degen chain

Time for a follow up on the Degen L3! Strap in.

The first few days of onchain activity have been completely insane. As of right now, $56M has been bridged over to the L3, with no signs of slowing down.

Time for a follow up on the Degen L3! Strap in.

The first few days of onchain activity have been completely insane. As of right now, $56M has been bridged over to the L3, with no signs of slowing down.

https://basescan.org/address/0xefef4558802bf373ce3307189c79a9cab0a4cb9c

in the arena, buying things + building for a post-scarcity world 

When I first tweeted the thread, there were very few resources out there. Now, we have a few, including a DEX where you can trade most tokens (not the bonding curve ones, but more on that later). You can find them at the links below:

Bridge: https://bridge.degen.tips
DEX: https://dex.swapdegen.tips
Block Explorer: https://explorer.degen.tips
Charts/New Pairs: https://dexscreener.com/degenchain
NFT Launchpad: https://nftdegen.lol/

$DEPE, the first memecoin on Degen L3, has been doing really well. I first tweeted it at 150k marketcap and its now sitting at a whopping 25M mc (!!!). That makes it the largest token onchain by several orders of magnitude, multiple times larger than $DSWAP, the leading DEX on L3

There are other interesting tokens that have launched since, a few notable ones here:

$DINU: memecoin launched by dev that created $DSWAP DEX
$PURP: Ansem tweeted that Harold w/ the purple crayon would be a good meme, the rest is history lol
$CET: cat token. Need I say more?

To answer some of the common questions I’ve been getting:

Q: What is $DEPE and why can’t I buy it on DegenSwap?
A: $DEPE is a bonding curve token, which means the token has a variable supply until it reaches a point where it “mints out”.

All the liquidity is tied up in the bonding curve, when people buy from the bonding curve -> supply is increased and more tokens are minted, and when people sell -> supply is decreased and tokens are put back in the bonding curve.

Q: Is that why marketcap 10x’d & my port only 3x’d?
A: Yeah thats a consequence of bonding curve mechanism which increases supply as more people buy. Once token “mints out” (somewhere around $55M mc) then liquidity will prob flow to DEXs & $DEPE can trade more like a normal token

Q: Is the airdrop claim for $DEPE still open?
A: No its not. That was limited & all were claimed. However the way http://mint.club works is anybody can create an “airdrop” w/ the supply they have, which is y u see airdrops for smaller amounts, like 100, 10, 1, or 0.1 $DEPE

Q: What happened to the ERC-721 NFT?
A: Not sure! There was very little info ab this token when I first tweeted it. It's since been farmed to oblivion, but a lot of people got onboarded to the chain and were able to create some onchain history on Degen L3 which I suspect...

... will be rewarded at some point down the line :) The NFT itself probably has no value, and AFAIK there are no plans around it.

Hope that helps!

There is one more interesting project launching later today which I’d like to highlight, thread will be out shortly. This aims to directly address the limitation where funds cannot be bridged out of Degen L3 (back to Base L2) without a 7-day delay.

Happy Degen-ing. More to come.