Degen Chain (DEGEN) project has introduced a new feature called RainDrops for the decentralized social network Farcaster.
The Degen Chain (DEGEN) base ecosystem project has revealed the new RainDrops functionality, enabling users of the Farcaster social network to distribute DEGEN tokens to anyone who replies to a Cast, a user-generated public message.
Farcaster is a decentralized social networking platform that lets individuals take charge of their data management and lets developers create apps without needing network authorization.
Its protocol, acting as a distributed hub network and recording individual social interactions of Ethereum-secured identities, establishes a non-custodial social graph.
If you own DEGEN tokens and use Farcaster, you can use the new feature by sending them to the following address: Base:0x14d2f413691Bc20cD9E7d87e2a88884E45e4Ab9d. The next step is to generate a cast with the desired token quantity pre-populated. The next step is for participants to respond to the cast. The author then prefers that the responses divide the awards fairly.
We will deduct 2% of the fee. Every month, at the end, users can cash in their incentives. In addition, Degen stressed that this product is still in the testing phase, so there is no customer service or money-back guarantee available just yet.
Degen Chain Updates Its Algorithm to Make It More Functional
Participants in Farcaster’s “Warpcast” use DEGEN, a community-oriented meme token. Since its humble beginnings as a means of tipping and rewarding subscribers on Warpcast’s “/degen” channel, the DEGEN token has progressively found its way into other parts of the network.
At first, DEGEN was only available on Base as an ERC-20 token replacement. But now it’s the native token on the Degen Chain, thanks to a bridge. The Arbitrum Orbit stack enables Degen Chain to operate as a Layer 3 blockchain, building upon Ethereum.
To ensure data availability, it uses the AnyTrust protocol and focuses primarily on Base. Its stated goal is to make it easier to test out features like games, community rewards, payments, and tipping.
Degen Chain just revealed that it will be updating its algorithm to incorporate social graph data alongside engagement data. There is no set minimum number of posts that users must make, but they must keep 10,000 DEGEN tokens in their Wrapcast wallet.
Users who have not tipped five times in the past seven days will see a decline in their ranking. The target date for the upgrade is May 28th.