Rumors are circulating that the Venom Foundation is eyeing a potential deal to take over Everscale.

Insiders are suggesting that the Venom Foundation, a layer-1 blockchain licensed by ADGM, is possibly looking into acquiring the Everscale blockchain.

According to whispers in the industry, the Everscale team will now redirect their focus towards enhancements related to the Venom layer-1 blockchain. This shift comes on the heels of a recent $5 million investment from Venom Ventures Fund into Everscale, with ambitions of advancing the Venom blockchain and its broader ecosystem, potentially using Everscale as a layer-2 solution. Those close to the acquisition discussions have noted that Everscale has a skilled technical crew but faced challenges due to poor management and insufficient business strategies, which have led to the consideration of the acquisition. They mentioned that the Venom blockchain utilizes a technology similar to that of Everscale. In a related incident earlier this week, the Everscale network fell victim to a malicious smart contract designed to manipulate its internal messaging system. This contract initiated a loop of sending multiple internal messages for every incoming message, ultimately halting the network's operations.

Everscale News provided a Telegram update regarding the situation, stating: 'We are actively addressing the issue and want the community to be aware that, to safeguard the network from such exploits in the future, we will introduce limits on the number of messages per account alongside a flexible gas policy specific to these messages. Our development team is diligently analyzing the incident to prevent similar occurrences moving forward.'

As discussions about Venom’s potential acquisition of Everscale continue, a key question lingers: Will the transfer of ownership effectively resolve the management issues Everscale has been facing? While outcomes remain uncertain, the significant funding and expertise that Venom could bring may significantly bolster Everscale’s development capabilities, paving the way for it to evolve into an effective layer-2 solution for the Venom ecosystem.

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• Cindy is a journalist who contributes to Metaverse Post, focusing on themes associated with web3, NFT, the metaverse, and AI, while highlighting interviews with leaders in the Web3 space. Having engaged with over 30 C-level executives, she shares their insights with her audience. Originally from Singapore, she now resides in Tbilisi, Georgia, holding a Bachelor’s degree in Communications & Media Studies from the University of South Australia, backed by a decade of experience in journalism and writing.