My thoughts on $degen (🧵):

Recently, there was uproar over last minute bans and rules changes. My feeling had been that ever since @jacek instituted staking, he incentivized farming.

Previous to staking, it was openrank that led to the greatest allowance, so that meant making engaging content.

In trying to solve one problem, I think @jacek created an even larger one. Now the largest stakers had the largest allowance and they could use that allowance to gain even more $degen. Once some started dumping the token, it was clear that the current system wasn’t great either. Even allowing 15 t4t per season was plenty to trade large sums of $degen back and forth.

paid group

However, not all farming was malicious. Originally, /paidgroup was its own cozy little corner where warpcasters came together to cosplay working at a company where the business goal was to pay each other $degen in fun and playful ways. An earlier crackdown basically caused influencer @karbonbased to leave Warpcast entirely, even after he put a lot of thought and effort into creating related NFTs and evangelizing FC. Now /paidgroup really mostly is what it was accused of and not so cozy anymore.

All that being said, @jacek has a vision for what he wants $degen to be. It is clear that it is not just a decentralized project that he released into the wild to be an open experiment. Only time will tell whether his vision causes $degen to flourish or flounder. The final alt season of the cycle will likely happen in 2025, so we will see whether “$degen to a dollar” happens.

As for me, the hat stays on 🎩. With my allowance and incentive to farm (even on the micro level that I was) greatly diminished, I’ll probably end up giving what little I have to causes like @irinaliakh’s @crystalhearts . Just like @jacek wants me to 😎

The issue that eventually led to staking was that allowances were too high and the coin’s tokenomics seemed to be getting out of whack. Staking came in to reduce the circulating supply, but now that allowances were based more on how much you locked up, the game theory optimal solution was to acquire as much $degen as possible.