Degen

Degen is a Layer 1 blockchain and its native token, DEGEN, that emerged from the Farcaster social network community, particularly a channel called /degen. It is designed to serve as a shared economic layer connecting a range of onchain products — including opinion markets, digital identity, and NFTs — built by and for participants in that culture. The project positions itself as the connective tissue of a community-driven ecosystem rather than a single-purpose application.

Degen operates as its own Layer 1 chain, built within the Base ecosystem, and the DEGEN token functions as the currency and utility layer across the products and communities that make up the ecosystem. The stored data does not include a specified consensus algorithm or block time beyond the recorded figure of zero minutes, so the precise settlement mechanism is not confirmed by the available records. The token has a circulating supply of approximately 36.2 billion DEGEN, and 100 percent of the maximum issuable supply is already in circulation, meaning no further dilution from new token releases is expected.

The protocol generated fees of approximately $0.01 in the last 24 hours, $0.07 over the trailing 7 days, and $0.28 over the trailing 30 days, with trailing 12-month fees of $0.42 and an annualized figure of roughly $3.41 extrapolated from the 30-day period. Fee growth over the last 30 days was zero, indicating no change in fee generation during that window. These figures are extremely small relative to the market capitalization of approximately $36.2 million, producing an annualized fee yield of roughly 0.000009 percent of market cap. Total value locked on the chain stands at approximately $65.68, and stablecoin supply hosted is approximately $954.25, both of which are very low figures for a Layer 1 network.