Degen

From CryptoCurrency Wiki

Basics

  • A term that became popular in the 2020 DeFi explosion. Degen Spartan for instance.
  • Abbreviation for a 'Degenerate' gambler. Used often when talking about yield chasers in DeFi who go for unaudited projects.
  • Another term that got popular was 'aping in', which refers to investing in a coin without DYOR. Like only a monkey would do /s.
  • From Decrypt (9-5-2022):

"A degenerate. DeFi degens and NFT degens typically live a “degenerate” lifestyle that involves high-risk trading, an obsession with crypto, and sometimes a lack of self-care habits. NFT degens often prioritize buying and selling NFTs over other important life activities, such as school or work."

  • How these degens are being gamed can be read here (2-9-2020):

"These platforms work like this: Traders deposit tokens representing deposits in Uniswap’s liquidity pools. In exchange for those deposits, they gain (or farm) whatever the project’s meme coin is.

What happens next depends on the DeFi traders flocking to any new project, also known as degenerate farmers or degens. They’ll want to be the first ones in, driving token prices higher. The price of the token will momentarily jump. When returns from that 2x, or 3x gain is annualized, you get thousand-percent, and million-percent yields. The flashy numbers will draw in more buyers. That’s how the early farmers, and very likely the creators of the project themselves, will be able to cash out and make a juicy profit."


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