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samvox
@samvox
Degen has evolved from a simple meme coin into a blockchain ecosystem. With the launch of its blockchain and native token, it has become one of the most notable projects in the world of cryptocurrencies. In this cast , I'll share information about this token, showcasing its journey from its inception to the present day. This insight can strengthen our determination and commitment to this project and @jacek 's community 1/🧵
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samvox
@samvox
DEGEN was introduced in January 2024 as an ERC-20 token within the Farcaster ecosystem, a decentralized Web3 social protocol. The initial purpose of this token was to reward active participants in the Degen Farcaster channel. In the early phase, 15% of the total token supply was allocated to active members of this channel, with plans for 70% of the total supply to be distributed through future airdrops. 2/🧵
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samvox
@samvox
In late March 2024, the Degen project launched its blockchain, called Degen Chain. This Layer 3 blockchain is built on the Base network and utilizes Arbitrum technology, making it a scalable and cost-efficient blockchain. The Degen Chain was developed by the Syndicate team in collaboration with companies such as Conduit, Decent, and Airstack. 3/🧵
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samvox
@samvox
Also, in this cast, I will highlight the advantages of Degen Chain: High scalability Support for advanced smart contracts Reduced gas costs In addition to transactions on Degen Chain, the DEGEN token is used for: Paying transaction fees Governance within the ecosystem Rewarding users and content creators Utilization in the decentralized exchange, DegenSwap I hope you enjoy reading this thread🎩
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