Detailed Guide on DEGEN- Base’s Top Memecoin

Definition of DEGEN

This ERC-20 token has been revolutionizing the Farcaster ecosystem. It was unveiled early this year and has enabled Casters to award DEGEN tokens to those posting excellent content. 

The strategy has closed the gap between actual-world value and online contributions, similar to how bridges in the real world close gaps. So far, DENGEN has grown 1500% within a month, attaining a market capitalization of $212M.

DEGEN’s Origin

The Farcaster Degen channel, a lively idea and innovation marketplace, was DEGEN’s origin. Initially, it was a reward token for the channel’s participants. 

DEGEN grew from a memecoin to being accepted by developers, crypto fans, and content creators. During the first unveiling, 15% of the overall supply was airdropped to Farcaster’s Degen channel’s active members.

DEGEN Chain’s developer, Jacek Trocinski, created a token whose tokenomics resembled Uniswap’s token (UNI) and Blur token (BLUR). Users could acquire points by being active, receiving likes, or holding non-fungible tokens (NFTs). 

The DEGEN chain is developed as an Arbitrum Orbit Chain, thus leverages Base while utilizing AnyTrust for data. This strategy seems to have DEGEN as the native gas token.

From meme coin to a major player in the Base ecosystem, DEGEN is evidence that in crypto, each token has its day. 

DEGEN’s Evolution

From Meme Coin to Community Token

DEGEN began its life as a humble meme coin. It was unveiled early this year and was previously a reward token for Farcaster Degen channel’s participants.

DEGEN can be considered a ‘well done for staying active’ badge. Nevertheless, the token rapidly shed its meme coin status after crypto content developers and fans embraced it.

The initial unveiling entailed airdropping 15% of the overall supply to active Farcaster’s Degen channel members. Besides, the developers intend to airdrop 70% of the token’s overall supply eventually.

DEGEN also planned to link the gap between actual-world value and online contributions, allowing Casters to award DEGEN to others for posting excellent content. In the end, it became a community token.

DEGEN Chain’s Unveiling 

After DEGEN established its role as a community token, it was time to unveil the DEGEN Chain that sought to tap into the famous memecoin community. Currently, developers can utilize DEGEN to create apps.

Jacek Trocinski created a token whose tokenomics resemble UNI and BLUR tokens. Being active in the channel, receiving likes, or holding specific NFTs earns users points.

The DEGEN chain is developed as an Arbitrum Orbit chain. Still it utilizes the AnyTrust for data availability. The aim is to have DEGEN become the native gas fee.

In addition to being a coin or token, DEGEN illustrates the community that created and nurtured it. It is evidence of the crypto community’s power and the imminent thrilling possibilities.

DEGEN Chain Elements 

Tokenomics and Rewards

The ERC-20 token began as a reward token and evolved. Currently, it is embraced by crypto content creators, developers, and fans.

Besides the memes, DEGEN entails adding actual-world value to online contributors.

Technology Behind DEGEN Chain

The primary idea behind the DEGEN chain entails enabling apps to create games and design fun apps within the memecoin community. This aims to boost value to the chain and establish a universe in which DEGEN is a means of life. 

DEGEN’s Effect and Integration

Recently, DEGEN experienced a 1500% surge. Its market cap is $212M, making it similar to the geek child at school who finally turned out to be a secret intellect.

The Base ecosystem has embraced DEGEN, incorporating it into different projects and exploiting its rising impact. This is similar to the new child who showed up and immediately became the school’s most famous student.

DEGEN is not comfortable with its recent fame. Instead, it is supporting various projects such as Drakula, a ‘web3 TikTok’ whose trading volume is more than $10M. 

Another project is Perl, a prediction game that resembles the crypto version of Superfluid and a Magic 8-Ball. These initiatives illustrate DEGEN’s growing adoption and utility.