Thread by @redphonecrypto

Sers, what a strange, wicked, beautiful journey crypto can take us mortals on

It appears we'll soon have a tradeable $DEGEN token

It will = a basket of 10 of the fastest-growing, most promising small cap tokens in crypto

& it will run on indexed.finance $NDX

More 👇

2/

$DEGEN will be a community-driven index of small cap tokens journeying from obscurity to blue chip-dom

It will make it easy for everyone to be a degen without having to put in degen hrs and have a degen history of f’ing around in this space for years

3/

You'll simply have to buy $DEGEN to get exposure to 10 fire-breathing small cap tokens

When I first posted about $DEGEN 10 in December, I thought it'd be a fun way to track the market

It quickly morphed into a brain dump of knowledge from many of crypto's giga-brains

4/

Based on the vote count, I threw together a Top 10 list of tokens for 2021

https://twitter.com/redphonecrypto/status/1345577568485974028?s=20

Many chimed in and said they wanted a tradeable $DEGEN token

@0xbay stepped up and launched a Discord around the idea

5/

Soon, we were doing calls w/ many of the best teams in the crypto industry who are working on crypto index products

Brilliant people w brill minds everywhere

The whole experience made me realize how these index products will change the industry

https://twitter.com/redphonecrypto/status/1357708442539085825?s=20

6/

No launch date yet

$DEGEN still needs to make it through governance

But it looks like it will

Fate is on our side

7/

The index will be different than the original DEGEN10. We made it even more $DEGEN by setting a $2 billion upper limit for the size of tokens that make it into the basket

So we cut out the giant caps and and bumped up the smaller caps from the alternate list

8/

That ensures $DEGEN won't mirror all the other defi indices out there, and it means we'll be able to catch projects during their periods of fastest growth

9/

I'll do another thread on the index components and how it will work, but here's the core vision:

$DEGEN will be a truly community driven index that anyone can influence by participating in governance at Indexed

10/

I didn't make these picks... all of the badass degens who weighed in on the original $DEGEN thread did

That means $DEGEN is harnessing the wisdom of crowds

11/

I couldn't be happier w Indexed $NDX @ndxfi as a home for the project for sev reasons. Here are but a few:

1) It's a grass-f'ing-roots, no-VC, community-driven project

2) Funding from the indominable Molly Wintermute @mollyandalpha at $HEGIC

3) Brilliant founders including @d1ll0nk who has written his own EVM among other things

4) Incredible community from day 1 with lots of leadership from @litocoen who spends his free time building out @cryptotesters and holding free workshops to onboard normies into defi

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I fell in love w $NDX from day 1 + was farming it before anyone had even tossed it out as an option for $DEGEN (+ before I'd even thought of it as a potential platform)

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Holding $DEGEN should be perfect for newborn apes w/ medium risk appetites (not yet the full bananas type of apes)

Longing $DEGEN = a good chance to catch the top performing tokens before they end up in massive defi blue chip indices

15/

$DEGEN is obviously not risk-free

DYOR

But when it finally goes live, you know I'm a true degen and shall long the hell out of it

🙏 to @0xbay, @litocoen, @d1ll0nk, Pr0 and everyone who has joined the journey in the $DEGEN Discord & on CT

Valhalla awaits, sers

🤡 out

Follow Indexed @ndxfi