Merit Circle DAO, a gaming-focused crypto group, launched its Beam network on Avalanche in August 2023. Since then, the network has gained significant traction, with its BEAM token experiencing a surge in value.
Key Factors Driving Beam’s Growth
- Increased gaming activity: Beam hosts several games, including Goons of Balatroon and Nekoverse: City of Greed, which have contributed to the network’s transaction volume.
- NFT support: Beam’s Sphere NFT marketplace supports NFTs on the Polygon-powered Immutable zkEVM blockchain, expanding its appeal to NFT enthusiasts.
- FOMO rush: Some believe that a “fear of missing out” (FOMO) has driven the purchase of BEAM tokens.
BEAM Token Performance
The BEAM token has seen a 36% surge in the past day and 25% in the past week, outpacing other gaming-focused cryptocurrencies.
Beam Network Usage
- Over half a million total wallet addresses have engaged with Beam’s blockchain since its launch.
- The Beam subnet has reached a new all-time high of over 103,000 transactions in a single day.
Twitter Suspension and Impersonators
Beam’s official Twitter account was recently suspended, possibly due to false reporting. Beam account impersonators have emerged to scam users, and the Beam team is working to resolve the issue.
Looking Ahead
Beam’s co-founder, Marco van den Heuvel, believes that the network’s growth is just beginning. With several games yet to fully deploy on Beam, the future looks promising.
FAQ
What is Beam?
Beam is a subnet on the Avalanche blockchain, launched by Merit Circle DAO. It supports gaming, NFT trading, and other decentralized applications.
What is Merit Circle DAO?
Merit Circle DAO is a decentralized autonomous organization (DAO) that focuses on gaming and NFTs. It invests in gaming projects and offers scholarships to gamers.
What is an Avalanche subnet?
An Avalanche subnet is a separate chain that runs on the Avalanche platform. It offers customization and scalability for specific use cases, such as gaming or DeFi.
What is FOMO?
FOMO stands for “fear of missing out.” It is a psychological phenomenon that drives people to make impulsive decisions, such as buying cryptocurrencies, out of a fear of losing potential gains.