Since last year more and more NFT projects have been using mechanisms inspired by decentralized finance systems. Being described as a modern fairytale about DeFi and the rise of decentralization, Degen’$ Farm is proposing a different distribution model that is tightly connected with DeFi culture.
The game invites farmers to test their crypto farming skills and farm unique Collectibles’ NFT creatures. It’s essentially dynamic art and the game itself is full of modern crypto allusions and irony that might be misunderstood from the first sight.
Let’s dive a bit deeper into the farm and find out who is behind this project and what can be done with it?
The idea of the game was born in January and the project was officially launched at the beginning of June. The team is made up of six people and has Chichi (funky cartoon chick) as a CEO, who has wished to remain anonymous in order to have a free hand and really have some fun with this project.
That said, in an interview with NFT Radar, it is interesting to note that the core team has already had some significant experience in the world of music and art for more than 10 years, while the developers have been using Solidity since 2017 and have experience in mobile games for more than seven years.
It’s pretty easy to confuse the newcomers with the crazy APY of their main in-game utility token called $DUNG, but it obviously serves the purpose of ‘degen storytelling’.
What is funny – creatures of the farm are the only entities that produce precious $DUNG. Team has never sold any $DUNG and distributed the initial supply for free. After some research it’s becoming clear that the project has some serious smart-contract eco-system driven by Chainlink oracles.
While you can enjoy crazy $DUNG farming, the core playground of the Degen’$ Farm universe is NFT farming, so let’s take a closer look at this process.
At Degen’$ Farm everything starts with the $BAGZ with the hard cap of 4500 tokens. There are 20 types of creatures on the farm (cows, sheeps, goats etc.), with three levels of rarity: Normies, Chads, and Degens.
While $BAGZ are built as ERC20 tokens, inside the $BAGZ there are 2000 basic Normie creatures and 2500 lands that are both ERC-721. In order to farm next level creatures you put one land and one Normie into the farming cabinet and come back in one week to see what you got – another portion of $DUNG or rare Chad.
Essentially, 2000 Normies are used to breed 400 Chads, which can then be used to give birth to 20 mighty Degens. The basic probability of Chad farming is 20%, and the basic probability of farming a Degen is 5%. But if you are an experienced DeFi farmer you can affect it!
At the moment of giving birth to another animal the probabilities can go up depending on various factors. If you own a horse (related to Uniswap) and are an owner of UNI tokens, the probability of giving birth to a Chad is higher.
Also the market momentum affects the probability – if the price of UNI is going up at the moment you’re giving birth, the probability of getting a Chad is higher too. You can also boost your probability by obtaining farming tools that could only be swapped for $DUNG.
While most projects on the market are aiming for instant distribution and therefore usually insiders and whales are the primary beneficiaries, Degen’$ Farm provides a different perspective where your DeFi skills and knowledge are playing a crucial role.
In a way, this game is a snapshot of the current DeFi landscape and users are not only earning ultra-rare NFT’s, but also learning and improving their farming skills by playing.
But what is more important – It’s a fun and engaging way to become a real crypto farmer and collect cute animated creatures with sounds.