Initially created as a memecoin airdropped to Farcaster customers, the token has developed to supply grants to early-stage tasks and has been built-in into third-party apps.
Exercise on Base, the Ethereum Layer 2 community developed by Coinbase, exhibits no indicators of slowing down, with weekly transactions hitting an all-time excessive of practically 10 million.
As traders look to place themselves for ‘Base season,’ DEGEN, a token that was initially airdropped to lively customers of the web3 social community Farcaster, is main the cost with an astonishing 1,500% rally prior to now 30 days to a market capitalization of $212 million.
The token now instructions a completely diluted valuation north of $600 million and is more and more being seen as a proxy wager on the Base ecosystem because the community doesn’t have a local token like most competing Layer 2s. Whereas airdrop farmers are speculating that this will change sooner or later, Coinbase has been tight-lipped about any potential token plans.
Whereas it began out as a approach to incentivize engagement on Farcaster, the venture has since developed, elevating $1.5 million in funding final month and disbursing grants to incubate new tasks.
Drakula, a video-sharing app likened to a ‘web3 TikTok,’ acquired a grant of 20 million DEGEN tokens, at the moment value over $300,000. In-app transactions are denominated within the token and the platform not too long ago crossed $10 million in buying and selling quantity.
Different tasks that acquired grants embody the prediction sport Perl, which lets customers wager utilizing DEGEN, and the asset streaming protocol Superfluid, which developed a function known as ‘StreamYoink’ that lets customers earn a gradual stream of DEGEN till another person takes it over.
