Degen

1/2 Hey degens, quick transparency update. The Foundation has been using part of the treasury to write call options and generate income. These are set well out of the money, so they only activate if $DEGEN goes up. If they do, a portion may convert to USDC. It’s a way to extend runway and stay self-funded. Around $3M notional is out now, but that changes month to month.

The Binance Alpha drop and some treasury activity came from the Airdrop 3 pool. We haven’t updated the tokenomics page yet, that’s coming soon. Plan is to shift more toward the ecosystem and future growth.

I think other people would agree that the tokenomics need to be updated too, I think the airdrop model has done its job and I don’t see the meta being the same for airdrop 3 so happy to support what you and the team will do to ensure degen longevity — will support pivots!

Tinkering on Farcaster and writing about it. Built /ambassadors (hiatus) https://kylepatrick.xyz