03.04.2024

Degen Chain has gained popularity among users

According to the latest data, the serious activity that was observed in the Solana-based meme token sector has moved to the Degen Chain. This Level 3 blockchain, built on the basis of Base, started working only 4 days ago.

However, according to numerous experts, it has already gained popularity among members of the cryptocurrency community.

Data shows that just in the last 24 hours, the network has recorded a transaction volume of almost $100 million or more than 272 thousand unique transactions. Onchain analysts say that since the launch, the network has hosted more than 7.5 thousand and 2.3 thousand tokens. At the same time, researchers noted that most of them represent fraudulent projects.

The largest token in terms of capitalization was Degen Swap (DSWAP). It is the native asset of an exchange built on the Degen Chain, which was valued at just over $14 million as of Monday morning. Degen Pepe (DPEPE) has a higher capitalization of $23 million and was the best representative of the meme cryptocurrency sector on the chain.

A lot of tokens have a market capitalization of less than $1 million and are used as speculative instruments. As of the morning of April 1, 2024, the Degen Chain does not yet have any stablecoins, and users can only make transactions or trade assets when paired with DEGEN tokens. Note that the quotes of this cryptocurrency grew by 210.25% over the past 7 days. Capitalization rose to $703.61 million, and the price to $0.49.

Degen Chain is a layer 3 network created specifically for the DEGEN cryptocurrency. It is a customizable and application-specific blockchain built on Layer 2 protocols. The key idea is to perform a very specific set of tasks quickly and verifiably.

The DEGEN token is used as a gas or token to pay commissions on the blockchain. Its developers say the network enables new experiments with tips, public rewards, payments, games and more.

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Коля Мельниченко

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