DegenChain’s transaction volume exceeded 100 million in less than 1 week after its launch! The native token Degen has increased more than 50 times

Degen has transformed from a reward token on social platforms to a native Gas token of the novel concept L3 public chain. In March alone, it has increased more than 50 times.

$Degen started from the social platform Farcaster

Degen is an ERC-20 token launched on March 7, 2021, aiming to airdrop rewards to Base through the token incentive mechanism and builders, content creators and users in the Farcaster ecosystem to promote joint stimulation of ecological growth.

Based on the activity and interaction of Farcaster users, Degen allocates a daily tip allowance (Tip Allowance) to users. Tips will not reduce the user’s airdrop amount, but will be removed from the Tip Allowance. Those who are tipped will receive the next token airdrop quota, as shown in the figure below.

The birth of Degen Chain

As $Degen received $1.5 million in financing from 1confirmation and other institutions at the end of February, it further laid the foundation for Degen’s ecological expansion. .

Degen officially announced on March 29 that it would launch Degen Chain in cooperation with infrastructure developer Syndicate.

Degen Chain adopts Arbitrum’s Orbit architecture, and its affiliated AnyTrust protocol is used to ensure data availability (DA). It uses the public chain Base as the settlement layer and is designed as an “ultra-low-cost” L3 blockchain.

What’s even more special is that Degen Chain directly uses $DEGEN as the chain’s native Gas token, emphasizing that Degen is the first community token to have its own L3.

$Degen rose fifty-fold in a single month, and the speculation caused controversy

Degen has risen from US$0.001 to US$0.056 since March, an increase of 52 times, and its market value ranking has reached 217th, TVL Approximately $10.96 million ranked 88th.

On-chain analysts pointed out that Degen Chain had more than 272,00 independent transactions in just a few days since it was launched, with a transaction volume of nearly $100 million and more than 7,500 smart contracts and 2,300 tokens circulating on the chain. , but most of them are scams.

The hype surrounding Degen Chain has also recently attracted criticism from the CEO of Polygon.

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