“Trading Volume on Degen Chain Exceeds 100 Million Within One Week of Launch, Degen Token Surges Over 50 Times”

Degen transforms from a tipping token on social platforms to a native Gas token on the novel concept L3 public chain, with an increase of over 50 times in just three months.

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$Degen originated from the social platform Farcaster
The Birth of Degen Chain
$Degen increases fiftyfold in a month, causing controversy

$Degen originated from the social platform Farcaster
Degen was first launched as an ERC-20 token on the public chain Base on January 7th. The goal was to reward builders, content creators, and users in the Base and Farcaster ecosystems with token airdrops, further incentivizing ecosystem growth.

Based on the activity and interaction of Farcaster users, Degen daily allocates a tip allowance for users to tip others. Tipping does not deduct users’ airdrop quotas; instead, it is deducted from the tip allowance. The recipient of the tip will receive the next token airdrop quota, as shown in the figure below.

Degen Q3 Rankings

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The Birth of Degen Chain
With $Degen receiving a $1.5 million financing from institutions such as 1confirmation at the end of February, it further lays the foundation for the expansion of Degen’s ecosystem.

On March 29th, Degen officially announced a collaboration with infrastructure developer Syndicate to launch Degen Chain. Degen Chain adopts Arbitrum’s Orbit architecture, with its subsidiary protocol AnyTrust ensuring data availability (DA), and uses the public chain Base as the settlement layer. It is designed as a “low-cost” L3 blockchain.

What is even more special is that Degen Chain directly uses $DEGEN as the native Gas token of the chain, emphasizing that Degen is the first community token with its own L3.

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$Degen increases fiftyfold in a month, causing controversy
Since March, Degen has surged from $0.001 to $0.056, an increase of 52 times, with a market ranking of 217 and a TVL of approximately $10.96 million, ranking 88th.

Chain analysts pointed out that Degen Chain had over 272,000 independent transactions and a trading volume of nearly $100 million within a few days of its launch. There are also over 7,500 smart contracts and 2,300 tokens circulating on the chain, but most of them are scams.

The hype surrounding Degen Chain also attracted criticism from the CEO of Polygon.

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Degen
Degen Chain
DSWAP
L3

Further reading
How to ensure airdrops don’t get flagged as witch addresses?
Layer 3 Discussion | 0xHamz: Is it necessary to build L3?