Recently, the Memecoin market has once again become extremely exciting with money flowing into Token in the Base system, the most prominent of which is DEGEN.
And even more surprisingly, a meme project like Degen has just announced the construction of a separate chain, creating a Layer 3 ecosystem for users.
So what is noteworthy about the project? Why does this name have the ability to attract a strong community?
Let's learn more with Allinstation!
What is Degen Chain?
Degen was launched in January 2024 from the Degen channel community on Farcaster. By distributing Token to developers, content creators, and users, Degen has reinvigorated the Farcaster ecosystem by allowing Casters to reward others with $DEGEN when they post quality content.
Read more: What is Farcaster?
Degen Chain is one of the first L3s built specifically for a community and its Token , allowing new experiments in bounties, community rewards, payments, games, etc.
$DEGEN previously pioneered the flow of money into the Base Memecoin ecosystem, showing serious development from this project.
Outstanding features of the project
Using Arbitrum Orbit technology
The most special point here is that a "memecoin" project like Degen Chain is building to Layer 3, with the platform of Arbitrum Orbit and using AnyTrust as DA. In addition, Degen Chain is also supported by Syndicate, which supports the development of the project's L3 infrastructure, providing tools such as Transaction Cloud APIs or up to 5 million transaction requests and exemptions. Gas Price on Degen Chain for developers.
Read more: What is Layer 3?
Syndicate also partners with other projects to take care of each individual process, for example, a transaction will include a “Settlement” step (performed by OP Stack, Polygon CDK, Arbitrum) or “Consensus/ Data availability” : (done by Celestia, AnyTrust,..).
With Degen Chain, Syndicate provides solutions from the above third parties to make the platform's L3 ecosystem easily meet user needs such as Block Explorer, Non-Fungible Token Marketplace, AMM, Wallet,... with the most reasonable cost.
Airdrop program
This project currently has 3 Airdrop programs with allocations of 15%, 20% and 25% respectively.
This is said to be a signal that the project wants to promote both the Degen Chain ecosystem and the Farcaster ecosystem, a SocialFi project.
- Airdrop 1 given to early participating members of the channel.
- Airdrop 2 launches a unique tipping mechanism, the first of its kind, based on the quality of content deployed on the Farcaster social network.
Eligible Farcaster wallets will automatically receive a daily percentage of DEGEN Points to tip other users; This total allocation is determined algorithmically based on Casters' interaction statistics.
Being FOMO is very strong
Now, Memecoin DEGEN is built on technology to promote the Degen Chain ecosystem that we have seen in Layer 2 Shibarium of Shiba Inu Token (SHIB).
Using a previously FOMO Memecoin to build a growing ecosystem shows that “memecoin” projects are evolving to be more responsive to demand, while also helping to maintain the price of the main Token. It.
Information about Token
Token metrics
- Token name: Degen Token
- Ticker: DEGEN
- Blockchain: Base
- Contract: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed
- Token Type: Utility
- Total Supply: 36,965,935,954 DEGEN
- Circulating Supply: 12,481,637,551 DEGEN
Allocation of Token
- Airdrop 1: 15%
- Airdrop 2: 20%
- Airdrop 3: 25%
- Liquidity Mining: 10%
- Liquidity Pool: 15%
- Ecosystem: 15%
Token utility
- Airdrop rewards
- Use as Gas Price
- Used for Ecosystem activities (Grant, Bounty,...)
Roadmap
Updating…
Project team
Updating…
Investors and partners
Investors
Degen Chain has a single Capital round worth $1.46M conducted by 1confirmation.
Partner
This L3 platform has a large team of partners such as Syndicate, Coinduit, Arbitrum, Farcaster, Decent,... to support the smooth operation of the ecosystem.
Identify
The Degen Chain project started from strong FOMO from the community about the "memecoin" $DEGEN Token , opening the door for a strong flow of money into the memecoin ecosystem on Base. As the leading project in this field, Degen Chain has made an "interesting" move by turning into a separate Layer 3 ecosystem, thereby attracting cash flow to the Base system, especially Farcaster.
Read more: What is Base? Why did Coinbase launch this Layer 2 ?
The 3 Airdrop programs account for 60% of tokenomics, the explosion in the number of users on Farcaster is completely understandable, in fact it has also been proven that this number is constantly increasing thanks to this Layer 3 project.
By being built from Base, Degen Chain is being heavily shilled by Coinbase and Farcaster, thus enjoying huge cash flows from the United States, this project is being watched very closely by the community.
Narrative SocialFi 's competition is quite hot, while CyberConnect is building towards Layer 2 and reStaking, Farcaster supports a Layer 3 project with an Airdrop program that causes strong FOMO, there are still good Mocaverse, Lens Protocol friend.tech is also growing well.
Read more: Can SocialFi make a comeback after Web2 Social Network hacks?
Frequently asked questions
What is the project's official information channel?
Where to track the platform's transaction information?
- People can visit here to check transactions on the chain: Degen Chain blockchain explorer
summary
Allinstation answered your question about what Degen Chain is and provided information surrounding the project. Let's learn and evaluate together to make the wisest investment decisions. Wish you luck!!!
