Launching Deepr Degen: Meme Tokens Kickstart the Journey Ahead
The full article was originally published by Nakama Labs on Medium. Read the full article here.
Celebrating the success of ShimmerEVM
We want to begin by celebrating the successful launch of ShimmerEVM, a remarkable protocol that is about to pave the way for innovation in the DeFi space. ShimmerEVM’s solid foundation has inspired us to take the next bold step in our journey, and today, we’re excited to share the launch Deepr Degen, a meme token-based version of the decentralized lending and borrowing platform Deepr Finance. Curious to know more? Keep reading to uncover the details.
Deepr Degen: what you need to know
Deepr Degen is the testing ground for Deepr Finance on the ShimmerEVM Mainnet. This version serves as a dedicated playground, allowing you to test and experience Deepr Finance in a unique environment before the official launch of our final Lending protocol.
Deepr Degen just launched on ShimmerEVM: Access the dApp
This iteration of the platform will offer a fun testing environment to prepare users for the full lending and borrowing experience of the full release on Deepr Finance. It is important to keep in mind that the assets underpinning this version exclusively consist of meme tokens. These tokens demonstrate limited liquidity and experience swift price fluctuations with no oracle support. Thus, we must underscore the critical importance of exercising caution by lending and borrowing limited amounts, perhaps $5, and conducting thorough research when interacting with these tokens on our platform. Being cautious and careful will be your best friend when navigating this special DeFi environment. There are some critical points to consider:
- Financial loss risk: Participation in Deepr Degen which is a testing environment carries a significant risk of financial loss. Only use the platform to test the operations and limit collateral and debt amounts to small values.
- Experimental platform: Deepr Degen is an experimental platform and does not represent the final product of Deepr Finance. The markets, features, and functionalities here do not necessarily reflect what will be available in the final product which will include oracle services and markets with far more liquidity and lower price volatility.
- Responsible use: Users must approach this platform with extreme caution and responsibility. Risky or speculative operations that may lead to significant financial losses are not recommended or encouraged.
In order to enhance security and minimize potential losses, specific limits have been established on Deepr Degen: The initial supply and borrow limit for each user is set at a value of $30 USD for every meme coin. However, we recommend investing even less. Over time, as liquidity for the meme coins starts to rise, we might think about raising these limits. In this case, a separate communication will be sent out to inform our users.
From Deepr Degen to Deepr Finance
With Deepr Degen, you can delve into our platform and familiarize yourself with the borrowing and lending mechanisms. Of course, we don’t stop here. Deepr Finance will launch once a bridge is implemented and sufficient liquidity is in place for the bridged assets. These crucial elements are essential for the platform’s functionality and, most importantly, its security. The Deepr Finance main version launch will be accompanied by the introduction of our utility token, DEEPR, which will be used to incentivize liquidity provision and share platform fees. We can’t wait to share all the exciting details with you.
Once Deepr Finance launches we will invite users to remove liquidity from Deepr Degen and look to close the Deepr version in due course.
To learn more about bridges and oracles and their importance to the DeFi ecosystem check out these Nakama articles: The Yin and Yang of Crypto Bridges — Benefits and Security Pitfalls and The Significance of Oracles in Providing Reliable Market Data.
Unveiling the Meme Tokens lending markets on Deepr Degen
FISH is ShimmerSea’s very first community token, making waves in their ocean of crypto adventures. You can place the token into their liquidity pool to earn rewards.
The WEN token pays homage to the Shimmer and IOTA communities’ wen questions, while ensuring a fair token distribution, offering various airdrops and the possibility to participate in LP farming on ShimmerSea.
We are thrilled to announce that we will be hosting a community live demo session on Deepr Degen on Thursday, October 19, 2023. This session will provide you with an immersive glimpse into the remarkable capabilities of our platform. Stay tuned for more information on this exciting event.
At the same time, we are diligently working behind the scenes to establish a bridge and prepare Deepr Finance for the full release.