CRΞ8R - Degen'$ Farm - NFT Farming For Degens

Primer: Degen'$ Farm is an innovative NFT collectible where the process of acquiring a rare creature is gamified through scarcity, strategy, and chance. Join Chichi Gonzales as he shares with Dheeraj and Ceazor the various components of his project and how they all come together to make it tick.

Introduction To Degen'$ Farm

• NFT collectible

• Utilizes a skill-based distribution of 2420 unique creatures

• People cannot instantly collect the rarest creatures

• Creatures:

  • 2000 basic creatures called Normies

  • 400 Chads

  • 20 Degens

• People start by buying BAGZ, an ERC-20 token. BAGZ supply hardcoded to 4500 (2500 lands and 2000 creatures)

• Open BAGZ to reveal either a creature or a land

• To start farming, users have to put 1 creature and 1 land into their farming cabinet. Have 1 week to farm a Chad creature

• In ascending order of rarity: Normies —> Chads —> Degens

• Different creatures are available. Each creature is associated with a particular DeFi protocol

• E.g. Cow with CRV

• The probability of farming Cow into Chad Cow is improved when CRV tokens are held

"We want our collection to be a snapshot of current, top-notch protocols on the market. We believe so. We use them, we feel that these are innovators and pioneers in DeFi, and they're building the new world. And we want to celebrate this new world with them." - Chichi Gonzales

• People compete against each other if they are farming the same animal. The more tokens you have (CRV for cow), the better your chances to get the upgraded animal (Chad cow)

• Land is consumed in farming

• Did plenty of calculations and found that it is possible that some degen creatures may never appear due to the limited pieces of land available

DEGEN And FARM Tokens

• Holding DEGEN and FARM tokens also boost the probability of upgrading one's creatures

• DEGEN token from Indexed Finance. Redphonecrypto created this index and is managing it with his team

• Showed their game to Redphonecrypto and he was supportive of it

• FARM token from Harvest Finance

Dung-Swap and DUNG token

• DUNG is a utility token that is airdropped to OpenSea users

• Created an initial distribution of sextillion DUNG. Wanted to observe how DEXes handle the crazy amount of zeroes

• People were trying to sell their DUNG because they got it for free. DEXes experienced technical issues because of the highly skewed ratio between ETH and DUNG

• ETH-DUNG ratio is 1 : 1,000,000,000,000,000

• This causes a limitation when trying to sell and add liquidity to the pool, resulting in people not being able to sell, but buy only

• Created MEGADUNG, which is a wrapper of 10^15 DUNG, to solve the issue of skewness

• 1 $MEGADUNG = 1,000,000,000,000,000 $DUNG

• For farming, there are 2 pools:

  • DUNG-ETH (APY: 55,700,187 %)

  • MEGADUNG-DAI (APY: 245 %)

• DUNG is distributed to LPs for the 2 pools

"And people literally are not able to sell but they can only buy so it was really, I mean, you can't sell, you can only buy, so up only. And we were having fun with it. But a lot of people they were like what I have done, you have to make it so I can sell it. You're like scamming people and we're like, okay, we have this idea. We can fix the treasure guys." - Chichi Gonzales

• There is a huge difference in APY between the DUNG-ETH pool and the MEGADUNG- DAI pool.

  • The DUNG-ETH pool is very sensitive to buy/sells, resulting in volatile prices, so one needs to be a real degen to do some tricks to get the stated APY.

  • MEGADUNG-DAI is easy, so it is a solution for normies and is much easier to get in.

• Each creature produces a different amount of DUNG depending on their rarity

Normie creature produces 465 000 000 000 $DUNG per second;
Chad creature produces 1 400 000 000 000 $DUNG per second; 
Degen creature produces 7 000 000 000 000 $DUNG per second.

"You have it all forever so we wanted to put this aspect there and also wanted something that is like they are alive and they are producing shit, they are producing dung." - Chichi Gonzales

Improving The Probability Of Farming/Upgrading Your Creature

• Basic probability of farming a chad is 20%

• Improve the probability of farming a chad by:

  • Holding the token that is associated with the creature

  • Holding DEGEN or FARM tokens

  • Obtain tools to boost probability. Tools are NFT tokens that are purchasable on Dung-Swap

• Multiple tools can be used simultaneously

• Every time you farm, your land gets burnt. This makes people more likely to value their chad/degen creatures since they have put in capital to acquire land

• In the NFT dump a few days ago, their holders were not hurrying to sell their creatures. They are intending to hold it over the long term

Secondary Markets

• Creatures and land can be purchased on either OpenSea or the Degen'$ Farm vault on NFTX

• Land is quite scarce and people value them

• Arbitrage opportunity: open BAGZ, get land, and sell them

Tools

• Buy tools at Dung-Swap

• Activate and use them at the Farming section

• Most rare and efficient tools are all out of stock

• Newcomers wanted those rare tools as well. They have been discussing with farmers to provide these rare tools for rent through reNFT

• Cheaper tools are also quite efficient

• Tools are already hardcoded. Cannot add any type of tools that affect the probability of farming chads/degens

Rationale Behind Naming And Choosing The Token For Each Creature

• Cow and CRV: Cow is the symbol of farming. Curve is one of the basic protocols; the mother of DeFi

• Horse and UNI: Horse/Unicorn as the symbol

• Goat and RUNE: RUNE has a norse feel and plays with the Valhalla theme. Goats are creatures associated with black magic. Hence, they go together

• Chicken and DUNG: The main protagonist of the game is Chichi. Chichi loves dung and chicken

• Rabbit and RGT: Rari Capital is a very young and agile team. Decided to dedicate rabbit to a fast and efficient team like them

• Goose and WNXM: In Rome, the goose acts as a protector of capital

• Sheep and AAVE: Sheep is fluffy and reminds them of the Aave ghost logo

• Pig and SUSHI: Just decided and felt that SUSHI should be associated with pig

Rarity.tools

• Can use it to see how the different creatures differ by their relative scores

• So far, only 2 degen creatures have been born (fish and rabbit)

• Lots of chad creatures have been born. Some are rarer than others

• Rarity could be determined by eyes, backgrounds, music, etc.

What They Are Working On

• Primary target: 637 BAGZ left to sell

• Working on Cross-NFT Farming Activation. Want to collaborate with several collections that they find attractive and relevant

• Planning to turn their creatures into 3D models. Found out that plenty of their farmers have Meebits in their collection

• Developing a cabinet where farmers can put in their Meebits and one of their creatures to create a 3D model of that creature

• They do not have any official partnership with Meebits

• In the future, the 3D creature can be used in metaverses such as The Sandbox Game

Infographic

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