Understanding DeFi Degens
DeFi, known as decentralized finance, has emerged as a crucial space for innovative financial projects within cryptocurrency.
It represents the next frontier of finance, attracting enthusiasts and professionals alike.
Exploring DeFi’s Edges
However, another aspect of DeFi revolves around unconventional and unregulated crypto projects, blurring the line between playful experiments and potential scams.
These projects are the natural breeding ground for a subculture known as DeFi degens.
DeFi Degen Subculture
DeFi degens congregate in private channels on platforms like Telegram and Discord.
These communities exchange information and discuss new DeFi projects to generate profits or enjoy the thrill.
DeFi Degen Creations
For many degens, decentralized finance provides an opportunity to create projects that blend monetary systems with elements reminiscent of massively multiplayer online games.
These projects often introduce obscure and unpredictable tokens, with Yam being a notorious example that has become emblematic of DeFi degens.
DeFi degens are closely associated with the pump and dump trend, where low-value coins are artificially hyped through exclusive forums and channels, only to be eventually abandoned or forced into collapse—after degens have already secured their profits.