Degen (DEGEN) is a community-focused layer-3 protocol launched in January 2024. It focuses on community engagement and rewards users with DEGEN tokens for posting quality content on the Farcaster platform. Degen Chain aims to offer an efficient and interconnected blockchain ecosystem.

The launch of its native token DEGEN created quite a stir in the crypto community, especially among memecoin enthusiasts. During the launch, 15% of the total supply was airdropped to active members of the Farcaster’s Degen channel.

The main features of the Degen (DEGEN) include 

• Low transaction fees: The transaction cost on the Degen Chain is low compared to other layer-2 blockchains.

• Community-centric approach: Despite its recent launch, Degen has a powerful community following, a common trait with memecoins. The platform focuses on community involvement that boosts its popularity, adoption, and interest.

• DEGEN token: The DEGEN token powers the Degen Chain. The token is used within the blockchain for transactions. It also incentivizes the community to support the network.

DEGEN is a recently launched memecoin that has been around for just over six months. However, it is quite popular among crypto traders and is listed on major crypto exchanges like CoinSwitch. The DEGEN community and token holders are upbeat about the token as it has the potential to end 2024 on a bullish note. The DEGEN token attribution to the Farcaster ecosystem and a positive attitude toward Layer 3 platforms make DEGEN a promising token, which is forecast to touch a price level of $0.1 shortly.

DEGEN token has several utilities, let’s look at some of them: 

• DEGEN, the native token of the Degen Chain, is used to pay gas fees and other transactions on the Degen ecosystem.

• Network participants can earn DEGEN tokens via interactions such as comments, or holding specific NFTs.

• With DegenSwap, token holders can get 100% gas and swap fees reimbursed by staking an equal amount of DEGEN tokens for one year.

• Degen Chain provides grants to projects and developers for creating apps using DEGEN.

• DEGEN tokens can be bought and traded on crypto exchanges like CoinSwitch.

• Low transaction fees. 

• DEGEN is a new crypto with a low market cap. So, early investors have the opportunity to leverage potential price growth.

• DEGEN has strong community support and engagement.

• Being a new crypto, it is highly prone to volatility.

• DEGEN relies heavily on its community and social media.

• Due to its speculative nature, many feel DEGEN could turn into a cautionary tale among Layer 3 protocols.

1. Start investing in DEGEN starting with just ₹100.

2. DEGEN price is updated in INR in real-time.

3. Users can seamlessly manage transactions and portfolios with CoinSwitch.

In May 2024, Degen raised $150 million in a Series A funding round. It was led by venture capital firm Paradigm, with participation from Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto. The protocol intends to use the funds to develop the Degen ecosystem and community. Earlier, DEGEN completed an angel investment round led by 1Confirmation, with support from Farcaster leaders and other partners.