What is Degen

Degen is short for "Degenerate" and is often used to refer to a person involved in high-risk, speculative trading or investing in cryptocurrencies without proper research and due diligence.

The origin of the term "degen" can be linked to sports betting. It refers to bettors who spend large sums without the necessary knowledge or expertise to support their bets.

Degens do not pay attention to metrics, tokenomics, fundamental analysis, or technical analysis. They may make buying decisions based on superficial factors like an asset’s logo or a catchy slogan.

Coingecko describes a 'degen' as someone who "buys into an asset not because they see the value, rather they do so with the belief that others will join in after them and speculate on the price swings." DeFi Degens always seek out the highest yields and risk and will dive into obvious Ponzi schemes and pump-and-dump crypto scams with the plan of selling out before the collapse comes.

Despite its negative connotations, many in the crypto community have adopted the term "degen" as a badge of honor, indicating a willingness to take risks and embrace the industry.

Despite the potential for losses, degens are often seen as passionate and committed crypto community members. They may contribute to projects through active participation, offering ideas, feedback, and support to help build up communities. Take Degen Score, a web3 credential tool for crypto users, as an example. The more get scores you get, the more active you are in the crypto or web3 community.