchain employs the same technology as the Everscale blockchain.
Incidentally, on Tuesday, the Everscale network became the target of a malicious smart contract that aimed to exploit the internal messaging system. According to Everscale, the smart contract in question kept sending itself multiple internal messages for each incoming message, causing the network to be blocked.
Everscale News provided an update on the incident in a Telegram message, stating: “The problem is currently being fixed, and the community should know that, in order to protect the network from these attempted exploits in the future, limits on single-account message queues will be introduced as well as a flexible gas policy for that kind of message. Our development team is in the process of conducting a detailed analysis of the incident in order to prevent similar problems in the future.”
In the ongoing discussion of Venom’s potential acquisition of Everscale, the question remains whether the takeover could successfully address Everscale’s management concerns. While it’s still uncertain, the substantial amount of funding and expertise that Venom could provide has the potential to enhance Everscale’s development teams, ultimately transforming the platform into an effective layer-2 solution for Venom.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
