A decentralized social media altcoin is nosediving just days after gaining support from the top US crypto exchange platform. New data reveals that social media token DEGEN went from a weekly high of $0.011 to $0.008 since being adopted by Coinbase on October 15th, a 27% drop. According to DEGEN’s website, the digital asset is […]
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A memecoin built on the Ethereum (ETH) layer-2 scaling solution Base is up nearly 128% in the past 24 hours after being added to Coinbase’s listing roadmap. Degen (DEGEN) is trading at $0.009 at time of writing, up from around $0.004 one day ago. The memecoin, which launched on Base in January, serves as a […]
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Buterin said Ethereum layer 2s have become “the ultimate playing field for action” from institutional profit-oriented groups and people buying pictures of monkey NFTs.
Ethereum layer-2s aren’t just about scaling — they’re also a rallying point for “subcultures” that grow the Ethereum ecosystem more than the single chain could do alone, says Vitalik Buterin, one of the creators of Ethereum.
In a May 29 blog post on Buterin’s self-hosted blog, the Ethereum co-founder examined the benefits of layer-2 blockchains outside of technical innovation, arguing that this layer also serves as a breeding ground for crypto subcultures.
One of these subcultures includes old-school “cypherpunks”—who build infrastructure and tools but are hands-off about how they are used, while the philanthropic “regens” are focused on providing the community with public goods.
Farcaster, blockchain’s answer to traditional social media, raised $150 million in a Series A funding round led by Paradigm, sending a community token soaring.
Farcaster community-created token Degen (DEGEN) jumped 17% after the blockchain-based social platform confirmed it raised $150 million in its latest funding round.
The Series A round was led by venture firm Paradigm with participation from Andreessen Horowitz, Haun, USV, Variant and Standard Crypto. Farcaster founder Dan Romero said in a May 21 X post the funds will “support our work on Farcaster for many years.”
Romero, a former Coinbase executive, first hinted at the funding round on Warpcast in March but didn’t share any further details at the time.
Airdrop squatters are creating fake accounts on platforms for the sole purpose of farming airdrop tokens, thus taking away share from loyal users.
Amid surging prices, many crypto projects have seen a rise in fake farm accounts, or “Sybil attacks,” named so after a book about a woman with many personalities. These fake accounts create artificial network activity to claim as many tokens as possible during airdrop events, which have become highly lucrative over the years.
“We’ve recently taken action by banning approximately 2,000 users whom we suspect were farming Degen,” creators of the Degen memecoin project, which was built on the Farcaster social media protocol, wrote on X. "Taking part in Degen farming, such as coordinated posting or artificial engagement, could lead to bans.”
The Degen airdrop is ongoing until Aug. 1 and will reward users who engage with or create quality content posted on Farcaster social channels. However, it appears that a sizable number of users began posting sub-par content for the sole purpose of earning airdrop points. “Joining organized actions mainly to earn tokens and posting unrelated content in boosted channels" will result in bans, Degen developers wrote.
The average value transacted on Degen Chain is rather small at $0.27, however, compared to Ethereum and Base at $1,867 and $170, respectively.
Degen Chain, a new Ethereum layer-3 network, has recorded the highest transaction per second (TPS) count in the Ethereum ecosystem over the last 24 hours.
Degen’s TPS count increased 62% over the last day to notch 35.7 TPS — beating out the blockchain it was built on, Base, at 29.7 TPS, according to L2BEAT.
Arbitrum One, Ethereum and zkSync Era rounded out the top five.
Two low-cap memecoins overtook Dogecoin (DOGE) in terms of weekly active traders, according to the crypto analytics firm IntoTheBlock. Degen (DEGEN) currently leads all meme assets with 129,000 active traders, followed by The Doge NFT (DOG) with 126,000. Explains IntoTheBlock, “The number of addresses that hold an asset for less than a month are classified […]
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The host of the Coin Bureau channel Guy Turner is expressing bullish sentiment on Ethereum (ETH) layer-3 scaling solutions. Turner tells the 2.46 million subscribers of the Coin Bureau YouTube channel that the native tokens of layer-3s (the scaling solutions built atop layer-2s) have massive upside potential going forward. “The thing is layer-3s are also […]
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A trader is seeing over 27,600% in profits after investing in a memecoin launched on the Ethereum (ETH) layer-2 scaling solution Base. According to blockchain tracking firm Lookonchain, one smart trader turned $18,000 into $5 million – a gain of 27,677% – after purchasing Degen (DEGEN) in January. “Only invested 7.35 ETH ($18,000) on DEGEN, […]
The post Trader Nets Over 27,600% in Profit on a Memecoin Built on the Base Layer-2 Blockchain: Lookonchain appeared first on The Daily Hodl.
A trader is enjoying massive gains after being an early investor in a new memecoin launched on Coinbase’s Ethereum (ETH) layer-2 scaling solution Base. According to blockchain tracking firm Lookonchain, one savvy trader achieved a 308x gain after using three ETH worth $6,991 in January to purchase Degen (DEGEN). “Only invested three ETH ($6,991) on […]
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