Degen Dogs are NFTs that stream DeFi Tokens
Degen Dogs is the first NFT Collection to stream DeFi tokens to holders. Dogs are sold at auction one-at-a-time and auction proceeds are shared with the holders of previously minted Dogs. As a holder of a Degen Dog, you will receive a share of up to 22 future auctions — the amounts depend on the highest bids for each of those auctions.
The Story
Planet Degen is dying. The inhabitants of the planet have neglected the environment and used up natural resources at an unsustainable rate for years. Climate change has caused coastal flooding, forests have become deserts, temperatures continue to rise, and air quality has become almost unbreathable.
Most species of life have suffered from mass extinction. The only known surviving inhabitants are 1,001 Dogs. But the Degen Dogs cannot survive for long on the surface. Their only hope is to descend, one-by-one, to the Canine Laboratory Underground Base, the CLUB. The only entrance to the Degen Dogs CLUB, deep below the planet’s surface, is via an elevator that has space for only one Degen Dog at a time.
As time passes, more and more Degen Dogs will join the CLUB, forming a DAO (Dog Action Organization). Together the Degen Dogs must plan for the survival of the species. How to best use the limited supply of Dog Biscuits (BSCT) to sustain themselves? Can they develop tools and accessories to reverse climate change and heal the planet? Or should they develop spaceships and related technology, to embark on a space voyage in search of a new home? And could the rumors be true, that some of the Cats have managed to survive as well? Members of the Degen Dogs CLUB will have to decide where they go from here.
Donations to Ukraine Relief
The very first auction, for Dog#1, is special auction that will last 72 hours, and 100% of the proceeds will be donated. This is the only dog with the “UkraineDog” body trait.
After the special Ukraine Dog Auction, 10% of each auction’s proceeds will be donated. Donations will go to Unchain Ukraine, a charity project created by blockchain activists to raise and quickly distribute funds for humanitarian needs.
How Degen Dogs Works
When an auction for a Degen Dogs ends, the following happens:
- A charitable donation is automatically made (as described above)
- 50% of the proceeds are shared with pre-existing Dog holders, with amounts streamed in real-time over 365 days using Superfluid Finance
- The remainder is sent to the treasury, which is controlled by the DAO: 1 Dog = 1 Vote
- All auction bidders — even those who did not win the auction — receive Dog Biscuits: BSCT tokens. These ERC20 tokens acknowledge that the Degen Dog community is more that just Dog owners.
Investing in DeFi with Idle Finance
Before streaming to Dog owners and sending the remainder to the treasury, the WETH auction proceeds are first automatically deposited into the WETH “Best Yield” Strategy at Idle Finance. This strategy currently invests the WETH with AAVE and automatically compounds reward tokens to maximize yield. The resultant idleWETH tokens are what gets sent to the treasury and streamed to Dog holders.
Degen Dogs are on the Polygon Network
With the low gas fees on Polygon, minting and bidding costs very little gas (much less than a dollar). The low fees also enable innovations like investing in DeFi, token streaming, and BSCT rewards — things that would involve high gas costs on Ethereum Mainnet. Furthermore, given Polygon’s cheap gas fees, the NFT ecosystem on Polygon has the potential to reach a much larger base of active NFT traders.
Degen Dogs Artwork
Licensed under a Creative Commons Attribution license, the artwork for Degen Dogs was inspired by the pixel art of Cryptopunks. The degenerative art combines 12 Dog body types with various accessories such as glasses, hats, earrings, and more. Some traits are rarer than others. There are 1,001 known Degen Dogs, each with a unique combination of traits.
Join the CLUB!
You can bid in the latest auction at https://degendogs.club or buy on secondary markets such as OpenSea.
More Information
- The Degen Dogs Docs include full details of the project, including auction details, specific Streamonomics that determine auction sharing, artwork rarities, and more.
- Join the Degen Dogs Discord
- Follow Degen Dogs on Twitter
