Introduced in January as an ERC-20 token on Base, $DEGEN was airdropped to the Farcaster community as an incentive for content creators. For some, it is just another memecoin on Base, but for others Degen represents a bet on SocialFi being a fundamental use case for crypto. Regardless, it represents a simultaneous bet on two growing ecosystems: Base, and Farcaster.

The most recent release of Degen Chain as a Layer3 is the first step towards building an ecosystem around $DEGEN, increasing the token’s utility and showcasing the potential of micro-transactions for social media interactions.