StrongBlock, Olympus, WonderLand, Ring & DegenBox : the Rise and Fall of “Degens” DeFi

The crypto world is as deep and perilous as the ocean. The complex and open nature of
cryptocurrency naturally suggests that a potential investor proceeds with caution before
jumping in. There will always be those who are willing to throw caution to the wind, though.
In the crypto space, a “degen” is one of those. Degen is largely meant as a derogatory term
for people who recklessly invest in a cryptocurrency, hoping it will go from a penny stock to a
blue chip. Human nature being what it is, some degens embrace the name, wearing it as a
badge of honor.

These self-proclaimed degens have even created a culture and trading strategy around their
“degenerate” behavior. They buy a memecoin or NFT at rock-bottom prices and then hype it
up, hoping to raise the floor price of the asset. In a decentralized marketplace, a strategy like
that can get some traction.

The idea of a decentralized future has inspired the creation of numerous DeFi projects.
Many of these began as innovative solutions with the potential to change finance as a whole,
but, for one reason or another, almost all of them failed.

Ring Financial
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