A utility token represents a type of cryptocurrency that operates on a smart contract blockchain, serving a specific purpose within the ecosystem of a crypto project. When engaging in trading activities on the platform. Utility tokens serve specific functions within crypto projects’ ecosystems. They enable voting, enhance gaming experiences, provide benefits on crypto exchanges, facilitate tipping mechanisms, and act as the native token for paying network fees on smart contract blockchains. Meme Coins, on the other hand, are digital assets that draw inspiration from internet memes and cultural references, garnering substantial popularity and the potential for notable investment returns despite having no real-world utility. In this article, we will have a look at the utility token Arbitrum (ARB) that launched in March 2023 in contrast to Dogecoin (DOGE) and the newest meme coin on the crypto block, Caged Beasts (BST).
Arbitrum: Scaling Ethereum’s Potential
Arbitrum (ARB) is a Layer-2 project built on the Ethereum blockchain. Its primary objective is to address scalability issues within the Ethereum network, enabling faster and more efficient transactions while maintaining the security provided by the ETH blockchain. The anticipated surge in demand for Layer-2 solutions in 2023 makes projects like Arbitrum particularly appealing to investors.
Arbitrum stands out among other Layer-2 cryptocurrencies due to its focus on enhancing Ethereum’s smart contract capabilities and incorporating privacy features into these contracts. Additionally, the platform prioritizes a seamless developer experience, providing a user-friendly environment for developing smart contracts without complexities. This is facilitated by Arbitrum’s custom virtual machine, known as the Arbitrum Virtual Machine (AVM), which allows the execution of smart contracts compatible with Ethereum Virtual Machine (EVM).
Dogecoin’s Network Activity Soar
Following the introduction of a new mechanism enabling token issuance on the Dogecoin blockchain, the daily transaction volume of Dogecoin experienced a tenfold increase compared to the previous week’s average. The network recorded over 645,000 transactions as compared to around 20,000 daily transactions normally. The implementation of the DRC-20 token standard on May 9 triggered an immediate surge in network activity.
The introduction of the DRC-20 token standards on the Dogecoin blockchain enables developers to create tokens that utilize Dogecoin (DOGE) for network fees. This feature enhances the value proposition of Dogecoin and opens up possibilities for the development of decentralized finance (DeFi) services on the blockchain.
However, the deployment of DRC-20 tokens has faced criticism from some quarters. Critics argue that it may result in network congestion, potentially impacting the efficiency of the Dogecoin network. Furthermore, they assert that this move deviates from the original intention of Dogecoin, which was primarily intended for use as a widely accepted everyday currency.
Un-Cage The Meme Coin Potential With Cage Beasts
Caged Beasts (BST) utilizes the metaphor of “Caged Beasts” to represent “Caged Liquidity,” setting it apart from other community tokens. The distinguishing feature of this token is its transparent display of tightly locked funds, which allows everyone to witness the commitment to security.
Beyond the concept of caged liquidity, Caged Beasts aim to disrupt the traditional finance industry and reimagine it through a decentralized system. This approach seeks to liberate individuals from feeling confined like caged beasts. Notably, 75% of the funds are locked for liquidity and will be released on the day of the token’s launch. A portion of the funds, 25%, is allocated to the marketing wallet, emphasizing the importance of substantial investment to establish a significant presence.
As Caged Beasts is a community token, active community engagement can be expected. This includes various activities such as competitions, bonuses, events, voting mechanisms, and exclusive events. The community will receive all announcements ahead of others, particularly regarding NFT releases.
To stay ahead of the game and secure your spot for the upcoming presale, we encourage you to sign up with your email at the bottom of the page. As this project is still in its early stages of development, signing up with your email is the optimal way to receive timely updates and be among the first to participate when the presale launches. By signing up, you ensure that you don’t miss out on any important announcements and have the opportunity to get involved at the earliest possible stage. Don’t wait; sign up now to stay informed and be part of this exciting journey!
For All Things Caged Beasts
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