# 8 Degen Opportunities in August

*Author: Bankless*
*Published: Aug 24, 2023*
*Source: https://www.bankless.com/8-degen-opportunities-in-august-3*

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**Dear Bankless Nation,**

As we did [last month](https://www.bankless.com/8-degen-investment-plays-2), we're opening our DMs and sharing the degen opportunities that the Bankless analyst team is watching. These could pay off big or could be a regret-in-the-making. Ape responsibly!

Below, we're again surfacing 8 **new** *degen-only* investment plays that we're eyeing – available in full exclusively to our paying subscribers. [Become one today!](https://bankless.cc/3smxnnz)

**- Bankless team**

 
                                                
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## 8 August Degen Opps

> Bankless Writer: [Jack Inabinet](https://twitter.com/JackInabinet) & [*W*illiam Peaster](https://twitter.com/WPeaster)* *| [disclosures](https://docs.google.com/spreadsheets/d/16XcKXcH5e4CDc-Qek4WN4FUBPpnViAhLGgvtXat7NBg/edit#gid=0)

![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2023/08/lu.ma._frogs_as_far_as_the_eye_can_see_animated_f9518550-2aeb-4788-9c50-ffd0ddd517da.png)Often, the best plays in crypto appear a *little* **degenerate**.

Just like we did [last month](https://www.bankless.com/8-degen-investment-plays-2), we’re covering eight opportunities designed to intrigue your inner degen! Each project listed below has its own opportunities – but all are likely to send risk-averse investors and users running for the hills…

Most of this month's degen action has been tied to **friend.tech**, and we've got a few related plays you might want to check out. 

> ***Take note:** this guide is for DEGENS ONLY* 🦍

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## ⚫ Aevo 
[**Website**](https://www.aevo.xyz/)** | **[**Twitter**](https://twitter.com/aevoxyz)
**Opportunity Type: Use the Protocol**
**Activity: Long or Short the FRIEND Index**

**What is it?**
Aevo is a new decentralized derivatives exchange that specializes in options and perps trading. Built on its own bespoke optimistic-style [Aevo Rollup](https://docs.aevo.xyz/aevo-exchange/technical-architecture/layer-2-architecture) and secured by Ethereum, the Aevo protocol represents the next wave of “appchain” DeFi apps. The exchange combines an offchain orderbook system with onchain settlements, allowing for the efficient matching of orders while ensuring that trades are executed and settled securely through smart contracts. The idea? Offer traders the best of both worlds: the speed and flexibility of offchain operations, coupled with the transparency and security of onchain execution.

**Why it’s a degen play:**
Aevo just listed [FRIEND-PERP](https://app.aevo.xyz/perpetual/friend), which allows you to long or short FRIEND, an index that tracks the current market cap of social tokens on friend.tech. It remains to be seen whether friend.tech will continue to boom in popularity for the foreseeable future, or if it’s going to pan out as a fad, but it’s got huge attention right now and it could swing either way, so the surf’s certainly tradable here and perps offer a way to leverage up on the action in either direction. Derivatives and new L2s aren’t for the faint of heart though, so approach cautiously if you want to try this!

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![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2023/08/image--6-.png) 
                                                
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### **Action steps**
- 🐸 Read last month's [**8 Degen Investment Plays**](https://www.bankless.com/8-degen-investment-plays-2)** **report
- 👁️ Review the **[State of Ethereum Q2 2023 Report](https://www.bankless.com/the-ethereum-q2-2023-report-2)**
 
                                                
                                                    ⏰ You still have time! [Get your tickets to Permissionless!](https://bankless.cc/GoToPermissionless) 💜