• $DEGEN is an ERC-20 token that was introduced earlier this year.
• It is the currency to give tips to the casts, or the public posts, on Warpcast and other Farcaster-built dapps. 
• It has an active community on Warpcast that consistently promotes giving tips to one another to strengthen the future of socialfi.

Recently, BitPinas published a guide about Farcaster, an Ethereum-based “sufficiently decentralized social network” that is designed to be a public social network similar to Twitter and Reddit. 

It is noted that though it sounds like Farcaster is the social media app itself, Farcaster is really an open-source protocol that is open for developers to create social networking dapps and benefit from its decentralized nature. 

Read: Beginners Guide to Farcaster: Decentralized Social Network

But we admittedly missed another amazing feature—aside from dapps, developers can create tokens and other assets that can be used on the Farcaster ecosystem. 

One of the emerging use cases is $DEGEN, a meme token that is used to give tips to Warpcast and other decentralized social media apps on the network.  

(Read more: 24+ Potential Crypto Airdrops to Watch Out For in 2024)

DEGEN Introduction

$DEGEN (https://www.degen.tips/) is an ERC-20 token that was introduced earlier this year. Again, it is the currency to give tips to the casts, or the public posts, on Warpcast and other Farcaster-built dapps. 

“Our goal is to distribute the token among builders, content creators, and users in the Base and Farcaster ecosystem. We’re building a community aimed at developing a better future for the internet,” the team said. 

It has an active community on Warpcast (https://warpcast.com/~/channel/degen) that consistently promotes giving tips to one another to strengthen the future of socialfi. 

While it is known as meme token for rewards, it actually has a liquidity pool on UniSwap (https://app.uniswap.org/tokens/base/0x4ed4e862860bed51a9570b96d89af5e1b0efefed). However, the community raised concerns as the LP NFT minted as a result of providing liquidity is not yet locked, as it is prone to fraud. 

“We are investigating locking options for Uniswap V3 positions on Base and trying to figure out an approach that works best to lock the liquidity, easing the community’s concerns about rugpull risks while also providing a secure place to store the LP NFT,” the team explained. 

$DEGEN Airdrop

On it tokenomics, the $DEGEN team allocated 70% of the token’s total supply for a three-part airdrop: 15% to airdrop 1, which is already completed; 20% to airdrop 2, or the ongoing airdrop, 25% to airdrop 3; and 10% to liquidity mining. 

The other 30% was allocated for the project development and liquidity pool. 

As of this writing, there are two options to earn free crypto using $DEGEN: 

Liquidity Mining

The liquidity mining program of $DEGEN will be available until July 8, 2024. To earn points, participants should hold their $ETH/$DEGEN liquidity positions for at least a day. The longer and larger the position, more points can be earned. 

Note the one point is 1 $DEGEN. 

Airdrop 2

$DEGEN’s airdrop is another different approach. In other airdrops, participants must obtain crypto points to earn rewards, for the Airdrop 2, participants will give away tips to other Farcaster users. 

Basically, when they give away tips to other participants, other users will also give back to them, sort of a “monito-monita” setup. This is a good idea as it promotes engagement in the Farcaster ecosystem and allows participants to earn through other users. 

For this campaign, participants will have a daily tip allowance that they should spend by replying to each cast of “amount $DEGEN. (For instance, if a user A replied to user B’s cast of “420 $DEGEN,” user B will receive 420 tips.) 

To join: 

• Step 1: Go to https://www.degen.tips/airdrop2. 
• Step 2: Connect a wallet. Compatible wallets are WalletConnect, MetaMask, Trust Wallet, and Coinbase Wallet. 
• Step 3: Obtain tip allowance, which is refreshed daily. 
• Step 4: Go to Warpcast. 
• Step 5: Socialize. Use the tips to build a community and soon receive tips in return. 
• Step 6: Claim the rewards from tips starting on February 29. 
• Note: 1 tip = 1 $DEGEN

To qualify for a tip allowance, the Farcaster account must be at least two-days old and has posted three casts already. 

This article is published on BitPinas: Farcaster Meme Coin is Hosting an Airdrop for Platform Users

Disclaimer:

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