Three months after its launch, the ecosystem of dApps on Degen Chain, a layer 3 implemented on Base Network, has significantly expanded. Games, DEXs, lotteries, and numerous new wallets are now available on this network. For those attracted to Degen but unsure where to begin their exploration, this article will present some of the most promising applications available on the chain.
I have already discussed the birth of Degen Chain in a previous article, which I recommend for an introduction to the network. Before reviewing the dApps present on the network, here are some statistics that should give you an idea of its impact in terms of volume and users.
In the first three months, Degen Chain recorded over 88 million transactions, with more than 16 million accounts making at least one transaction on the network. The total number of transactions reached 142 million, and approximately 6 million $DEGEN were transferred. The network has already produced over 23 million blocks and nearly 71,000 smart contracts have been signed. You can monitor the data evolution through the explorer.
Considering that this is a layer 3 still in full development, these are impressive numbers. When you discover the available dApps, I am sure you will contribute to increasing these statistics.
But let's get to the heart of the matter. As anticipated, the 42 dApps on Degen Chain cover all areas of the blockchain universe. In this article, I will present eight, trying to cover all thematic areas.
In a previous article, I introduced the official Bridge. Now I'm pleased to announce a new method to send and withdraw funds from Degen Chain. Decent is a cross-chain swap that allows you to make exchanges across 14 different networks (mainly L2 but also L3 like Ham Chain, in addition to Degen).
Need some $DEGEN on the network to pay transaction fees? No problem. Swap your ETH on, for example, Base Network directly into $DEGEN to receive on Degen Chain.
Currently, seven applications for swapping are available on Degen Chain. DegenSwap is undoubtedly among the best. Thanks to its user-friendly UI, even less experienced users can easily swap between the main tokens of the ecosystem.
DS also has its own token, $DSWAP, which can be staked in the dedicated section or used in the liquidity pool paired with Degen. The liquidity tokens obtained can be deposited in the only farm currently available with a very attractive APR.
Superfluid is a revolutionary protocol that allows anyone to send continuous money streams. I first discovered this technology when I joined AlfaFrens. This SocialFi application is the perfect example to understand how StreamSwap works.
Through a Super Token, in this case, DEGENx, users on AlfaFrens receive their monthly cashback not in a single installment on a specific day and time but progressively in real-time. Similarly, a monthly subscription to a channel is not paid in full upon registration but continuously throughout the month. This way, the user will only pay for the time they are effectively subscribed to the channel.
The practical applications of Superfluid are numerous and range from general rewards for activities performed to salary payments. On the platform, available on various networks including Degen Chain, you can wrap your Degen into DEGENx and start your continuous payment streams.
If you want to participate in liquidity pools for DEXs like ProxySwap, Rivera Money has very interesting concentrated liquidity vaults. Also available on Polygon and Telos, Rivera hosts three vaults on Degen L3: wETH - wDEGEN, wETH - PROXY, and wDEGEN - PROXY. The APRs for these pools are all in triple digits, but the volatility for these pairs is high, so you will could incur in impermanent loss.
You can participate in the pools with a single token, for example, $wDEGEN. If you need to wrap your degen, you can use ProxySwap. By participating in one of these vaults, users will also earn xRIV, Rivera's pre-minted token that can be converted into RIV at a 1:1 ratio upon the token's launch.
If minting NFTs with bonding curves like on NFTdegen.lol is not for you, you can try Simple NFTs for Simple Degens. As the name clearly states, on this platform you can buy your favorite NFTs simply and without frills. Choose from featured collections or newly launched ones.
Simple NFTs is also a straightforward platform from the creator's side. Once you create your profile, you can launch your totally onchain edition by choosing the sale price (only in Degen) and the maximum supply (if you wish to set it). Personally, I am just waiting for an equally intuitive marketplace for secondary sales of minted assets.
Now let's move on to gaming. King of the Degens is the flagship of the Degen Game platform. It is an RPG where players pay a fee in ETH to gain access to the castle. In the castle, there are ten positions to occupy: the King and 9 court members. The position for each player is assigned randomly. All participants at the end of the season will earn a prize in DEGEN, with a larger allocation reserved for the King and the closest court members. With season 3, which ended a few days ago, new roles and actions have been introduced. For more information, refer to the complete guide.
But Degen Game does not end with this RPG. Another interesting tool offered by the platform is the Gamepad, an action you can add to your quick action list on Warpcast, allowing you to use Farcaster as if it were an onchain RPG game. The Gamepad allows you to send a flower, a kiss, or a tip in degen to the author of a specific post. Each send via the Gamepad on degen.game will earn you a point, useful for climbing the leaderboard on the platform.
Moreover, on degen.game you will find a wide selection of frames divided by category with which you can interact, if you wish, directly through the platform by logging in with your Farcaster profile.
Far.quest is a gamified SocialFi application that guides users on a journey of learning and discovery of the Farcaster world. Thanks to Farschool, you can learn about the dynamics that regulate the functioning of Farcaster through the proposed lessons. By correctly answering the quizzes, you earn points and game items that, as you might expect, will have future utility. Social quests also allow you to accumulate Farpoints.
Another very interesting feature of the platform is the ability for anyone to transform a cast on Warpcast or an image into a free mint onframe. The NFT will be minted on Degen Chain, and the minting fees are entirely sponsored by far.quest.
We conclude this overview with a protocol that allows sending crypto in a truly unique way. Peanut is a multichain platform (now also available on Degen L3) that enables users to send tokens through a simple link.
Share the received link with the payment recipient. The recipient can redeem the sent amount on any network and in any token they wish!
An increasing number of wallets now natively support Degen Chain. Besides configuring the network on wallets like MetaMask, now Rainbow, Rabby, Bitget Wallet, OKX, and MathWallet are compatible by default with Degen L3.
Even SocialFi dApps like Jam, which I talked about in a previous article, and distributed incentive protocols, like Boost, support Degen Chain.
Although partial and arbitrary, this selection of decentralized applications should give you an idea of the development phase Degen L3 is experiencing. As the token progressively establishes itself as a reference asset in the Base ecosystem, its reference chain will also see an increase in volumes and usage.
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