DEGEN is the 13th most held token in the Ethereum Ecosystem.

Recently passed BAT
Next up DAI

My thesis: Unique wallet holders are undervalued, while TVL is overvalued.

DEGEN now has the 13th most holders on Ethereum, passing BAT. With DAI next, the rising holder count signals real adoption that TVL misses. Valuation models are overlooking unique wallets interacting as a key metric.

wrote under the moniker LeftOfCenter for ChainNewscom, previous splitworks.

The increase in unique wallets doesn't mean an actual increase in holders. Each SocialFi app using $Degen creates a new address for every user.

crypto-anarchist · onchain social explorer, curator, advisor · host /luo · write 0xluo.xyz

Can I interpret this wallet growth as actually meaning that $degen adoption is expanding?