What is Degen (DEGEN)? Layer3 Memecoin on Base Appears on Binance Alpha

As SocialFi rises, users are seeking new ways to interact, reward quality content, and build decentralized communities. Degen emerges as a prominent project, quickly evolving from a meme token on the Farcaster social media platform to a fully functional Layer 3 ecosystem with integrated tipping mechanisms, social media applications, and blockchain infrastructure. What makes this project special? Let's explore with Allinstation!

• The "Deploy on Degen Week" program sponsors over 10 million $DEGEN for projects built on Degen Chain.
• Projects can receive bounties and rewards for specific tasks.
• Degen Frame Bounty: Encourages creating "frames" (interactive windows) on Warpcast to increase interaction and experience.

All operate on a community-funded capital model, self-governing, and independent of traditional investment funds.

Degen's Highlights

• Strong Community: Started as a meme token but strongly supported by the community, especially on Farcaster.
• Rapid Development: Degen Chain launched in a short time, ecosystem expanding quickly.
• Newcomer-Friendly: No wallet required to register for Degen App, smooth UX.
• One of the few Layer 3 ecosystems with actual users.

Overview of $DEGEN Token and Tokenomics

Basic Information

• Token Name: Degen
• Ticker: DEGEN
• Blockchain: Base, Arbitrum, Ethereum, Solana
• Total Supply: 36,965,935,954 DEGEN
• Circulating Supply: 23,842,524,130 DEGEN
• Contract:

Base: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed

Arbitrum: 0x9f07f8a82cb1af1466252e505b7b7ddee103bc91

Ethereum: 0xfee293840d23b0b2de8c55e1cf7a9f01c157767c

Solana: A7n89LqW67HJKzJkdWZa2xojuK4N5GBKHz3dfjATCZPz

DEGEN Token Allocation

• 70%: for community.
• 15%: liquidation.
• 15%: ecosystem

Inflation: From 2028, 1% inflation per year.

DEGEN Use Cases

• Content tipping
• dApp transactions
• Staking, rewards, retroactive
• In-app payments.

Development Roadmap

• Q1/2024: Launch of tipping mechanism on Farcaster
• Q2/2024: Launch of Degen Chain (Layer 3)
• Q2/2025: Degen App beta release
• Q3/2025: Official Degen App launch on iOS, channel system integration
• Q4/2025: Expand grants/bounties, boost Degen Chain ecosystem

Development Team, Investors, and Partners

Development Team

Degen originated from the Farcaster community, built and operated by Gentlemen Labs – a team of two core members who previously worked at renowned companies like Acorns, Credit Suisse, and other top fintech organizations.

The project's founder and CEO is Jacek, a character often appearing with a meme-style avatar but a serious builder in the Farcaster and Web3 ecosystem.

Additionally, Degen attracts many experienced builders in the Web3 ecosystem:

• Degen developers were previously active Farcaster users, building tools, bots, and applications related to tipping and on-chain data.
• The main developers of Degen App and Degen Chain are publicly active on Warpcast, but no specific individual names are officially recognized (in line with the community-first spirit).

Investors

Although Degen aims to develop a community and decentralized model, the project raised funds in an Angel round on 20/02/2024, securing $1.46 million.

Leading this funding round was 1confirmation – a famous investment fund specializing in early-stage Web3 projects like OpenSea, SuperRare, and Nexus Mutual. The Angel round funding helps Degen acquire initial resources to develop key products like Degen Chain and Degen App, before deploying numerous community programs and decentralized grants.

Partners

Degen receives technical and ecosystem support from many major platforms:

• Farcaster: Decentralized Social Media where Degen thrives most, especially on the Warpcast client.
• Base: Degen Chain runs on Base Layer 2, providing high transaction speed and low fees.
• Beefy Finance: Collaborating to create liquidity and DeFi mechanisms for $DEGEN token on Uniswap.
• Community dApps: Dozens of small projects are being deployed on Degen Chain through grant & bounty programs, creating a fast and dynamic ecosystem.

Summary

From a fun tipping token on social media, Degen has grown into a Layer 3 blockchain with a dynamic, highly applicable ecosystem in social media, meme culture, and DeFi. With a user-friendly orientation, the upcoming explosion of Farcaster and Degen App, $DEGEN could become the focal point in the upcoming SocialFi and Layer 3 wave.

Note: This article is for informational purposes only and is not investment advice.