It’s been over a year since DEPE was abandoned by its original creators. Since then, the community has been left to fix the broken ship and return what should be an iconic memecoin back on shore.
For those hearing about DEPE for the first time, here’s a short story to help you catch up.
A few months after Degen went viral, the team launched its L3 blockchain. Just a few days later, the first-ever token on that L3 blockchain was launched: DEPE. It was born from Degen and Pepe, two iconic, community-powered memecoins. The token, a kingly buffed frog with a purple hat, launched as a child token to Degen on Mintclub with automated liquidity.
With its lore and the continuous rise of Degen at the time, it was only natural for the first token on the Degen chain to start gaining public attention.
In just a couple of days, DEPE was getting shoutouts from big YouTube influencers. Even the famous Ansem quoted it on Twitter and touted it as the next big memecoin play. If you're familiar with crypto Twitter and the memecoin craze in early 2024, you already know what happens when a token gets a shoutout from Ansem.
In its first month, DEPE was doing over $20 million MCP, but it didn’t take long before it started tanking rapidly. Shortly after, the founders announced they were walking away and handing DEPE over to the community around $4.2M MCP.
From what I know about the incident, DEPE was launched by the founders of one of the biggest platforms on Farcaster (I am keeping their names private). They rugged it and tossed it to the community, not due to a conflict of interest with their platform, but simply because they are bad players.
Since then, DEPE has struggled to regain momentum. The community has tried everything. To mention a few of our efforts, we've had a series of conversations with the Degen team, Mintclub, influencers, and some top exchanges to find ways to restore DEPE, but none of those efforts were fruitful.
Apart from being rugged by the founders, DEPE had a huge issue with its creation. It was created as a child token with a bonding curve on Mintclub on a newly birthed L3 chain. The success of DEPE was dependent on its minting out of its bonding curve, which was also tied to the success of the Degen L3 chain. The problem with this is that the Degen team has never focused on the Degen L3 chain as their main thing. Earlier this year, Jacek, one of the co-founders and CEO (who is now the sole lead), announced in an X Space that all their attention is on their new Farcaster client development and not on their chain.
Currently, DEPE's bonding curve progress is 35.16% (35 out of 100 steps) and has seen trading volume go super thin, some days with less than $200.
DEPE currently has 39,936 holders and over 24.59 million Degen locked in the liquidity vault. That's over $84k at the current market price.
There's no memecoin currently on Farcaster since Degen has transitioned into a utility token.
While DEPE has had all these issues, it has one of the most die-hard communities in crypto with over 8k followers on Farcaster. The lore is everlasting, and with its story, it's only going to get better.
The community never left, and now that the Farcaster and Base ecosystems are booming, they deserve a fair chance to back something they believe in, but this time on a chain with no limitation, no bonding curve limitation, and no team to rug.
There's no better time than now to do this.
The new DEPE is designed to return 100% of the value to the community. No insider pre-sale, no VCs, no influencers.
50% Airdrop to old token holders: All holders must deposit/migrate their token before the snapshot deadline to be eligible to claim the airdrop. All deposited tokens will be burned via Mintclub and added as liquidity to the New DEPE.
30% liquidity via Clanker.
10% community growth.
10% team.
The token supply will be capped at one hundred billion and launched via Clanker.
TGE will be announced after the snapshot ends, and until the announcement, don't fall victim to any fake token. An announcement will be made on the official DEPE channel, Telegram, and X, respectively.
TG: https://t.me/DegenDEPE
FC: https://farcaster.xyz/~/channel/depe
X: https://x.com/DegenDEPE
On all channels, keep your notifications on, share this article, and tell everyone you know who holds DEPE about the news.
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Excellent write-up on the relaunch of Depe. The transparency about the lessons learned from the first attempt is commendable and builds a lot of trust. The platform's approach to solving the scalability and cost issues of traditional penetration testing is much-needed, especially in the Web3 space. The staking mechanism for auditors is a clever way to ensure accountability. I'm particularly intrigued by the 'triad of judges' mechanism for dispute resolution. Could you perhaps elaborate on how these judges are selected and incentivized to ensure impartiality? Preventing collusion or ensuring expert judgment in highly complex disputes seems like a critical challenge, and I'd be interested to learn more about Depe's approach to it. Looking forward to seeing the platform develop, especially its integration within the Solana ecosystem. Best of luck with the upcoming launch!
