What is DEGEN?
Introduction to DEGEN
DEGEN, an ERC-20 standard token launched in January 2024, has brought revolutionary changes to the Farcaster ecosystem. The DEGEN token allows Casters to reward users for posting quality content. This system not only recognizes unique posts and comments but also effectively bridges online contributions with real-world value.
Moreover, the L3 chain developed by Syndicate—Degen Chain—provides a low-cost trading environment for DEGEN. This chain primarily uses DEGEN as its meme token and incorporates a native Gas token based on Arbitrum Orbit, with Base as the settlement layer and the DA layer utilizing AnyTrust technology.
Overall, DEGEN is not only a meme token project that rewards quality content but has also developed its own public chain ecosystem. In the cryptocurrency community, the term "degen" is also commonly used to describe traders who engage in high-risk transactions, adding a special cultural value to DEGEN.
DEGEN Token Economics
Token Abbreviation: DEGEN
Chain: BASE
Contract Address: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed
Initially, about 37 billion DEGEN tokens were created. Of these, 70% were allocated to community members to foster participation and content creation. Another 15% formed a liquidity pool to support DEGEN's liquidity demands on trading platforms, while the remaining 15% was distributed to the development team, investors, and for broader ecosystem support. Additionally, starting in 2028, DEGEN has set a 1% inflation rate to address long-term economic expansion needs.
DEGEN Token: Multifunctional and Broad Applications
Expanding Diverse Application Scenarios
Through partnerships with various projects and DApps like Drakula and DegenCast, DEGEN has significantly broadened its application scenarios. These collaborations enhance DEGEN's usability across different platforms and increase its appeal in the crypto market.
Core Role of Decentralized Network Community Token
As a decentralized community token based on the Ethereum layer 2 network, Base chain, DEGEN is primarily used for rewarding and tipping users. This mechanism allows users to convert points received from community activities into real value.
Innovation in the Third-Layer Blockchain Ecosystem
Degen Chain is a third-layer blockchain ecosystem dedicated to providing scalable, low-cost solutions. Its active DEGEN token ecosystem has brought about thorough changes for the Degen community.
Transition from Meme Coin to Reward Token
Initially a meme and reward token for participants of the Farcaster Degen channel, DEGEN has now garnered the attention and investment of many developers, crypto content creators, and enthusiasts.
Breaking the Limitations of Traditional Meme Coins
The launch of DEGEN effectively addressed the issue of many meme coins lacking solid technical support or clear application scenarios, which had made them highly speculative assets. By offering robust technical support and clear application scenarios, DEGEN has demonstrated its unique value and practicality in the crypto field.
DEGEN Culture: Pursuers of High Risk and High Reward
Investment Ventures in Non-mainstream Cryptocurrencies
DEGEN is often used to describe investors willing to undertake high risks by investing in non-mainstream or potentially risky cryptocurrency projects, such as meme coins or humor-based projects. Although these investments carry high uncertainty, they can also yield significantly high returns.
Typical Behavior in DeFi Trading
DEGEN also specifically refers to those active in the DeFi sector, frequently trading various decentralized financial tokens in pursuit of quick, high returns. This behavior typically involves rapidly changing holdings within days or even hours to capitalize on every market opportunity.
Self-Identification on Social Media
On social media platforms, investors who identify themselves as DEGENs tend to portray their investment behavior as extreme and adventurous. They may publicly discuss their all-in investments in emerging tokens on social media or share experiences of watching their portfolios' drastic fluctuations, reflecting their embrace of the adventurous spirit of cryptocurrency investment culture.
Official Links for DEGEN
Website: https://www.degen.tips/
Twitter： https://twitter.com/degentokenbase
Telegram： https://t.me/degentokenbase
Steps to Buy DEGEN on LBank
Purchasing DEGEN tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:
1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.
2. Search for DEGEN: Use the search function within the trading platform to find "DEGEN", locate the trading pair, such as DEGEN/USDT, and click to enter its dedicated page.
3. Place an order: In the DEGEN/USDT trading page's spot trading area, enter the amount of DEGEN you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.
4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased DEGEN will automatically be deposited into your LBank spot wallet.