Degen is a project developing the Degen Chain, a layer-3 scaling solution built on the Base network, and its associated memecoin, DEGEN. Designed to minimize transaction fees and maximize throughput, Degen Chain leverages Arbitrum Orbit technology and the AnyTrust protocol for data availability. Furthermore, it integrates with Syndicate to provide a comprehensive developer toolkit.
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Initially, the DEGEN memecoin was intended for airdrops to liquidity providers on Uniswap and users of the Warpcast social network (a product of Farcaster). However, with the launch of Degen’s Layer 3, DEGEN has evolved into the native token of Degen Chain, expanding its utility for holders.
Degen’s Key Strengths
Launched in January 2024, Degen quickly gained significant community traction within its first three months, driven by several key advantages:
- Expanded DEGEN Token Utility: Originally conceived as an airdrop memecoin for Farcaster users, DEGEN’s utility has broadened significantly with the development of the Layer 3. This expansion enables developers to build applications on Degen Chain, offering functionalities like creator rewards, gaming, and community management on Warpcast.
- Strategic Partnership with Syndicate: Syndicate plays a crucial role in bolstering Degen’s L3 infrastructure. By providing developer tools like Conduit, Decent, and the Airstack API, Syndicate fosters a developer-friendly environment for building on Degen Chain.
- Leveraging Arbitrum Orbit Architecture: Building on Arbitrum Orbit allows developers on Degen Chain to deploy and customize specialized dApps, optimizing network performance and scalability. This results in a seamless and cost-effective transaction experience for users.
Furthermore, Degen actively encourages community participation through various bounty programs, including meme, frame, and logo design contests. Winners, determined by community votes, can earn rewards of up to 5 million DEGEN tokens.
Degen Tokenomics: A Comprehensive Overview
DEGEN Token Key Metrics
- Token Name: Degen Chain
- Ticker: DEGEN
- Blockchain: Base
- Token Standard: ERC-20
- Contract: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed
- Token type: Updating
- Total Supply: 36,965,935,954 DEGEN
- Circulating Supply: 12,481,637,551 DEGEN
DEGEN Token Allocation
The project’s token allocation is structured as follows:
- Airdrop 3: 25%
- Airdrop 2: 20%
- Airdrop 1: 15%
- Liquidity Pool: 15%
- Ecosystem: 15%
- Liquidity Mining: 10%
DEGEN Token Use Cases
DEGEN tokens can be utilized for various activities within the Degen ecosystem:
- Gas Fee Payments
- On-Chain Activity Participation
- Airdrop Eligibility
Degen Team, Investors, and Partners
The Team Behind Degen
While Degen Chain maintains a degree of anonymity regarding its team members, it has disclosed on Warpcast that the project is led by an individual known as Jacek. Jacek primarily engages with the community on Farcaster and has a limited presence on X (formerly Twitter).
Degen Investors
On February 20, 2024, Degen secured an investment of 490.5 ETH, led by 1confirmation. The majority of the funding was raised from angel investors, as detailed in the image below.
Degen Partnerships
Degen has established partnerships with various organizations, including 9dccxyz, Stack, and Airdtack.
Similar Projects to Degen
Degen operates within the realms of both memecoins and Layer-3 solutions. Comparable L3 projects include Momoka, while similar memecoin projects include Book of Meme and Dogwifhat.
