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 their token before the snapshot deadline to be eligible to claim the airdrop. Allocation will be based on holding. 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.
Gopro
<100 subscribers
Support dialog
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!