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Venom Foundation published a research report today examining the reliability of "active addresses," the metric most commonly used to measure blockchain adoption. The report, "Beyond Active Addresses," concludes that a substantial share of reported active addresses across major networks is generated by bots, airdrop farmers, exchange infrastructure and automated smart-contract activity, and that the metric should no longer be treated as a proxy for real users.
The report pulls on publicly available evidence and introduces Venom Foundation's own analytical framework, which scores adoption metrics by manipulation cost and maps the structural design factors that mechanically inflate address counts across major networks. It does not single out any individual blockchain; its aim is to document a measurement problem that affects the entire industry.
Among the evidence reviewed: in its State of Crypto 2025 report, a16z crypto measured approximately 181 million monthly active addresses on-chain while estimating only 40–70 million real monthly users behind them. In January 2025, Ethereum layer-2 network Linea, working with analytics firm Nansen, flagged approximately 40% of its 1.3 million airdrop-eligible addresses as likely Sybil accounts, even though every address had already passed Proof of Humanity verification. A year earlier, cross-chain protocol LayerZero flagged over 800,000 addresses (roughly 13% of its entire eligible base of six million) as likely Sybils created to farm token rewards.
Key findings
Address counts can exceed underlying user numbers by a substantial margin – the most rigorous public estimates, from a16z crypto's 2024 and 2025 reports, show the pattern holding across both years.Sybil filtering removes large shares of apparent user bases even after identity checks – Linea's 2025 analysis with Nansen flagged approximately 40% of addresses that had already passed Proof of Humanity.Individual farming operations have controlled thousands of addresses; during the Arbitrum airdrop, analysts traced 2.7 million ARB tokens flowing to two entities through 1,496 farming wallets.Blockchain design inflates counts without any manipulation – Bitcoin-style wallets rotate addresses for privacy, smart contracts and account-abstraction wallets each carry their own addresses, and exchanges operate millions of deposit addresses.The industry's own adjusted metrics confirm the scale of the problem – a16z reports roughly $9 trillion in adjusted stablecoin volume against $46 trillion in raw volume, with the adjustment designed to filter bots and inflationary activity.Venom's metric-robustness framework finds that the indicators hardest to fake – returning wallets, fee-paying users, protocol revenue and active developers – are the ones the industry quotes least often.
Executive Comment
"The industry keeps grading itself on a metric that anyone with a laptop can inflate overnight," said Christopher Louis Tsu, CEO of Venom Foundation. "This is a problem for everyone building serious infrastructure, because capital, grants and attention flow toward the flashiest numbers rather than the ones that reflect actual durability. Our intention with this research is constructive: the analytics tools for measuring genuine, retained, fee-paying usage already exist. If networks, investors and the media converge on those standards, honest builders benefit and the market gets a far clearer view of where blockchain adoption actually stands."
Why It Matters
Active-address counts influence token valuations, exchange lisitng, media rankings, ecosystem grant allocations and investor due diligence. When the metric can be manufactured at near-zero cost, these decisions rest on distorted information. The report argues that a shift toward Sybil-filtered, retention-based and revenue-based measurement would reprice networks on fundamentals and reduce the commercial incentive to tolerate artificial activity.
About the research
The report was prepared by the Venom Foundation research team. It combines a review of publicly available sources, including a16z crypto's State of Crypto 2024 and 2025 reports, Nansen's Linea Sybil-detection analysis, Coin Metrics methodology documentation, Artemis Sybil-detection research, disclosures by LayerZero Labs and Chaos Labs, and academic studies on Sybil detection and wash trading, with an original framework built for assessing metric robustness and structural address inflation across networks. All figures are sourced and linked in the full report. Where precise measurement is impossible, figures are labeled as estimates. The full report is available here.
About The Venom Foundation
The Venom Foundation is a fintech company founded in Abu Dhabi, specializing in the development and implementation of high-performance blockchain solution. Venom's mission is to provide blockchain infrastructure that streamlines financial services and is adaptable and scalable to the needs of massive national and international enterprises.
The Venom Foundation specializes in the creation, deployment, and integration of decentralized applications and services with a focus on security, speed, and regulatory compliance. The Venom network provides throughput capacity of up to 150,000 TPS with minimal fees and 99.99% uptime, supporting an ecosystem of DeFi, NFT, gaming, and enterprise solutions.
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The new high-performance mainnet is live following DAO approval under VIP-003, with a 1:1 token swap open to holders and SparX serving as the network's wallet.
Abu Dhabi, UAE – 29 June, 2026 – Venom Foundation has completed the migration of its network to a new protocol built for far higher performance, and the new mainnet is now live. The transition follows the Venom DAO's approval of governance proposal VIP-003, which passed with 23,793,857 votes in favor and none against, and a full year of testnet validation.
"Completing a migration on this scale without disrupting what people already hold is the difficult part, and that is exactly what the year on testnet was for. Holders kept the same addresses and balances, and the swap settled one to one with no change to supply. The applications people were already using continue to run on the new chain, which now handles far more throughput than the old one," said Christopher Louis Tsu, CEO of Venom Foundation.
The new network runs with substantially higher throughput and faster settlement than the previous chain, while existing on-chain assets and applications are carried over intact.
Capabilities now live on the new mainnet:
Up to 150,000 transactions per secondSub-second finalityDynamic shardingImproved Proof-of-Stake consensusFull backward compatibility with existing smart contracts, addresses, and ecosystem products
Swapping tokens to the new mainnet
The token swap is open through the official portal at migrate.venom.network. Each $VENOM converts one to one to the new mainnet token, and total supply and vesting schedules are unchanged. So that every holder has time to move across, the previous mainnet remains online for six months from launch, with the portal available around the clock throughout that period.
SparX is the network's wallet
SparX, a multichain wallet, is now the primary wallet for the new mainnet. Venom Wallet is being retired over the migration period and will be fully phased out within six months. Wallet addresses are unchanged: the new mainnet keeps the same TVM-based scheme, so holders reach their accounts in SparX with their existing seed phrase.
What holders need to know
Anyone holding $VENOM on exchanges such as MEXC, Gate.io, or KuCoin does not need to take action immediately, as the Foundation has coordinated the transition with each platform. Holders who prefer full control can withdraw to a personal wallet and complete the swap through the portal. Staked stVENOM should be unstaked back to VENOM before swapping, with the unstaking period set to 24 hours during the migration. NFTs and third-party tokens such as Dragonz and MVT did not move automatically, and each project is running its own migration.
Step-by-step instructions and Exchange Specific Guidance are available in the migration FAQ and on the official migration page.
The Foundation will continue posting updates across its official channels as the remaining exchanges finalize their own migrations and any outstanding holders complete the swap within the six-month window.
About The Venom Foundation
The Venom Foundation is a fintech company founded in Abu Dhabi, specializing in the development and implementation of high-performance Blockchain Solution. Venom's mission is to provide blockchain infrastructure that streamlines financial services and is adaptable and scalable to the needs of massive national and international enterprises.
The Venom Foundation specializes in the creation, deployment, and integration of decentralized applications and services with a focus on security, speed, and regulatory compliance. The Venom network provides throughput capacity of up to 150,000 TPS with minimal fees and 99.99% uptime, supporting an ecosystem of DeFi, NFT, gaming, and enterprise solutions.
Contact: media@venom.network
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