Bittime - Degen Chain, a new layer-3 blockchain built on the Base network (Ethereum's layer-2 solution), is taking the crypto world by storm. Launched last Thursday, Degen Chain attracted a large number of users and significant trading volume, with their native token, DEGEN, surging over 500%.
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Memecoin Fever Spreads to New Territory
The popularity of memecoins previously seen on the Solana and Base networks, is now present on Degen Chain. This young blockchain, which has only been operational for four days, has recorded a daily transaction volume of nearly $100 million (around IDR 1.5 trillion) from more than 272,000 unique transactions.
Source: twitter/x.com/@0xShual
However, blockchain analysts warn that most of these projects (more than 7,500 contracts and 2,300 tokens launched) have the potential to be scams or "rug pulls" - schemes in which developers abandon projects after raising funds.
Also Read: What is Rug Pull in Cryptocurrency?
Degen Swap and Degen Pepe Hold Top Rank
Degen Swap (DSWAP), the largest token on the Degen Chain by market capitalization, is at around $14 million (around IDR 210 billion). Interestingly, the non-serious memecoin, Degen Pepe (DPEPE), has a higher valuation of $23 million (around IDR 345 billion) even though it has no practical function other than speculation.
Many other tokens on the network have market capitalizations below $1 million (around IDR 1.5 billion), further encouraging the speculative nature of the current activity.
Limited Functionality, Skyrocketing Price
Currently, Degen Chain does not yet support popular stablecoins. Users can only make transactions or trade using the native DEGEN token, the price of which has surged more than 500% since its launch, trading at around $0.06 (around IDR 0.90).
Getting to Know Layer-3: Fast and Specific Blockchain
Degen Chain represents a new development in blockchain architecture: a layer-3 network designed specifically for the DEGEN token. This custom-built blockchain leverages existing layer-2 protocols for faster and cheaper transactions compared to layer-1 blockchains like Ethereum or Solana.
The core concept behind layer-3 networks is to create blockchains that are highly efficient and optimized for a specific set of tasks, from payments and gaming transactions to other specialized applications.
On the Degen Chain, DEGEN functions as a native gas token, which is used to pay transaction fees. Developers envision a future where this network facilitates various functions such as tipping (rewarding in the form of crypto), community rewards, payments, and even in-game transactions.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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