Even if you haven't heard of it, you know which initiatives fit into this category
As you may be aware, DeFi has spawned a slew of initiatives in recent years, many of which are easily identified by the names of their tokens, that of food. In reality, down-to-earth tokens have received more minor decorative names in recent years. Even if it has taken on the look of "traditional" icons, this is a concern...
You'll tell me it's challenging to locate them.
DeFi Degens is a subculture within the crypto culture that speculators aim to earn while having fun.
If the lexical field is food, it reminds us that this is, in reality, the field of agriculture. A novel method of generating cryptocurrency. A term that conjures up images of high-yield farming.
However, it is not so much agriculture for many as sheer money. Furthermore, how these Yield Farming followers invest makes us think of these astute traders whose ultimate objective is to bet on high-profit assets.
If there is one complaint levelled at these new crypto speculators, they are unconcerned with the foundation of the initiatives. They want, and I understand, why is a quick profit.
On the other hand, they are not afraid to invest in uncontrolled and worthless crypto initiatives. We alternate between project levity (even the dog next door is an excellent neighbourhood student) and, on sometimes, a ruse.
It is the crypto culture subculture known as DeFi Degens or Degenerative DeFi
The method of operation of DeFi Degen's followers often begins with social media. Telegram, Reddit, and Discord in particular. They discuss new ventures and decide to invest in them together. It might be similar to how WallStreetBets works. Furthermore, several are included in this category.
The issue is that they profess to be investing in these initiatives to gain money on the one hand and enjoyment on the other. They are not seeking to investigate an idea further or sponsor beneficial and creative industries.
For many Degens, DeFi is first and foremost a playground
A significant portion of DeFi, under their direction, acts as a springboard for enterprises that are a combination of financial ventures and online games. These hybrid projects often have fantastic code names and are frequently related to lexical food camps.
Project Yam is perhaps the most iconic example of DeFi Degens (besides, the project seems to have been reborn from its ashes and now wants to take over at Degens).
Artificial Market Manipulation or DeFi Degens
If Yam becomes an icon, it will be because it was the first project we witnessed Degens' work in action. The Yam protocol guaranteed that tokens might be withdrawn every 12 hours. Before the withdrawal, Degens was trading on the market to boost the token's value.
DeFi inhibits market play and employs unethical methods to boost tokens artificially. Worthless tokens might trade at exorbitant prices depending on the pump and dump. It may potentially crash within a few hours, as happened with the catastrophic HOTDOG, which dropped from $4,000 to $1 in a matter of minutes.
Isn't the image self-explanatory?
As a result, we are using many strategies to manipulate the market. Participants who don't comprehend this rationale burn their fingertips.
Above all, it overshadows genuine initiatives that lack vision and struggle to attract people, even though the project is strong and valuable to the whole community.
Similarly, it undermines encryption for people who are already suspicious.
Is it true that DeFi Degens are bad for encryption in general?
Despite the Degens being aware that they are not "ethical," some of them earn extremely substantial profits. Above all, they profess to enjoy fun above everything else, which is similar to Troll culture.
Because, if you're searching for logic, here it is: for them, it's just like any other kind of entertainment, only they can earn money from it.
They may also enjoy new power-ups linked to the fans, such as the Wallstreet Bets, who won by skilfully outpacing the enormous Hegde chest, for example.
The majority of the initiatives in which Hegde invests are unaudited, uncontrolled, and often reliant on sophisticated cryptographic principles.
Conclusion
We don't yet have the perspective required to comprehend the challenges and effects of DeFi Degens. Still, we can see those specific initiatives attempt to distinguish themselves from these insane endeavours while addressing the core parts of existence.
Degens checks the limitations of protocol codes and observes the tolerance threshold in the crypto community. It remains to be seen if DeFi Degens, having played, will want to take its job more seriously. In this scenario, it is evident that DeFi has a bright future ahead of it.
