Degen is a Web3 ecosystem developed from the utility Token $DEGEN, originating from the decentralized social network Farcaster and expanding into a separate Layer 3 blockchain.
Degen combines Meme Token, SocialFi, and Layer 3 technology, primarily operated by the community, focusing on interaction, content rewards, and developing DeFi, NFT, and gaming applications on the Degen Chain platform.
MAIN CONTENT
Degen evolved from a meme Token on Farcaster into a versatile Layer 3 ecosystem.
Main products include Degen App, Degen Chain, Tipping System, and the Grants & Bounty program.
A highly skilled development team with reputable investors, aiming for a decentralized community.
What is Degen?
Degen is a Web3 project originating from the utility Token $DEGEN on the decentralized social network Farcaster, quickly expanding into a separate Layer 3 blockchain ecosystem called Degen Chain.
Unlike many meme Token projects that are purely for entertainment, Degen has real applications in content rewards, voting, and DeFi, NFT trading. There is no public team or major investors directly controlling it; Degen develops based on the strength of a large and cohesive community.
Token $DEGEN is used as a reward for content on Farcaster.
A vibrant community across multiple platforms like Warpcast.
Degen Chain provides a low-cost, high-speed environment for dApps.
How does Degen operate?
Degen operates based on three main platforms: the decentralized social network Farcaster, the utility Token $DEGEN, and Degen Chain – a Layer 3 blockchain developed on Base and Ethereum.
Users use $DEGEN to tip content, engage in DeFi transactions, participate in staking, retroactive, and bounty programs, creating a deep and economically valuable interaction experience in the Degen ecosystem.
Notable products of Degen
What is Degen App?
Degen App is a decentralized social networking application based on the Farcaster platform, inspired by Reddit but optimized for the Web3 market, allowing posts, comments, and tipping $DEGEN without needing a cryptocurrency wallet.
Highlighted features include registration via phone number, direct unlimited tipping of $DEGEN, and content channel segmentation by topic to enhance user experience.
Degen App aims to simplify Web3 interactions for new users, ushering in a more convenient and friendly SocialFi era.
Jacek, CEO of Degen, 06/2025
What is Degen Chain?
Degen Chain is a Layer 3 blockchain dedicated to activities within the Degen ecosystem, built on Base Layer 2 and Ethereum Layer 1 to achieve high processing speed, low transaction fees, and suitability for meme applications, mini games, NFTs, and on-chain tipping.
Low transaction costs, suitable for small dApps.
Supports a variety of dApps, including DEX, games, and tipping mechanisms.
The "Deploy on Degen Week" program sponsors millions of $DEGEN for dApp development.
How does the Tipping System work?
The Tipping System is the central content reward mechanism of Degen, allowing users to tip $DEGEN for posts on Farcaster and Degen App, enhancing the quality of content and attracting real interaction within the community.
From locking 10,000 $DEGEN to receive a tip allowance, the system has now upgraded to allow unlimited direct tipping from personal wallets, promoting a more transparent and freer content economy.
What are the highlights of the Grants & Bounty Program?
The Grants & Bounty Program supports developers in building and developing the Degen ecosystem through grants and specific task rewards, facilitating the deployment of applications on Degen Chain.
"Deploy on Degen Week" sponsors over 10 million $DEGEN for new projects.
Bounty encourages the creation of interactive "frames" on Warpcast.
Fund distribution is community-based, decentralized, and transparent.
What are the prominent features of Degen?
Degen stands out with a strong community originating from the meme Token, rapidly developing and expanding a practical Layer 3 ecosystem that is accessible to new users thanks to not requiring a wallet when registering for Degen App.
The core community is closely connected on Farcaster and Warpcast.
Rapid development, diverse and convenient ecosystem.
User-friendly for newcomers who are not cryptocurrency experts.
Overview of Token $DEGEN and Tokenomics
$DEGEN currently has a total supply of nearly 37 billion Tokens issued on Base, Arbitrum, Ethereum, and Solana blockchains, with over 23.8 billion Tokens in circulation.
Criteria Details Token Name Degen ($DEGEN) Blockchain Base, Arbitrum, Ethereum, Solana Total Supply 36,965,935,954 DEGEN Circulation 23,842,524,130 DEGEN Allocation 70% for the community, 15% liquidity, 15% ecosystem Inflation 1% per year starting from 2028
The $DEGEN application varies from content tipping, dApp transactions, staking to in-app payments, creating a multidimensional and efficient content economy.
Degen development roadmap
Degen sets a clear roadmap with important milestones, while focusing on systematically expanding the ecosystem and user experience.
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 release of Degen App on iOS
Q4/2025: Expand grants/bounty, enhance ecosystem development
The development team, investors, and partners of Degen
Development team
Degen is managed by Gentlemen Labs with two core members experienced from top financial organizations like Acorns and Credit Suisse, focusing on building a community and operating a sustainable Web3 ecosystem.
CEO Jacek is a serious builder, well-known in the Farcaster and Web3 ecosystem, despite having a meme-like representation style.
Developers frequently engage publicly on Warpcast.
The community-first spirit helps maintain decentralization and creativity.
Which reputable investors are involved?
The Angel funding round on 20/02/2024 successfully raised 1.46 million USD led by the 1confirmation fund, which has invested in many major Web3 projects such as OpenSea and SuperRare.
This helps Degen have the resources to develop infrastructure and core products before expanding community grants and bounties.
Investment from 1confirmation demonstrates confidence in the potential development of the Degen ecosystem in the Layer 3 and SocialFi market.
Degen press release, 02/2024
Strategic partners of Degen
Farcaster: The decentralized social network platform that strongly develops Degen on Warpcast.
Base: A Layer 2 blockchain that enhances the efficiency of Degen Chain.
Beefy Finance: Collaboration on liquidity and DeFi mechanisms on Uniswap for $DEGEN.
Many community dApps benefit from the grant & bounty program, contributing to the formation of a dynamic ecosystem.
Conclusion
Originating as just a meme Token tip on Farcaster, Degen has evolved into a fully functional Layer 3 Web3 ecosystem, user-friendly and aimed at building a sustainable SocialFi community.
With great scaling potential and a clear roadmap, $DEGEN is gradually becoming a highlight in the SocialFi and Layer 3 blockchain market in the near future.
Note: Content is for reference only and is not investment advice.
Frequently asked questions
Where did Degen originate and how has it developed? Degen originated from a tipping Token on Farcaster and evolved into a Layer 3 blockchain ecosystem with a strong community. What is the total supply and allocation of Token $DEGEN? A total supply of nearly 37 billion Tokens, with 70% allocated to the community, 15% liquidity, and 15% for ecosystem development. What are the main products of Degen? Degen App, Degen Chain, Tipping System, and the Grants & Bounty program help develop the ecosystem. Who are the main investors in the Degen project? The 1confirmation fund leads the Angel funding round, having invested in many large Web3 projects. What sets Degen apart from other Web3 projects? Degen operates under a decentralized community model, focusing on real applications and a user-friendly experience.
Source: https://tintucbitcoin.com/degen-degen-la-gi/
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