Degen Protocol Hints at a Possibility of a Launchpad and DEX

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Degen Protocol Hints at a Possibility of a Launchpad and DEX

Jun 24 2021

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In brief

  • Degen protocol has been relatively quiet for some time, with its team not updating it much in recent weeks.
  • However, that doesn’t mean that they didn’t do anything in the background, as they shared on Telegram.
  • In fact, the team has been considering launching a decentralized exchange and even a launchpad.

Degen Protocol’s official recently said on Telegram that the team behind it is considering several products, including an IDO launchpad, as well as DegenSwap — its own DEX.

Degen Protocol — a game-changer in the DeFi sector that brought decentralized margin trading to decentralized finance, has been relatively quiet for a number of weeks now. Of course, the community is never too glad when the protocol they support goes quiet, but the project’s officials recently posted an announcement on the project’s Telegram channel, reassuring the fans that everything is alright.

In fact, the devs were quite transparent and straightforward regarding the project’s recent period of dormancy, stating that there has not been many updates on Degen Protocol. However, despite the lack of visible changes and improvements, the developers have been working in the background.

The notice says that the team has been experimenting with a number of things, including playing with the idea of creating their own IDO launchpad.

As many likely know, IDO launchpads are products typically launched by decentralized exchanges, which allow new projects to offer their tokens to the community. IDOs, or Initial DEX Offerings, are the DeFi sector’s response to Initial Exchange Offerings (IEOs), which is the same thing, only offered by centralized exchanges.

No real announcements as of yet

As the devs pointed out, the IDO launchpad is not ready yet, and from the announcement, it is not clear whether or not the developers decided to go ahead and seriously work on developing it, or if it was just a concept that they were looking into.

However, a more exciting piece of news is that it is highly possible that Degen will launch its own decentralized exchange, DegenSwap. If this were to happen, it might mean that Degen will become more independent from UniMex, although this was not specified by the announcement.

The developers also noted that the ‘taking tip’ is that things are progressing slowly at this time. In other words, they don’t plan to rush with any of these potential innovations and new products. A lot of it likely depends on the demand, the market sentiment, and alike. Meanwhile, the community is advised to wait for new potential updates. The best course of action, according to the developers, would be to simply hold Degen (DGN) and continue accumulating the tokens.

Once again, the purpose of this notice was not to announce anything specific at this time. Instead, it only serves to reassure the community that the project is not dead and that the developers are thinking of new additions to the project and its ecosystem. Whether or not these new additions will actually come to pass, and which of them might arrive, remains to be seen in due time.