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cousinape 🔵🎩🐹
@cousinape
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
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cousinape 🔵🎩🐹
@cousinape
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:
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cousinape 🔵🎩🐹
@cousinape
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/
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cousinape 🔵🎩🐹
@cousinape
$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
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cousinape 🔵🎩🐹
@cousinape
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?
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cousinape 🔵🎩🐹
@cousinape
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”.
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cousinape 🔵🎩🐹
@cousinape
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.
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cousinape 🔵🎩🐹
@cousinape
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
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