On the eve of layer-3 deployment, DEGEN's price has increased by more than 2,000% in the past 30 days.
Memecoin DEGEN on Base announces launch of private layer-3
Last night (March 28), the memecoin project Degen announced the launch of layer-3 called Degen Chain, within the framework of cooperation with infrastructure provider Syndicate.
The Degen L3 chain is now live! A big thank you to @syndicateio for making this chain happen! Also, a special shoutout to @conduitxyz and @airstack_xyz for their tremendous work behind the scenes. For more details, check out: https://t.co/K9LHZeHJWk https://t.co/LAw2cY0KK0
— Degen 🎩 (@degentokenbase) March 28, 2024
Degen Chain will be based on Arbitrum Orbit technology, aiming to improve the trading environment on Base , the layer-2 that DEGEN is being launched on. At the same time, Degen chose AnyTrust as its Data Availability solution . DEGEN will be used to pay for gas on the layer-3 network.
Will Papper, co-founder of Syndicate, Chia that Arbitrum Orbit is the right choice thanks to its flexibility and ability to customize gas Token . Furthermore, connecting to Base will benefit both users and developers.
Currently, Degen Chain is receiving attention from many socialfi applications such as Farcaster frames PayBot, Perl and LottoPGF.
Degen launched in January this year, with the desire to capitalize on the strong growth of Decentralized Social Media Farcaster.
The number of daily users on Farcaster spiked 2,000% to a record high of 40,000 in early February, according to Dune Analytics. On March 26 alone, Farcaster welcomed more than 32,000 users.
The DEGEN Token has also been Airdrop to Farcaster users and is positioned as a reward mechanism for activity on the platform, such as tipping and liquidation mining.
$DEGEN Token claims are officially live on https://t.co/x3IpFkxakT ! After connecting your wallet, you should see a claim button where the countdown timer to launch once was. Thanks to everyone who has made this possible; really appreciate all your degens! 🎉🚀
— Degen 🎩 (@degentokenbase) January 8, 2024
Degen successfully raised $1.5 million last month with the goal of supporting emerging projects. In addition, the project also benefits from the current memecoin craze, with a total Capital currently at $70.4 billion, up 200% since the beginning of the year.
This Token has had many explosions as the price has doubled in the week and increased 2,045% in the month. Prices are rising after the news of layer-3 launch and have increased more than 75% compared to 24 hours ago.
DEGEN price fluctuation on 7D frame, screenshot of CoinMarketCap at 11:00 AM on March 29, 2024
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