Degen

Degen is a Layer 1 blockchain token that began as a community-driven tipping currency inside the Farcaster social network and has since expanded into a broader onchain ecosystem covering opinion markets, digital identity, and NFTs. It is designed to serve as the shared economic layer connecting these products and communities, giving participants a common unit of exchange and participation across the ecosystem. It positions itself as the native currency of a culture rather than a purely technical infrastructure play.

DEGEN operates as a Layer 1 blockchain with a block time recorded as zero minutes, meaning the precise consensus mechanism and block cadence are not stored in the available data. The token functions as the native asset of the Degen chain, which is part of the Base and Farcaster ecosystems, and is used to interact with applications built on top of it. The full circulating supply of approximately 35.97 billion tokens is already in circulation, with no remaining supply scheduled for future issuance and no maximum supply cap defined.

The protocol collected no fees over the trailing 24-hour, 7-day, or 30-day periods, and the annualized fee figure derived from the past 30 days stands at just $0.12. Over the trailing 12 months, total fees reached $10.31, reflecting a fee stream that is negligible relative to the recorded market capitalization of approximately $35.8 million. Because fees are effectively zero, the fee yield — annualized fees as a percentage of market capitalization — is also zero, and the 30-day fee growth figure of negative 100 percent reflects a complete absence of recent fee activity. There is likewise no stablecoin supply hosted and no total value locked recorded, so standard fee-based and TVL-based measures carry little analytical weight here.