Over 2 billion OLD $DEPE have now been migrated in less than 48 hours. We are heading to the land of the Based 🟦 No one will be left behind.
I am not understanding but I migrated some!!
Let me know what you don't understand
What's $DEDE and is there any airdrop and if then what's the criteria??
how do we check if our tokens are correctly migrated or what do we have to do?
click the connect button after migrating to see.
you mean the connect wallet on https://migration.depe.online/
Congratulations 🎉
Only the beginning
That's a truly wonderful achievement. Congratulations.
2B in 48hrs?? the migration speed is actually wild 😤🟦
Link to migrate so I can also share it to my frens!
https://migration.depe.online/
TNX chief. 30 👏
Thats quite a lot of migrating $BEPE'S
It's $DEPE
I feel like a monkey now 🙈 I'm sorry $DEPE I Never meant to hurt you 💔 😄 🤣
Lfggggggg
Lfg 🔥
Nice
🚨 Attention everyone! The Old $DEPE migration event goes live tomorrow at 3 PM PST. The snapshot event will begin on August 17th at 11:59 PM PST. Any old $DEPE not migrated before August 20th will not be considered for the airdrop. Airdrop distribution will be calculated as: Amount migrated / Total amount migrated The TGE (Token Generation Event) goes live immediately after the snapshot deadline, with airdrop distribution to follow. The exact day and time will be announced on the snapshot deadline.
Correction: Snapshot deadline is 17th not 20th. Please take note.
Will it be paired with $DEGEN on Base? 🎩
Will respond to DM in a min.
How can we participate in the migration if we hold $DEPE?
Migration site will be posted here. Keep your notifications on!
Cool, but I can’t buy any. I guess there’s no liquidity
Ready !
🎩🐸🟦
Where to sign??
Tomorrow migration is the goes live! Don't have old DEPE? Get it here: https://mint.club/token/degen/DEPE
Just bought some!!
So cool
Where is depe migrating to
To base: https://paragraph.com/@chainstate/we-are-relaunching-depe
Ok,thanks for the information
Thanks for the update! I’ll make sure to migrate before the deadline.
We are fucking ready
Degen First child is relaunching on Base and we want all the Degens to know. Over 39, 000 Degen holders. Tipping $Degen via the Degen mini app to everyone that comments "DEPE" and tag two Degens they know. https://paragraph.com/@chainstate/we-are-relaunching-depe
DEPE @juckson @sehashmi.eth
gm Ghost
Boom! Depe
🐸🎩🟦
DEPE Base @shimashots @shabnampo
Thank you my friend
DEPE @waw0209 @yhszzang
DEPE Base @hamedns @marziojaqi
https://paragraph.com/@chainstate/we-are-relaunching-depe
https://farcaster.xyz/hamedns/0x4fb1eda8 DEPE is relaunching on Base @msmeghna @mehrnaz
DEPE is relaunching on Base @magdalenacubrova @web3np 🌞❤️
LFG🚀🚀 @loveburn @collie https://farcaster.xyz/crezzang/0xfa0b6377
Done ✅ https://farcaster.xyz/foisal1/0x03f19df8
DEPE is relaunched on Base @jinwoopark @siablo.eth
와진짜 이벤트 서칭능력이 장난아니십니다!!!!!!!!!!!!!!!!
서칭아니고 그냥 채널알람에 뜨던데요.하하.. 아..그리고 저 복귀 한달만에 어제 파워뱃지 받았어요. ㅋㅋㅋㅋ
이거 많이 갖고 있어? 애드 받을라면 지금이라도 스왑해야해?
ㅋㅋ 모르겠네. 이벤인것같아서 걍 한건데
Are we to QC into /depe
Read through this and I must say it's amazing boss
DEPE is relaunching on BASE. No doubt about that
Can you talk to @esdotge to bring $DEPE on to @brnd once it launches on base? I guess It will boost its community and presence
https://farcaster.xyz/zk420/0x86739a59 Done ☑️