$DEGEN Trader Makes a $2 Million Profit

This nonfiction aims to supply an overview of Degen ($DEGEN), an ERC-20 token launched connected Coinbase’s Ethereum layer-2 scaling solution, Base, and tells the communicative of a crypto whale who has truthful acold made implicit $2 cardinal from trading DEGEN.

Base is simply a precocious launched Layer-2 (L2) blockchain designed to enactment successful conjunction with Ethereum. Its purpose is to code Ethereum’s imaginable for precocious fees and occasional dilatory transaction speeds by providing a much affordable and businesslike situation for gathering decentralized applications (dApps). Base leverages the OP Stack, a modular and open-source exertion created by Optimism, different well-known Layer-2 scaling solution.

Key features of Base see its reliance connected the underlying Ethereum mainnet (Layer-1) for security, the extremity of offering cheaper and faster transactions, and compatibility with the Ethereum Virtual Machine (EVM) for casual dApp development. While initiated by the large cryptocurrency speech Coinbase, Base plans to progressively decentralize implicit time.

As Francesco Di Nardo explained successful a Medium blog post yesterday, the DEGEN token, which was launched conscionable implicit 2 months agone connected the Base network, has rapidly go a pivotal constituent of the Farcaster ecosystem, enabling users to reward high-quality content. As elaborate by degen.tips, the token’s instauration aims to foster a vibrant assemblage wherever contributions are straight appreciated done fiscal incentives. With adjacent to one-third of its astir 37 cardinal max proviso already circulating among implicit 47,000 holders, DEGEN has precocious achieved an all-time precocious of $0.02008, showcasing an astonishing maturation of much than 1531% successful the past month.

In its archetypal distribution, 15% of DEGEN’s full proviso was airdropped to the progressive participants of the Warpcast’s /Degen channel, recognizing their contributions. The nonfiction highlights an ongoing 2nd airdrop phase, acceptable to administer different 20% of the tokens, with a last 25% airdrop planned aft this signifier concludes. These distributions are segmented into monthly seasons, and starting from 2028, the token is expected to spot an yearly ostentation complaint of 1%.

Funding for ecosystem development, liquidity mining incentives, and rewards for liquidity providers person been allocated 15%, 10%, and 15% of the full supply, respectively. The liquidity mining inaugural peculiarly encourages users to lend to the DEGEN/WETH excavation connected Uniswap, and a akin excavation connected Aerodrome DEX is straight incentivized by the platform. Notably, the liquidity connected Uniswap has already surpassed $8 million, an awesome fig for a token of its age.

Furthermore, the Degen squad is astatine the forefront of processing a furniture 3 solution connected the Base network, anticipated to beryllium EVM-compatible and characterized by debased transaction fees.

According to insights from blockchain analytics steadfast Lookonchain, a crypto whale invested 854 ETH (equivalent to $3 million) to unafraid 301.77 cardinal DEGEN astatine $0.01 each implicit six days, positioning themselves arsenic the seventh-largest DEGEN holder. This concern has already netted a $2 cardinal (unrealized) profit, fixed the coin’s existent marketplace performance.

At the clip of writing, $DEGEN is trading astatine astir $0.01662, up 9.9% successful the past 24-hour period.

Featured Image via Degen.