Overview
Degen (DEGEN) is an ERC-20 token operating on the Base blockchain, introduced in January 2024. It functions as a reward system within the Farcaster social network, allowing users to tip content creators, thereby promoting quality contributions and community interaction. The token’s integration into Farcaster has enhanced user engagement by providing tangible incentives for participation.
Degen Chain
In addition to its role within Farcaster, Degen underpins Degen Chain, a Layer 3 blockchain constructed atop Base, an Ethereum Layer 2 solution. Degen Chain is designed to facilitate the development of decentralized applications (dApps) with low transaction fees and a community-centric approach. This infrastructure aims to provide a versatile platform for various projects within the decentralized ecosystem.
Tokenomics
The total supply of DEGEN is approximately 36.97 billion tokens. As of December 5, 2024, the circulating supply is around 17.27 billion tokens. The distribution includes airdrops to active community members to ensure maximum user engagement.
Community Engagement
The Degen community is active on platforms like Farcaster, particularly within the /degen channel, where users share insights, memes, and engage in discussions related to high-risk trades and decentralized finance (DeFi) opportunities. This vibrant community culture fosters collaboration and the exchange of information among enthusiasts.
Development Team
Degen is developed by Gentleman Labs, a team with expertise in technology and innovation, driving the project’s development and fostering active community engagement.
