The value of DEGEN is up greater than 2,000% in 30 days.
Degen, the just lately surging memecoin, has launched its personal Layer 3 community.
Introduced on March 28, Degen teamed up with Syndicate, a Layer 3 infrastructure supplier, to launch Degen Chain.
The chain was constructed on high of the Arbitrum Orbit tech stack, will settle transactions on Base — the Ethereum Layer 2 DEGEN launched on — and faucets AnyTrust for information availability providers. The L3 gives extra utility to the DEGEN token, with the token now functioning because the community fuel token for Degen Chain.
“Arbitrum Orbit was chosen due to its flexibility and skill to assist customized fuel tokens,” Will Papper, co-founder of Syndicate, informed The Defiant. “Settling transactions to Base has the advantage of enabling extra seamless bridging and on/off-ramping from Base and Coinbase for customers and builders.”
Degen Chain will host the DEGEN token and group shifting ahead, with the venture additionally inviting third-party builders to construct on high of the community.
Jacek, the founding father of DEGEN, famous that a number of socialfi-focused purposes have already expressed an curiosity in constructing on Degen Chain, together with Farcaster frames PayBot, Perl, and LottoPGF.
DEGEN rallies
DEGEN launched in January, with its builders searching for to trip the momentum of Farcaster, the just lately surging decentralized social platform.
Farcaster’s every day lively consumer base rocketed by round 2,000% to an all-time excessive of 40,000 in early February from roughly 2,000 in the beginning of January, in accordance with Dune Analytics. Farcaster hosted greater than 32,000 lively customers in 24 hours on March 26.
DEGEN was airdropped to Farcaster customers and positioned itself as a mechanism to reward exercise on the platform, reminiscent of tipping and liquidity mining. The token has since loved explosive progress, with its worth doubling prior to now week and rocketing 2,045% in 30 days, in accordance with CoinGecko.
The latest momentum has been attributed to rising adoption throughout the Base ecosystem. DEGEN just lately discovered utility as a car for fundraising, with the venture elevating $1.5 million final month in grants supporting rising tasks.
DEGEN has additionally benefited from effervescent momentum within the memecoin markets, with the mixed capitalization of meme tokens sitting at $70.4 billion after gaining 200% for the reason that begin of the 12 months.
