Bittime - This article will discuss what the Degen Chain and DEGEN Token are. Starting from understanding, performance to DEGEN token tokenomics which are very important to know.
What is Degen Chain and DEGEN Token?
Degen Chain comes as a Layer 3 blockchain built on Arbitrum Orbit. Its presence is specifically aimed at serving the Degen community which is active on the Warpcast platform.
Launched with community spirit, Degen Chain utilizes the DEGEN token as its foundation.
These tokens were previously distributed to members of the Degen community on Warpcast and now serve as the fuel that powers the Degen Chain.
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What is Degen Chain?
Degen Chain is a Layer 3 blockchain network built on top of Base, an Ethereum Layer 2 solution. This platform is specifically designed to facilitate the development of crypto projects for its community.
Degen Chain Performance
Degen Chain is showing tremendous growth, with nearly 2 million registered accounts and more than 20 million transactions carried out.
This shows high enthusiasm for this platform. The speed of growth is no less impressive, with more than 3.2 million blocks created within ten days of launch.
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What is DEGEN and Degen Chain?
DEGEN
is a crypto asset launched by Farcaster, a web3-based decentralized social media platform.
Different from meme coins in general, DEGEN has several important functions, one of which is as a native token on the Degen Chain.
Degen Chain
Degen Chain, while not the first Layer 3 scaling solution, is the first of its kind, namely a blockchain layer specifically designed for DEGEN and its associated meme coin ecosystem.
Main Features of Degen Chain
1. Low Cost Transactions: On the Degen Chain, you can carry out transactions at a much lower cost compared to other layer-2 blockchains.
2. Community-Centered: The community is at the heart of the Degen Chain ecosystem. The platform's main priority is to meet the needs and aspirations of its members.
3. DEGEN Native Token: The DEGEN Token functions as an energy source that powers various activities on the Degen Chain.
Also read: Crypto Market Weakens: Average Index Drops 10%, Layer 2 Records Best Performance!
Popularity of Degen Chain
As the popularity of the token and its community soared, Degen Chain recorded more than 28,000 smart contracts deployed on its platform.
At the peak of activity, April 3 to be precise, when more than 2 million transactions were sent, the average transaction fee was just under 0.015 DEGEN (less than 1 cent).
This shows that Degen Chain presents a practical and economical solution for users.
Degen Chain is actively expanding its reach by entering into strategic partnerships, such as the recent one with Decent, a cross-chain transaction platform.
To encourage adoption of its platform, Degen Chain is giving away 500,000 worth of DEGEN tokens to the top L3 bridges on Decent.
Degen Chain Ecosystem
- DegenSwap: This decentralized platform (DEX) allows users to exchange and stake tokens, as well as add liquidity to earn rewards in the form of token pools.
- FrogSwap: Users can stake, farm and exchange tokens on FrogSwap. The platform also has a Launchpad to facilitate the sale of new Degen Chain tokens.
- DINU (DINU): This meme coin developed by the DegenSwap team has a maximum supply of one billion tokens.
- NFTdegen.lol: Claimed to be the first NFT launch platform on the Degen Chain, NFTdegen.lol provides a built-in marketplace for buying and selling NFTs.
- Degen Cet (CET): This cat-themed meme coin is in the process of building its community on the Degen Chain.
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DEGEN Token: Benefits and Uses
DEGEN token is an ERC-20 token created by Jacek Trocinski, founder of Degen Chain. This token has similar tokenomics to the Uniswap token (UNI) and Blur token (BLUR).
Trocinski launched the DEGEN token on January 8, 2024 and later developed a points system to reward users on the Degen channel.
DEGEN Tokenomics
The Degen Chain project has launched approximately 36.97 billion DEGEN tokens at launch. Currently, there are more than 12 billion DEGEN tokens circulating on the market.
Based on DEGEN tokenomics, 70% of the total tokens are allocated to the community. The details are:
- 60% of tokens are distributed through three airdrop phases.
- 10% of tokens are distributed through liquidity mining.
How to Buy Crypto on 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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