Which sector does the gas coin belong to?

Gas currency belongs to the Layer 1 public chain sector and is the native token of the Layer 1 public chain network, used to pay network transaction fees.

Which sector does gas coin belong to?

gas coins belong to the Layer 1 public chain section.

Detailed explanation:

Gas currency is a native token unique to Layer 1 public chain networks and is mainly used to pay network transaction fees. When users conduct transactions on the Layer 1 public chain, they need to pay a certain amount of gas coins as fuel fees to compensate for the computational costs of network verification and transaction execution.

Layer 1 public chain network refers to the underlying blockchain built directly on basic blockchain technology, including Ethereum (ETH), Bitcoin (BTC), BNB Chain, etc. These public chain networks provide the infrastructure that allows developers to build various applications and services on top.

Gas currency is an important part of the Layer 1 public chain network, and its value is closely related to the transaction volume and usage rate of the network. When the transaction volume on the network increases, the demand for gas coins also increases, causing their price to increase.

Some popular gas coins include:

• Ethereum’s ETH
• BNB Chain’s BNB
• Solana’s SOL
• Polygon’s MATIC

The price of Gas (GAS) has continued to fluctuate recently and is currently at $3.32. The 24-hour trading volume is $27 million. Over the past day, the value of GAS fell by 6.81%, reflecting the instability in the cryptocurrency market.

Despite the price drop, GAS still occupies an important position in the cryptocurrency space. As the native token of the NEO blockchain, it is the basis for blockchain smart contracts and application development. The circulating supply of GAS is approximately 65 million, the maximum supply is unknown, and the total supply is the same as the circulating supply, indicating that it has not yet been fully released.

Gas has a circulating market capitalization of approximately $216 million, ranking relatively high among all cryptocurrencies. Its price volatility may affect the health of the NEO ecosystem, as GAS is a necessary tool for using the platform’s applications and services. Investors and traders pay close attention to the price movement of GAS as its fluctuations can have an impact on the entire cryptocurrency market.

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