Since January of this year, $Degen has rapidly gained popularity in the Farcaster community, where community members reward their favorite high-quality content in the form of comments + DEGEN. Degen will receive daily rewards based on user activity and engagement on Farcaster. The airdrop amount is calculated based on the total rewards received from others during each season, so users need to post quality content on Farcaster to earn rewards. Many active users have even reached the daily reward cap of several thousand dollars. The price of $Degen has risen with the community's enthusiasm, and at this point, Degen's market cap has risen from $10 million to around $50 million, which in turn has brought a wave of user growth to Farcaster.

The mutual rewards of Degen make me feel like a group of people standing around a large bowl. Everyone can pick up a spoon that is about the same length and diameter to feed others, but cannot feed themselves. How much they can eat depends on their own rewards. The more they interact and reply to each other, the more rewards they receive. In February, Degen announced the completion of an angel round financing of 490.5 ETH (about $14.7 million), led by 1confirmation, with participation from Farcaster OG and other institutions. This funding will be used to develop the Degen ecosystem and community. It can be seen that a portion of the shares has already been given to some community projects, such as Drakula, which also lays the foundation for the utility of Degen. The decentralized TikTok Dracula on the Base chain went live on March 14. Dracula was created by Alex Masmej, the issuer of the fan token $ALEX, and received investment from Paradigm.

Due to previously receiving a grant of 10 million DEGEN from the Degen community (currently worth about $500,000), the Dracula application uses degen as its token. Users can use degen to purchase their favorite bloggers, similar to the gameplay of Friend tech. Users can also earn points by posting and watching short videos, sharing links, and buying creator tokens, and use BLOOD for rewards. Additionally, similar to the NFT chip platform zora, community projects Bracket.Game and Rounds.wtf use degen as their native token. At this point, Degen's market capitalization has grown to approximately $70 million to $100 million. DegenCast will also use Degen to purchase creators' Keys.

Angel round financing

In February, Degen announced the completion of an angel round financing of 490.5 ETH (about $14.7 million), led by 1confirmation, with participation from Farcaster OG and other institutions. This funding will be used to develop the Degen ecosystem and community. It can be seen that a portion of the shares has already been given to some community projects, such as Drakula, which also lays the foundation for the utility of Degen.

Utility

The decentralized TikTok Dracula on the Base chain went live on March 14. Dracula was created by Alex Masmej, the issuer of the fan token $ALEX, and received investment from Paradigm.

Degen L3

Degen began its impressive journey on March 20. First, on March 29, Degen announced a collaboration with Syndicate to develop an L3 based on Base. The gas token for Degen Chain is also DEGEN. As of now, Degen Chain has conducted over 4 million transactions, with more than 100,000 wallets.

The second piece of news is that Merkle Manufactory, the parent company of Farcaster, has raised funds at a valuation of $1 billion, led by the founder of Paradigm. Since Farcaster has not issued tokens, the community has begun to view this financing as a positive development for $Degen.

Since Degen launched L3, its entire valuation space has been compared with major public chains, and it can even be said that $Degen has become the token of Base. The market cap has skyrocketed like a rocket, soaring to $20 $SOL in a matter of days.

Billion USD.