Fair distribution, grassroots atmosphere, and bottom-up expansion.
By: Cobo Argus
After the failure of the first 4 memecoins, the Farcaster community finally welcomed its first memecoin with a small-scale success - $DEGEN, currently trending as the top BASE ecosystem on Dex Screener.
$DEGEN is a meme project truly led by the community, as reflected in its fair distribution, grassroots atmosphere, bottom-up expansion, and promotion of organic community growth. It adopts a loose, unofficial DAO organization and build, and it is this community-led gene that gives it a natural advantage in integration and has organically grown within less than 20 days of its launch, with multiple consumption scenarios.
1) Adoption of a fair distribution mechanism.
The total initial supply of $DEGEN tokens is 37 billion. There is no pre-mining, and 15% of the supply tokens are reserved for ecosystem development for a period of over 4 years. Currently, 1/3 of the team tokens (5% supply) have been locked in an ownership contract for 2 years, with an unlock time in July 26 years. The remaining portion is used for airdrops and liquidity rewards (initial liquidity pool tokens will unlock in July 24 years). After 4 years, there will be a permanent inflation rate of 1% per year to maintain Degen's continued participation and contribution. For token distribution details, please refer to this link.
2) Emerged from the Farcaster community, specifically the degen channel of Farcaster.
70% of the initial supply is allocated to the Degen community (A.K.A Farcaster's Degen channel) through 3 rounds of airdrops.
The first round of airdrop, Airdrop 1, has been initiated and is currently open for application. The token distribution rules are based on Degen points obtained by Farcaster users' likes, shares, and followers, and holding some community-related NFTs can also earn additional boost points. Each point can receive one $DEGEN token.
3) Community-led and self-organized, organically expanding use cases.
Degen has become the most active channel on Farcaster. Although this channel is suitable for the general degen, all the posts (casts) seen everywhere in this channel are centered around the construction and narrative of Degen itself. It can be said that the Degentlemen and Degentlewomen group represented by the Degen project has contributed to Degen's DAU. Data shows that $Degen is the most active channel on Farcaster, even surpassing the sum of all other thematic channels.
As a product in the exploration phase, Farcaster's new features are also accompanied by the degen, the channel with the highest daily activity, such as the degen(tlemen) channel having its own exclusive top hat like icon for likes (if the degen keyword is mentioned in the post content of the degen channel, the original ❤️-shaped like icon is automatically replaced by a top hat), symbolizing a tip of the hat, hats off. Bountycaster has added support for using $DEGEN to release bounties.
In addition, the community is also discussing donation matters, one of the options being to donate a portion of the $DEGEN token supply to Farcaster for storage fees, to cover the $12 registration cost for new users.
4) All of these use cases and ideas are spontaneously practiced and expanded, some originating from the tg group chat, some from the currently in trial operation Farcaster group chat channel Degentlemen, and some from degendao, showing a bottom-up and loose characteristic.
The community movement sparked by $DEGEN has not only contributed to the daily activity of Farcaster but has also become a popular token ranking first in the BASE ecosystem on Dex Screener. Jesse Pollak, the head of Base, thanked $degen and its founder @jacek for bringing in new users to BASE. Such praise is not exaggerated. In fact, many users logged into BASE for the first time to receive the first round of $DEGEN airdrops. In this sense, it is BASE that needs $DEGEN, not the other way around.
Finally, let's take a look at $DEGEN's market performance.
In less than 20 days since its release, $DEGEN is currently at an all-time high, with no signs of slowing down. Like all small-cap tokens, $DEGEN has experienced significant fluctuations caused by multiple sell-offs, but each time a sell-off occurs, it seems to attract more buyers, and most holders continue to hold. So far, $DEGEN has 1218 holders, a market value of $9 million, and a 24-hour trading volume of $220,000.
The future looks promising for $DEGEN.
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