Degen (DEGEN) is a cryptocurrency launched in January 2024 as an ERC-20 token on the Base blockchain. Originally created as a reward token for the Farcaster Degen channel community, it has become a more robust project focusing on utility and community engagement.
DEGEN is heavily community-driven, offering rewards for interactions such as likes and comments and holding specific non-fungible tokens (NFTs). It operates as the native gas token for the Degen Chain, an Arbitrum Orbit network that settles on Base and uses AnyTrust for data availability.
Unlike most memecoins, DEGEN has various applications, including participation in DeFi activities like staking, governance and liquidity provision. It also holds potential for gaming and metaverse integration, where it can be used as in-game currency or to access premium features. Additionally, the token enhances community engagement within the Farcaster ecosystem, serving as a reward mechanism for active participation.