Overview
Degen Chain represents an innovative layer-3 blockchain solution specifically for the Degen community, prioritizing features like cost-effective transactions and the ability to support scalable applications. By leveraging integrations with Arbitrum Orbit and Base, it ensures transaction security and data integrity. The $DEGEN token serves as a catalyst for community involvement and bolsters liquidity within the ecosystem.
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Degen Chain has gained over 100,000 users and facilitates daily trades totaling $80 million (as 1/4/24). This underscores its status as a compelling platform with a strong emphasis on community engagement.
Degen Chain Ecosystem
Within the broader Farcaster ecosystem, Degen Chain has swiftly emerged as a dynamic and rapidly expanding platform. Its distinctive features include a community-centric approach and innovative layer-3 blockchain technology. Developers have introduced several applications on the platform:
DApps
DegenSwap: Serving as the principal decentralized exchange (DEX) on the Degen Chain, DegenSwap facilitates the seamless trading and exchange tokens. As the first mover (in DEX), the native token $DSWAP probably has a good potential.
Marketcap ATH : $28 million
Marketcap : $15.8 million (-43.5% from ATH)
Liquidity : $880k
Twitter : https://twitter.com/swapdegen
DegenBridge: This project plans to build a bridge without withdrawal delay. In the normal process, the user needs to wait 7 days to receive funds when bridging back from Degen into another EVM chain. Imo, I doubt they really build it, but the native token $DBRIDGE will pump hard if it is true.
Marketcap ATH : $2.9 million
Marketcap : $533k (-81.6% from ATH)
Liquidity : $242k
Twitter : https://twitter.com/DegenBridgexyz
Memecoin
Degen Pepe ($DEPE)
Marketcap ATH : $32.5 million
Marketcap : $20.6 million (-36.6% from ATH)
Liquidity : $33k
Twitter : -
Notes: The liquidity is too small for a large market cap.
DINU ($DINU)
Marketcap ATH : $8 million
Marketcap : $3.1 million (-61.3% from ATH)
Liquidity : $288k
Twitter : -
Harold and the Purple ($PURP)
Marketcap ATH : $18.4 million
Marketcap : $5.7 million (-69% from ATH)
Liquidity : $329k
Twitter : -
My notes: Probably almost all the memecoins on Degen Chain are mimic to the existing memecoins on other chain (such like *wifhat, *pepe, *person name). The lead for Degen’s memecoin for now is $DEPE but that low liquidity is really annoying.
$DEGEN Token
The $DEGEN token is like the main currency in the Degen Chain world. It's made to keep everything running (used as gas fee). Here's a simple breakdown of how it works:
- Total Tokens: There are about 37 billion $DEGEN tokens to start with, making sure there's enough for the long run.
- Who Gets Tokens: Most of the tokens, 70%, go to the community to make sure lots of people are part of it. 15% go into pools to keep trading stable, and the rest, also 15%, are for the team and investors who helped start it.
- Adding More Tokens: Starting in 2028, a little bit more tokens, about 1%, will be made each year. This helps keep things active without making the tokens worth less.
- Giving Away Tokens: At first, 15% of the tokens were given away for free to get things started. Later on, there were more giveaways to encourage people to join in.
- How Tokens are Used: Besides being bought and sold, $DEGEN tokens are used to do things like buy and sell on Degen Chain, in a place called DegenSwap, and they're accepted in lots of other places too. This makes them pretty handy to have around.