What Is Degen (DEGEN)?

Degen (DEGEN) started its life as a reward token for participants in a social media channel called Farcaster's Degen. What began as a meme coin, a lighthearted cryptocurrency with origins in internet culture, has evolved into a project with a growing community and aspirations beyond its humorous beginnings.

While the exact details of how DEGEN functions can change over time, it currently operates on the Ethereum blockchain. This means it leverages the same technology that underpins popular cryptocurrencies like Ether (ETH). One key feature of DEGEN is its planned airdrop – a distribution of tokens to holders of digital wallets. A significant portion of the total supply, 70%, is earmarked for future airdrops, with the intention of fostering community growth and rewarding early adopters.

However, DEGEN's ambitions reach beyond simply being a meme coin. The project's roadmap includes the development of a Decentralized Autonomous Organization (DAO). A DAO is a community-run entity that leverages blockchain technology to automate decision-making. In the context of DEGEN, the DAO would allow token holders to collectively decide on the future direction of the project, potentially including how the remaining airdropped tokens are distributed and how any funds raised are utilized.

This community-driven approach is a core tenet of the Degen project. By embracing a DAO structure, the project aims to empower its user base and foster a sense of ownership. Degen also aims to integrate with DeFi (Decentralized Finance) applications. DeFi refers to the use of blockchain technology to create financial products and services, and integration with DeFi platforms could potentially open up new avenues for using DEGEN tokens.