Blockchain
DEGEN Token on Base: Explained
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In Brief
Explore the origins of the DEGEN token on the Base blockchain. Learn about its origins and potential use cases.
In the world of blockchain, knowing where a token comes from and what its community aims to achieve is vital. The DEGEN token, on the Base blockchain, has its roots in the Warpcast community. This article explores how DEGEN started and what its community hopes to achieve within Base. Let's uncover the story behind DEGEN and its potential role in the future.
What is DEGEN?
DEGEN is a token built on the Base blockchain. DEGEN is dubbed as the unofficial token created for the Farcaster community, a decentralized social network. DEGEN embodies the spirit of community-driven innovation within the blockchain space. Originally perceived as a base meme coin, DEGEN has evolved to attract a diverse community, including developers, cryptocurrency content creators, and avid supporters.
Before You Get Started
Before you explore DEGEN in more detail, it’s important to remember that you can buy, swap, send or receive DEGEN using Trust Wallet.
You can download Trust Wallet as a mobile app, or you can install the Trust Wallet Extension for your desktop browser.
DEGEN Token Origins
The Degen channel on Warpcast served as the foundation for the DEGEN token. "Degen," a crypto slang term for those with a high-risk tolerance, perfectly embodies the lighthearted and often humorous spirit of the channel. Fueled by memes, inside jokes, and a shared passion for cryptocurrency, the degen community decided to create their own token.
Initially introduced to reward participants in the Warpast degen channel, DEGEN has become a cornerstone of the Farcaster ecosystem. Farcaster, an open protocol on Optimism, boasts various applications, with Warpcast emerging as the most popular. Warpcast resembles X (Twitter), enabling users to post, follow others, and engage with content.
DEGEN has revolutionized the Farcaster landscape, introducing a points system where users earn tokens based on engagement metrics. This innovative approach bridges the gap between online contributions and real-world value.
Degen Tokenomics
During its launch, 15% of the total token supply went to active members of Warpcast’s degen channel. DEGEN’s tokenomics now include 70% of the total supply through future airdrops, cementing its distribution strategy and fostering engagement within the Farcaster ecosystem.
Supply: 37 billion tokens.
Community: 70%
Liquidity pool: 15%
Ecosystem: 15%
1% inflation rate, set to begin in 2028.
DEGEN Potential Use Cases Within the Base Blockchain
DEGEN's origins as a meme coin may seem lighthearted, but connection to the Base blockchain opens doors to a surprising range of potential use cases. Here's a breakdown of how DEGEN could be utilized within the Base ecosystem:
Decentralized Finance (DeFi):
Governance: DEGEN holders could participate in shaping the future of DeFi protocols built on Base. By voting on proposals related to fees, tokenomics, and development initiatives, they can actively influence the DeFi landscape within the Base ecosystem. Earning opportunities: DEGEN could be used for staking or liquidity provision within DeFi platforms. This would allow users to earn rewards for contributing to the smooth functioning of these financial applications.
Social Media Integration
Community access: DEGEN could serve as a membership token for exclusive communities or platforms within the Base social media landscape. This could grant access to premium features, governance rights, or participation in specific communities.
Gaming and the Metaverse
In-game currency: DEGEN could integrate into play-to-earn games built on Base. Players could use DEGEN to purchase in-game items, access premium features, or participate in exclusive events.
The potential use cases for DEGEN extend far beyond these initial examples. The creativity of the DEGEN community and the evolving landscape of the Base blockchain could lead to unforeseen applications. The specific functionalities of DEGEN will ultimately depend on the community's roadmap and the direction they choose to take the project.
Remember, since DEGEN is a relatively new project, there are limited publicly available information about the community's specific goals. It's always best to consult official sources from the DEGEN team or community for the most accurate information.
How to Swap ETH (Base) for DEGEN Using Trust Wallet
You will need to have ETH on the Base network in your wallet. You can deposit ETH (Base) from another wallet or from a centralized exchange. Here’s how:
Select “Receive” from the home screen.
Search for your desired Base meme coin, and select it.
From here you have two options. You can either:
Copy your deposit address and use that on your exchange account or other ETH (Base) wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account (if the asset is supported).
Once you have ETH (Base) in your wallet, here’s what you need to do:
Open the Trust Wallet app on your mobile phone.
Click “Swap” on the bottom left side of your screen.
Change the “From” network to Base and choose ETH (Base) as your token
Change the “To” network to Base and choose DEGEN (Base) as your token.
Enter the amount of ETH you would like to swap.
Click “Continue.”
Remember that in addition to DEGEN, Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. Download the latest version of Trust Wallet today.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.