The Enjin ecosystem is extremely promising for non-fungible tokens and blockchain games. Now is a good time to assess how the ecosystem is doing in the grand scheme of things. As Enjin Coin approaches 500,000 users, the next step is at hand.
What else is Enjin?
For those who missed it – or forgot, Enjin has been around for several years. It is the name of the company launching the ecosystem and the name of the network itself. Enjin Coin (ENJ) powers the ecosystem, an ERC-20 compliant token compatible with any Ethereum wallet.
The main goal of Enjin is to be integrated into any game or application. Specifically, game and application creators can benefit from using the ENJ sa payment currency or leverage Enjin’s technology stack to create and integrate NFT support. Additionally, items issued through Enjin can be compatible across ecosystems, including serving multiple purposes in games and marketplaces.
Facilitating the creation, distribution, storage, trading and integration of tokenized digital assets is the way forward. These assets will play an increasingly important role in the development of Web3 and the Metaverse, among other verticals. Additionally, it paves the way for a broader gamified approach to the blockchain industry and all it offers. Moreover, the platform allows users to create websites, stores, forums, game mods, etc.
Several games have incorporated Enjin or Enjin Coin over the years. Names include Space Misfits, 9Lives Arena, The Six Dragons, War of Crypta Nestablesh, etc.
Nearly 500,000 users
Enjin’s appeal is easy to see, but it’s up to users and builders to elevate this ecosystem to a new level. Enjin’s overall growth has been rather spectacular, mainly due to its accessible tech stack. Adoption of Enjin Coin (ENJ) has been a bit Slow down, depending on how the table below is interpreted. Even so, there are now nearly 500,000 ENJ users in total, which is a milestone for this project.
Interestingly, the trend of new account creation continues to slow. There have been periods of heightened interest in creating an ENJ portfolio, although there has been far more ebb than ebb. The general trend has been gradually decreasing since December 2021, and May 2022 does not seem to offer much improvement. There are less than 200 new accounts a day most of the time, which isn’t too great.
That said, there are very few ENJ whales. Just 98 addresses contain over a million ENJs, worth around $700,000. Most users have over 100 ENJs but far less than 10,000 tokens. In total, there are nearly 173,000 wallets with a balance greater than 0 ENJ, which is about 35% of all Enjin Coin wallets created so far.
ENJ DEX Trading
One final stat to look at is where users are buying and selling Enjin Coin. Decentralized exchanges account for a good portion of the overall trading performance of the asset.
Amazingly, Bancor Network remains the primary decentralized exchange for ENJ trading, resulting in over 1.244 million Enjin Coin changing hands in the past week. Uniswap and 0x Native complete the top three, ahead of DeFi Swap, Balancer and SushiSwap.
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