Degen Protocol’s Airdrop 2 Season 5 was already claimed last week. A new airdrop is on the way. As a reward token of the Farcaster network, Degen can be claimed by completing several social tasks.
In this article, we will get into a detailed claiming process for Degen tokens. Also, we will delve into the benefits, eligibility criteria, key dates, and more.
What is Degen?
Built on Ethereum, DEGEN is a token for Farcaster Network, an open-source and decentralized social network. Degen was launched in January 2024. Since the launch, Degen has shown a linear increase in holders.
Degen is mainly used for tipping the creators. It is also the foundational token of the Degen Chain. Degen Chain is an L3 solution built on the Base. Degen social apps are developed in this chain.
Eligibility Criteria For the Degen Airdrop
The ongoing Degen airdrop is exclusively for Degen token holders. You should lock 10K DEGEN tokens in the Degen Vault to qualify for this airdrop.
However, Degen Chain always comes with fresh airdrops so that the potential upcoming airdrops may be free.
How the Airdrop Works?
The airdrop works by accumulating, locking, and tipping Degen tokens in the Farcaster ecosystem. Here are the details:
- Deposit DEGEN Token: If you deposit and lock a minimum of 10K DEGEN in the Degen Vault for at least 3 months, you will be qualified for a daily tip allowance.
- Receive Tip Allocation: You will now receive DEGEN tokens as daily tips. The tip allocation is based on your locked amount. If you own 1% of the DEGEN pool, you will receive 1% of tip allowances.
- Tip the Farcaster Creators: Go through the Farcaster ecosystem and tip fellow Casters you like according to the quality of their content. You can tip by commenting with the amount of DEGEN you wish to tip (e.g., “10 $DEGEN”). Maximum tip allowance per caster is 10k $DEGEN per day.
Is The Airdrop Free?
The airdrop is not free. You should buy HODL DEGEN tokens to participate in the airdrop.
Step-by-Step Guide to Claim the Degen Airdrop
- Buy DEGEN Token: As a coin based on the BASE, an L2 solution of Ethereum, the gas fees will be very low. However, you should buy at least 10K DEGEN for the airdrop campaign. DEGEN is listed on exchanges like KuCoin, Gate.io, OKX, HTX, and Bitget. Buy 10K tokens from any of these exchanges.
- Transfer DEGEN to Personal Wallet: After buying the tokens, give an exchange transfer fee and move them to your wallet. Double-check the wallet address. Once the tokens are sent, the transaction is irreversible.
- Connect Wallet in Farcaster: Visit Farcaster and navigate to the registration interface. Connect your wallet and approve the signature request.
- Complete Your Profile: Now complete your profile. Give your email address and verify it. Create a profile username and upload your profile picture. Add your status, about, and other information. Completing the full profile is an optional task.
- Lock the DEGEN Token: Now visit the staking page and approve the signature request to lock your DEGEN tokens. You will now automatically start receiving rewards in DEGEN. But for the airdrop, there are additional tasks to complete.
- Complete Tasks: The tasks involve tipping the creators. We have discussed this in the above section. Remember to tip genuine creators with real talent. Don’t tip randomly.
- Additional Tasks: Now complete the additional tasks if any. That’s all.
How to Withdraw Your Earnings?
You have to lock the DEGEN tokens for three months to complete the airdrop criteria. After that, rewards will be automatically credited to your wallet. The staking rewards will be credited daily.
You can swap your tokens via a decentralised platform, or prominent exchanges like KuCoin, Gate.io, OKX, HTX, and Bitget.
Is This a Trustable Airdrop?
Yes, the airdrop is trustable. However, if you are new to the Farcaster platform and Degen chain, please do your basic research to get a better understanding.
One of the users lost 90% of the funds while using the Degen Chain Bridge. However, the Degen devs have immediately developed a solution to retrieve the lost tokens. This shows their commitment and genuineness.
Also, after this season, DEGEN and Farcaster will come up with more exciting airdrops. Follow them to participate in all the upcoming airdrops.
Final Thoughts on Degen Airdrop
If you are looking for a free and simple airdrop, then the DEGEN airdrop campaign is not for you. If you are a Web3 user with an interest in socializing with friends, then this airdrop is worth your time and money.
However, it is important to research before investing in airdrops. Go through DEGEN Chain’s whitepaper, blogs, and newsletters for a clear picture. Also, engage with the community. DYOR, and happy airdropping.
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