# Degens Embrace the Memechains *Author: Jack Inabinet* *Published: Apr 1, 2024* *Source: https://www.bankless.com/de/degens-embrace-the-memechain* --- **Culture, Catalysts & Coinbase.** Memecoin DEGEN roared to life last month as Base Season accelerated, with holders bagging 4,000% returns during March. *What catalysts propelled DEGEN to a unicorn valuation, and can this coin continue to run?* Hindsight is always 20/20, but DEGEN appears to have been one of the most painfully obvious plays to capitalize on two of crypto’s *hautest *narratives: memecoins and Base. Early adopters of Farcaster received the DEGEN drop on Base, and the launch of tipping solidified the token’s status as the Web3 social application’s primary memecoin back in February, making it the best asset to purchase for upside exposure to Farcaster. > Very bullish on Farcaster as a social appUnfortunately they don't have a token but [$DEGEN](https://twitter.com/search?q=%24DEGEN&src=ctag&ref_src=twsrc%5Etfw) is prob the best way to gain upside exposureThesis is two parts:1/ Positive correlation between Farcaster success and [$DEGEN](https://twitter.com/search?q=%24DEGEN&src=ctag&ref_src=twsrc%5Etfw)2/ Why Farcaster succeeds (or is likely to) [https://t.co/zCwN1Qr9pW](https://t.co/zCwN1Qr9pW)— jay (@0xjaypeg) [February 14, 2024](https://twitter.com/0xjaypeg/status/1757870109736206684?ref_src=twsrc%5Etfw) Massive spikes in transaction activity on Base following the implementation of EIP-4844 signaled that the chain is a top destination for onchain users, but the tokenless nature of the chain left degens searching for a native asset to express their alignment by purchasing. DEGEN has filled this void, transcending from a mere play on Farcaster into a culture coin for the entire Base ecosystem. Although external catalysts have significantly contributed to DEGEN's success, recent internal developments have also played a key role, with the announcement of Degen Chain on Thursday helping the token rally by 285% into yesterday. > 1/ Today, we’re excited to announce the launch of Degen Chain, an L3 for the [@degentokenbase](https://twitter.com/degentokenbase?ref_src=twsrc%5Etfw) community built with [@arbitrum](https://twitter.com/arbitrum?ref_src=twsrc%5Etfw) Orbit, [@base](https://twitter.com/base?ref_src=twsrc%5Etfw) for settlement, and AnyTrust for DA.The chain’s native gas token is [$DEGEN](https://twitter.com/search?q=%24DEGEN&src=ctag&ref_src=twsrc%5Etfw), making it one of the first community tokens with its own L3. [pic.twitter.com/DREoZh8LtG](https://t.co/DREoZh8LtG)— Syndicate ✺ (@syndicateio) [March 28, 2024](https://twitter.com/syndicateio/status/1773351144858750990?ref_src=twsrc%5Etfw) Deployed via [Syndicate](https://twitter.com/syndicateio) leveraging Web3 infrastructure provider [Conduit](https://twitter.com/conduitxyz), the Degen Chain will use DEGEN as its gas token and is one of the first L3s built exclusively for a community, a move envisioned to foster experimentation across a myriad of DEGEN-enabled applications, ranging from tipping and community rewards to payments and gaming! Because DEGEN is the gas token for the Degen Chain, the native bridge swaps all deposits to the chain for DEGEN, endowing the token with practical utility and creating a direct source of buying pressure, factors which have been positively reflected through the rising price. Further, with no fast bridging solutions currently live on Degen Chain, depositors must wait the standard 7-day optimistic challenge period to withdraw their funds from the network, essentially locking them into DEGEN and the smorgasbord of *even riskier* memecoins native to the L3. > I’m convinced that [$degen](https://twitter.com/search?q=%24degen&src=ctag&ref_src=twsrc%5Etfw) chain might be the smartest thing we’ve seen this cycle - native token for trading - 7 day lock in- no stables It’s a PvP arena. The grand casino. The ultimate display of the current meta. Farcaster was just the stepping stone. Think bigger— Serpin Taxt (0x5f Capital) (@0x5f_eth) [March 31, 2024](https://twitter.com/0x5f_eth/status/1774229188381159645?ref_src=twsrc%5Etfw)  Given DEGEN’s success in establishing itself as the culture coin of Base and the project’s desire to create useful infrastructure, the token appears to be a prime candidate for a future listing on Coinbase and potential investment from the Base Ecosystem Fund. Tokens of other popular Base applications, including Aerodrome, have previously received such favor from Coinbase in efforts to support projects building on its chain, and such events would likely have a positive impact on price. > The Coinbase listing thesis will play out very well in the next 3 months & more Base native tokens will get listed like AERO. It’s simple,> listing> ‘number go up technology’ > better yield, > more usage & TVL.TLDR, go check out Defillama on BASE— binji 🔴 (@binji_x) [April 1, 2024](https://twitter.com/binji_x/status/1774782438759133440?ref_src=twsrc%5Etfw)   --- *This article is brought to you by [MetaMask](https://www.bankless.com/de/sponsor/metamask-1776260643?ref=degens-embrace-the-memechain)* --- *\* Bankless team holds crypto assets and advise crypto projects. [Syndicate](https://www.bankless.com/de/syndicate) and [Conduit](https://www.bankless.com/de/conduit) are included in our disclosures. See our complete investment disclosures [here](https://www.bankless.com/de/disclosures)*