Degen

Degen is a Layer 1 blockchain and its associated token, DEGEN, designed to serve as the economic backbone of a community-driven ecosystem built around social platforms, digital identity, NFTs, and opinion markets. It originated within the Farcaster social network and the Base blockchain community, aiming to give online communities a shared, onchain currency and set of tools. The project positions itself as infrastructure for a broad cultural and creator economy rather than a single-purpose application.

DEGEN operates as a Layer 1 blockchain with a block time recorded in the data as essentially zero minutes, though no consensus algorithm is specified in the available records. The DEGEN token functions as the connective unit across the ecosystem's products, used to participate in its various onchain applications. The chain's profile places it within the Base and Farcaster ecosystems, suggesting close architectural ties to those networks.

Fee activity on the Degen chain is negligible across every period in the data: fees over the trailing 24 hours and trailing 7 days are both zero, fees over the trailing 30 days amount to 0.05 USD, and fees over the trailing 12 months total 12.85 USD. The annualized fee rate extrapolated from the most recent 30-day window is 0.608333 USD, and fee growth over the last 30 days is recorded at negative 100 percent, meaning fees have effectively stopped in that window. This near-absence of fee revenue means fee-based measures such as fee yield, which stands at 0.000002 percent of market capitalization on an annualized basis, carry very little analytical weight in the current data. No stablecoin supply is hosted on the chain and total value locked is recorded at zero.