Enjin Coin (ENJ) Approaches A New Milestone Of Hitting 500,000 Wallets

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The Enjin ecosystem has tremendous promise for non-fungible tokens and blockchain gaming. Now is a good time to evaluate how the ecosystem is doing in the grand scheme of things. As Enjin Coin approaches 500,000 users, the next milestone is within reach. 

What Is Enjin Again?

For those who missed it – or forgot about it, 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) is powering the ecosystem, an ERC-20 compatible token compatible with any Ethereum wallet.

The primary objective of Enjin is to be integrated into any game or application. More specifically, builders of games and apps can benefit from using ENJ s a payment currency or leverage Enjin’s technology stack to create and incorporate NFT support. Additionally, items issued through Enjin can be cross-ecosystem compatible, including serving multiple purposes across games and marketplaces. 

Facilitating the creation, distribution, storing, trade, and integration of tokenized digital assets is the way forward. These assets will play a growing role of importance in Web3 and metaverse development, among other verticals. Moreover, it paves the way for a broader gamified approach to the blockchain industry and everything it offers. Moreover, the platform lets users build websites, stores, forums, in-game modules, 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. 

Approaching 500k Users

The appeal of Enjin is easy to see, yet it remains up to suers and builders to elevate this ecosystem to a new level. Overall growth for Enjin has been rather spectacular, primarily due to its accessible technology stack. Uptake on Enjin Coin (ENJ) has been a bit slower, depending on how one interprets the chart below. Even so, there are now nearly 500,000 total ENJ users, which is a substantial milestone for this project.  

Interestingly, the new account creation trend continues to slow down. There have been periods of increased interest in setting up an ENJ wallet, although there are far more ebbs than flows. The overall trend has dwindled gradually since December 2021, and May 2022 doesn’t seem to offer much improvement. There are less than 200 new accounts per day on most days, which isn’t too great. 

That said, there are very few ENJ whales. Just 98 addresses hold over 1 million ENJ, valued at roughly $700,000. Most users have over 100 ENJ but well below 10,000 tokens. In total, there are almost 173,000 wallets with a balance of over 0 ENJ, representing roughly 35% of all Enjin Coin wallets created to date. 

ENJ DEX Tradng

A final statistic to look at is where users are buying and selling Enjin Coin. Decentralized exchanges represent a good portion of the asset’s overall trading performance. 

Surprisingly, Bancor Network remains the primary decentralized exchange for trading ENJ, resulting in over 1.244 million Enjin Coin changing hands this past week. Uniswap and 0x Native complete the top three, ahead of DeFi Swap, Balancer, and SushiSwap. 

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