What is Degen? Information about DEGEN Token

What is Degen?

Degen is a memecoin and Layer 3 blockchain project developed on the Layer 2 Base blockchain, launched in January 2024. Degen Chain is designed to reduce transaction fees and increase network throughput. It utilizes Arbitrum Orbit technology and the AnyTrust protocol for data availability while partnering with Syndicate to provide a suite of developer tools.

Initially, the DEGEN memecoin was created for airdrops to liquidity providers on Uniswap and users on the social network Warpcast (a Farcaster product). After the launch of Degen Layer 3, the DEGEN memecoin became the native token of Degen Chain, expanding its utility for holders.

DEGEN can be considered the unofficial token of the Farcaster ecosystem, rewarding users for posting quality content. This incentivizes creativity and collaboration, fostering further growth of this decentralized social network.

Related: What Are Memecoins? Top 5 Most Promising Memecoins of 2024

Key Features of Degen

Since its launch, Degen has garnered significant community support due to its notable advantages:

• Expanding Utility for DEGEN Token: Originally a memecoin for airdropping to Farcaster users, Degen has evolved by developing Layer 3, enhancing its utility to include rewarding creators, gaming, and community management on Warpcast.
• Partnership with Syndicate: Syndicate plays a crucial role in supporting Degen’s Layer 3 infrastructure development, providing developer tools like Conduit, Decent, and API Airstack to create a developer-friendly environment.
• Built on Arbitrum Orbit Architecture: This allows developers on Degen Chain to deploy and customize specialized dApps, optimizing network performance and scalability. As a result, Degen Chain offers smooth, cost-effective transactions.

Degen also runs bounty programs encouraging developers and users to contribute through meme, frame, and logo bounties. Participants can create related designs and memes to compete. Winners, based on the number of votes, can receive rewards of up to 5 million DEGEN tokens.

Investors

On February 20, 2024, Degen secured an investment of 490.5 ETH, led by the 1confirmation fund, primarily from angel investors.

What is the DEGEN Token?

Basic Information about DEGEN Token

• Token Name: Degen
• Token Symbol: DEGEN
• Blockchain: Base
• Smart Contract: 0x4ed4E862860beD51a9570b96d89aF5E1B0Efefed
• Total Supply: 36,965,935,954 DEGEN
• Max Supply: 36,965,935,954 DEGEN
• Circulating Supply: 14,179,608,879 DEGEN

DEGEN Token Allocation

• Airdrop 1: 15%
• Airdrop 2: 20%
• Airdrop 3: 25%
• Liquidity Mining: 10%
• Liquidity Pool: 15%
• Ecosystem: 15%

DEGEN Token Release Schedule

Initially, we created approximately 37 billion tokens, with 70% allocated to the community. Another 15% is designated for forming a liquidity pool, and the remaining 15% will support our team, investors, and the broader ecosystem. Additionally, a 1% inflation rate is set to begin in 2028.

What is DEGEN Token Used For?

• Gas Fees
• Ecosystem Operations
• Farcaster User Rewards

Where to Trade DEGEN Tokens?

Currently, DEGEN is traded on major exchanges like OKX, Bybit, and Bitget.

Trade DEGEN on OKX Here!!!

Roadmap

Updating

Similar Projects

Currently, there are not many Layer 3 projects. On Base, there are also few well-known memecoins listed on major exchanges. However, in the memecoin sector, similar projects include:

• On Ethereum: PEPE, TURBO
• On Solana: BONK, WIF

Project Information Channels

• Website: https://www.degen.tips/
• Twitter: https://x.com/degentokenbase

Conclusion

Degen is an innovative and appealing memecoin and Layer 3 blockchain project on the Base platform, offering numerous opportunities along with associated risks.

Through this article, we have introduced the memecoin Degen and the DEGEN Token. If you have any questions, please leave them in the comments for immediate answers!