Degen emerged from the Farcaster community. In January 2024, the Degen token was first launched on the Base chain, and with its unique incentive mechanism and meme culture, it quickly became one of the most watched memecoins in the Base ecosystem. Subsequently, DAO infrastructure service provider Syndicate announced the launch of Base-based Layer3, the Degen Chain, using the technology of Arbitrum Orbit and AnyTrust to use Degen as the system’s native token. As soon as this news was announced, the price of DEGEN soared, increasing as much as 1,400 times in the past three months.
Memecoins, cryptocurrencies inspired by internet memes, jokes or viral trends, began to gain popularity in 2013 with the creation of Dogecoin. Dogecoin uses the dog meme "Doge" as its theme, which has attracted widespread attention and love. Although initially used as a symbol of humor and entertainment, Dogecoin has gradually demonstrated deeper value and uses, such as its application in online transactions, tips, and charitable donations. Dogecoin’s popularity and diverse uses highlight Memecoin’s ability to transcend mere entertainment and become a force to be reckoned with in the cryptocurrency world.
Memecoin’s rise is mainly due to their community-based nature, interesting content, and entry-level investor-friendly threshold. Following the success of Dogecoin, numerous other Memecoins emerged on the market, borrowing from various internet trends and jokes. These include currencies themed after different animal memes, pop culture references, and more abstract concepts. These Memecoins are often listed at extremely low starting prices and have the potential to quickly increase in value due to buzz on social media and community engagement. Their popularity has also been driven by cryptocurrency trends, such as the rise of DeFi and NFTs, which have opened up new avenues for innovative uses of Memecoins.
However, the nature of Memecoins also brings considerable risks. Because their value can fluctuate wildly, many times price movements are based more on social media trends than intrinsic value. Many Memecoins lack solid technical support or clear use cases, turning them into highly speculative assets. In addition, there have also been some "pump and dump" scams in this field, where the value of a certain Memecoin is artificially increased through collective actions, and then early holders sell it when the price is high, causing losses to latecomers. The anonymous nature of the Memecoin project further increases the difficulty of assessing its legitimacy and continued viability.
To summarize, while Memecoins offer unique opportunities for community building and participation in the crypto space, they also come with high risks. Investors should exercise caution when venturing into the Memecoins market, do adequate research, and recognize the inherently speculative nature of these assets.
The emergence and development of Degen need to start with Farcaster. As a decentralized social application, Farcaster has attracted attention in the cryptocurrency community for its unique way of social interaction and emphasis on privacy protection. On Farcaster, users can share, discuss and interact, while using blockchain technology to ensure the authenticity and non-tamperability of content.
In the Farcaster community, the /degen channel, one of the earliest channels, was launched by the Warpcast team and quickly became a popular place to discuss cryptocurrency prices and share investment experiences. In January 2024, with the launch of Degen on the Base chain, and through the airdrop activity to /degen channel community members, Degen took this opportunity to demonstrate its unique incentive mechanism and meme culture, promoting a new social network in the community interactive way. These include innovative reward and airdrop mechanisms, which encourage community members to obtain Degen by participating and providing high-quality content. This not only stimulates the creation of high-quality content in the community, but also lays the foundation for the initial circulation and value growth of Degen. solid foundation.
DEGEN token economics are designed to support network operations and encourage community participation through a carefully planned economic model. The total supply is approximately 37 billion DEGEN tokens, of which 70% is allocated to the community to promote broad participation, 15% is allocated to the liquidity pool to enhance transaction smoothness and market value stability, and the other 15% is used for the development team, early stage Investors and the ecosystem continue to improve.
Subsequently, Degen completed angel round financing of 490.5 ETH and cooperated with multiple projects on the Base chain, significantly expanding its application scenarios and ecosystem. These cooperation projects not only use Degen as a transaction medium, but also further affirm its feasibility and value as a native token.
最重要的是，Degen 的開發團隊與 Syndicate 合作，推出了基於 Base 鏈的 L3 —— Degen Chain。此舉為 Degen 提供了強大的技術支援和擴展性，同時將其市場估值推向新高，實現了從社群 memecoin 到具有實際應用價值和市場競爭力的加密資產的轉變。 Degen Chain 由 Degen 社群建立，採用 Arbitrum Orbit 構建，以 Base 鏈為結算層，並利用 AnyTrust 為數據可用性提供支援。其原生 gas 代幣為 DEGEN，成為首批擁有自己的 L3 的社群代幣之一。
Degen Chain 的推出不僅為支付、遊戲等領域的新實驗提供了支持，而且透過Syndicate 提供的開發者工具，例如Transaction Cloud APIs，為在Degen Chain 上的開發者提供了免費的gas，從而促進了社群代幣與L3 技術之間的創新體驗和應用機制的開發。在這個平台上，開發者迅速推出了包括 DegenSwap 在內的多個應用程序，這是 Degen Chain 上的一主要去中心化交易平台，吸引了眾多 memecoin 推出。自平台啟動以來，僅四天內，它就實現了近 1 億美元的交易量，完成了超過 272,000 筆獨特交易，並且託管了超過 7,500 個合約和 2,300 個代幣。這一切展現了 Degen Chain 在推動區塊鏈創新和加速社群代幣應用方面的巨大潛力。
同樣擁有自己的公鏈的 memecoin 還有 Doge 和 Shib 。
與 Degen 不同的是，Dogecoin 是在 2013 年 12 月 6 日正式推出的，當時它是作為一種基於已存在的加密貨幣技術的輕鬆幽默版本。 Dogecoin 的協定是基於 Luckycoin 和 Litecoin，這兩者都使用了 Scrypt 作為其 PoW 演算法的一部分。這意味著自從推出以來，Dogecoin 就擁有了自己的區塊鏈，從而允許它獨立於其他主要加密貨幣運作。
Shiba Inu 由匿名人士或團隊「Ryoshi」於 2020 年 8 月創立。它靈感來自日本柴犬，這種狗也是另一種基於迷因起源的加密貨幣 Dogecoin 的吉祥物。 Shiba Inu 最初被定位為潛在的“Dogecoin 競爭者”。 2021 年 5 月，Vitalik Buterin 向印度 COVID-19 救援基金捐贈了價值超過 10 億美元的超過 50 兆 SHIB。
Shibarium 是 Shiba Inu 社群期待已久的 Layer2 解決方案，旨在將 Shiba Inu 從單純的 memecoin 轉變為一個完整的區塊鏈生態系統。透過採用新的共識機制「Proof-of-Participation」和支援 EVM 相容，它能夠實現高效和成本效益的交易。這項創新框架促進了 Shib 代幣的無縫遷移和去中心化應用的開發，為 Shiba Inu 生態系統內擴展的應用提供了舞台。
而回顧二者的公鏈發展歷史，和Degen 相比，Dogecoin 和Shiba Inu 等其他迷因幣雖然在市場上取得了顯著的成功，但它們的技術開發和生態建設則相對保守，生態並無亮眼表現。這兩個 Meme Chain 的價值和流行度更多地依賴社區支持和文化現象，而不是技術創新或生態系統擴展。
Degen 案例標誌著memecoin 從單純的文化現像到成為加密貨幣生態系統中不可忽視的力量的轉變，展示了新一代memecoin 的長期價值和市場潛力。它和 Dogecoin、Shiba Inu 等傳統 memecoin 共同豐富了加密市場的多樣性。然而，Degen 是否能打破 meme chain 生態單一的局面，開啟豐富的應用生態，仍需時間來驗證。
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