The post On-Chain Activity Doubles This Week appeared on BitcoinEthereumNews.com.

DEGEN’s on-chain activity nearly doubled, showing increased participation across DeFi, NFTs, and meme coin projects. Due to its community-focused model and integration with decentralized platforms, the Degen Chain ecosystem is rapidly expanding. The recent increase in active DEGEN addresses, which indicates almost doubled on-chain activity, suggests a significant change, according to IntoTheBlock. Particularly in light of its changing ecosystem—which encompasses decentralized finance (DeFi), meme coins, and NFTs—this fast ascent emphasizes growing user interaction with the DEGEN token. Originally introduced as a meme coin appealing to high-risk, high-reward investors, DEGEN has evolved into a more consistent and generally approved digital asset. Growing numbers of players in the bitcoin market have noticed this change from a narrow speculative asset to a token with more general use purposes. The number of active $DEGEN addresses nearly doubled in the last week, highlighting a significant increase in on-chain activity alongside its recent price movement. pic.twitter.com/gOKZhCyL45 — IntoTheBlock (@intotheblock) October 2, 2024 Community-Driven Growth on the Degen Chain Powers DEGEN Expansion  The Degen Chain, a Layer 3 blockchain run by communities, is primarily to blame for DEGEN’s current expansion. Designed using Arbitrum Orbit technology, the Degen Chain is meant to enable scalable and affordable transactions. Being the native gas token in the network, Degen is essential for many operations, including staking, swapping, and liquidity mining on DegenSwap. Degen Chain has seen a spike in user involvement in the past few months, with over 100,000 active accounts and notable daily trade volume suggesting growing liquidity and market depth. The growing number of active addresses points to more people interacting with the token, therefore supporting its liquidity pools and staking and farming operations. Since more users buying and selling the token usually results in a stabilizing influence on its price, this increased activity usually foretells market expansion. Driven…

---

Filed under: News - @ October 3, 2024 12:29 pm