Degen Unveils RainDrops Feature, Enabling DEGEN Token Distribution To Farcaster Users Who Respond To Casts
In Brief
Degen Chain launched the RainDrops feature, allowing Farcaster users to send DEGEN tokens to individuals who respond to their public posts.
Base ecosystem project Degen Chain (DEGEN) announced the launch of the new RainDrops feature, which enables Farcaster social network users to send DEGEN tokens to individuals who respond to a Cast, a public message generated by the user.
Farcaster serves as a decentralized social media platform, empowering users to manage their data autonomously while enabling developers to build applications without requiring network authorization. Its protocol functions as a distributed hub network, recording individual social interactions of Ethereum-secured identities, thereby establishing a non-custodial social graph.
To engage with the new feature, Farcaster users are encouraged to transfer DEGEN tokens from any wallet associated with their Farcaster ID to the address base:0x14d2f413691Bc20cD9E7d87e2a88884E45e4Ab9d via Base. Following this, they can create a Cast specifying the token amount in the text. Participants must then reply to the Cast. Subsequently, the author likes the replies to evenly distribute rewards among them.
The 2% fee will be applied. Users can collect the rewards they receive at the end of each month. Furthermore, Degen emphasized that this feature is currently in its experimental stage, and at present, no user support or refunds are available.
Degen Chain To Enhance Its Functionality With Algorithm Update
DEGEN functions as a community-oriented meme token utilized by participants of Farcaster’s “Warpcast.” Initially employed for tipping and rewarding subscribers solely within the “/degen” channel on Warpcast, the DEGEN token has gradually expanded its usage to encompass other areas of the platform.
DEGEN was initially launched as an ERC-20 equivalent token on Base. However, it has since been bridged to the Degen Chain, where it functions as the native token. Degen Chain operates as a Layer 3 blockchain built atop Ethereum, utilizing the Arbitrum Orbit stack. Its primary settlement occurs on Base, and it integrates the AnyTrust protocol to ensure data availability. It aims to facilitate experimentation with tipping, community rewards, payments, gaming, and various other functionalities.
Recently, Degen Chain announced plans to update its algorithm, transitioning to utilize social graph data in addition to engagement data. Users will have to maintain 10,000 DEGEN tokens in their wallet linked to Wrapcast, with no minimum post requirements. Rankings will decrease if users fail to tip at least five times in the last seven days. The update is scheduled to May 28th.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
