Initially created as a meme coin airdropped to Farcaster customers, the token has since grown to fund early-stage initiatives and has been built-in into third-party purposes.
Exercise on Base, the Ethereum layer 2 community developed by Coinbase, exhibits no indicators of slowing down, with weekly transaction quantity hitting an all-time excessive of almost 10 million transactions.
As traders look to organize for “base season,” DEGEN (a token initially airdropped to lively customers of web3 social community Farcaster) has led the way in which with a staggering 1,500% achieve over the previous 30 days, bringing its market capitalization to $212 million.
The token presently has a totally diluted valuation of over $600 million and is more and more being seen as a Agent betting on the Base ecosystem as a result of the community doesn’t have native tokens like most competing layer 2s. Whereas airdrop farmers speculate that this may occasionally change sooner or later, Coinbase has remained tight-lipped about any potential plans for the token.
Whereas it started as a method to incentivize Farcaster to take part, the venture has since advanced and $1.5 million Funding was supplied final month and grants had been awarded to incubate new initiatives.
Drakula, a video sharing utility that has been in comparison with “web3 TikTok”, has been funded with 20 million DEGEN tokens and is presently value greater than $300,000.In-app transactions are denominated in probably the most just lately crossed token and platform US$10 million on buying and selling quantity.
Different funded initiatives embrace prediction recreation Perl, which permits customers to put bets utilizing DEGEN, and asset streaming protocol Superfluid, which has developed a function referred to as “StreamYoink” that enables customers to steadily earn DEGEN till another person takes over it.
