Introduction

The success and relevance of a project depend on its ability to reinvent itself, as the peak of most web3 projects is mainly attached to the run of a narrative. Many projects experience a surge in popularity driven by a trending narrative, only to fade into obscurity once that momentum wanes.

DEGO Finance is a project that has not only navigated this challenge but has embraced it as an opportunity for growth. Initially recognized for its innovative blend of NFTs and DeFi, DEGO Finance has transformed into an incubator for emerging projects, shaping the future narratives of the blockchain ecosystem.

This article will explore the fundamental concept of Dego Finance and what it represents, its growing ecosystem, and its unique features.

What is Dego Finance?

Dego Finance is an NFT project and an incubator for web3 innovations. As an NFT project, it offers a suite of platforms dedicated to managing the lifecycle of NFTs, enabling users to create, trade, and track these unique digital assets.

As an incubator, it actively nurtures and supports projects across different narratives, such as BRC-20, DePin, DeSci, and GameFi.

Dego Finance is using a modular strategy to develop decentralized applications, as represented in its Lego-themed website. Each application is designed to be easily combined to form unique structures. This approach enables projects to integrate these applications into their products, fostering innovation and creating new offerings within the DeFi space.

Brief History Dego Finance

Dego Finance started as a DeFi and NFT aggregator in 2020, developed to create diversified investment portfolios and generate substantial financial returns for users, with its price successfully reaching an all-time high of over 400% by the bull run of 2021.

Unfortunately, Dego Finance was a victim of a 10 million dollar hack in 2022, subsequently executing a token migration, and is now focused on creating use cases for NFTs and incubating new projects.

Team

According to CoinMarketCap, Dego Finance was founded by an anonymous team. The only person that has been publicly linked to Dego Finance is Xavier Lee, who is credited as a core contributor.

Dego Finance Ecosystem

Delta

Source: Dego Finance

Delta is a Web3 launchpad native to the Dego Ecosystem that also serves as a staking pool for the $DEGO token.

Delta recently launched an Initial DEX Offering (IDO) for the BRC-20 project, Banana Market ($BNAN), with $DEGO stakers allocated exclusive spots.

Banana Market is an Asset Distribution layer in the Bitcoin ecosystem that represents the first community-driven asset launchpad focused on establishing a market for issuing and trading BTC-themed assets.

Defusion

Defusion.ai is a platform where creativity meets technology. By crafting unique NFTs using artificial intelligence (AI), users can unleash their creative potential. Users who engage with the platform earn badges to mark their achievements and may also receive rewards through airdrops. Beyond just being a platform, Defusion.ai is a thriving community of creators, artists, and innovators, all enthusiastic about the future possibilities of NFTs and AI.

Source: Defusion

DEGO NFT

DEGO NFT is a concept developed to redefine the use of NFTs, moving from the idea of ownership to adding more functionality, such as asset creation (Casting), market trading, lending, and more, through the use of the ERC-908 protocol.

Further, Dego Finance is an innovative experiment that blends the concepts of Non-Fungible Tokens (NFTs) and decentralized finance (DeFi) protocols. NFTs can be minted by depositing $DEGO, ERC-20, or BEP-20 tokens. Dego Finance’s NFTs are backed by the token deposits during the minting process and can be decomposed to release the deposited tokens.

DeVote

DeVote is a decentralized voting platform for BRC-20 token holders to participate in community decision-making and governance.

Source: Dego Finance

How Does Dego Finance Work?

Dego Finance operation is modular in structure, i.e., it’s made up of self-contained, independent projects connected to form a larger system. Users can mine tokens on Delta, create NFTs on Defusion, and vote proposals on DeVote. This section explains how each part of its ecosystem works.

Mining on Delta

The mining of DEGO tokens takes place on the Delta platform. It is a very flexible interface where users can add tokens, set the duration of staking, and configure the parameters.

Source: Delta

With the “Harvest” feature, users can withdraw their earnings without withdrawing their staked assets or NFTs.

Users can withdraw their assets from the staking pool with the withdraw option, although withdrawing before the set duration would require an early withdrawal fee.

Source: Delta

Creating NFTs on Defusion

• To create an NFT on Defusion, visit the Defusion website and connect your wallet.

Source: Dego Finance

• Click “Create” to go to the NFT generation page.

• Input the prompt, click “Generate,” and select “Free Mint” to convert the generated image/video to NFT.

• Check the “My Album” page to view the NFTs you minted.

Source: Dego Finance

Voting With DeVote

• Visit the DeVote site and connect your BRC-20 compatible wallet, such as UniSat.

Source: Dego Finance

• Once your wallet is connected, explore the available communities on the platform. Click the “Join” button below the community you wish to participate in.

• To propose a decision or initiate a vote within a community, click on “New Proposal.”

• You’ll be directed to a page where you can input the details of your proposal. Remember, to propose or vote, you must own at least one unit of the community’s token.
• After filling in the necessary details (proposal title, description, voting option, and time settings), hit the “Publish” button to submit your proposal.

• You can also use the “Preview” button to review and ensure everything is accurate before publishing.
• To vote, select an active vote in the community. Then, locate the available voting options, choose your choice, and click on Vote.

Source: Dego Finance

What is DEGO Token?

DEGO is an ERC-20 and BEP-20 token native to Dego Finance and used to pay transaction fees and interact with smart contracts on the platform. This incentivizes the use of the token and contributes to its overall demand.

Token Utility

Here are some notable use cases of DEGO token:

Governance

DEGO token holders have voting rights within the protocol. They can participate in key decisions, such as adding new features, project development, and other platform parameters that shape the project’s developments.

Rewards for Active Participation

Dego Finance incentivizes active participation within its community by rewarding users with DEGO tokens for various activities, including bounty hunting and referrals.

Unlocking NFT Potential with DEGO Tokens

DEGO tokens can be used for NFT minting, staking, auctions, trading, and other essential functionalities, highlighting the versatility and significance of DEGO tokens within the NFT ecosystem.

Project Tokenomics

Source: Dego Finance

The DEGO token has a total supply of 21 million tokens, with a circulating supply of 20,997,213 DEGO as of the time of writing.

Partnership

B² Network

Source: DeFi Eagle

B² Network is the first EVM-compatible rollup backed by zero-knowledge proofs on the Bitcoin network. The partnership aims to integrate Dego Finance into the Bitcoin ecosystem.

Governance on DEGO

Dego Finance uses the off-chain voting platform, Snapshot, to execute decisions on Proposals, such as the addition of new features, project development, and other platform parameters that shape the project’s developments. Voting is exclusive to token holders.

It recently launched a proposal where the community voted on the removal of the Dego Transfer Tax, which was initiated by the community via votes in 2022, to help the project recover from the unfortunate hacking incident. The community agreed to a 0.1% transfer tax.

Is Dego Finance (DEGO) a Good Investment?

Dego Finance has demonstrated resilience, evolving from its origins as an NFT+DeFi project to overcoming a significant setback: a $10 million hack in 2022. With a recent focus on the Bitcoin Ecosystem, it actively collaborates with other projects to further its objectives. Notably, partnership with the B² Network, a Bitcoin layer 2 project, significantly boosted the value of the DEGO token, witnessing a 50% increase around December 2023.

However, as an incubator, Dego Finance currently has a limited portfolio comprising only three projects. To diversify its offerings and appeal to a broader investor base, it should consider expanding its investment in new projects.

Essentially, investors are encouraged to research and evaluate their risk tolerance before investing in any cryptocurrency because, like any investment, investing in Dego Finance (DEGO) carries certain risks. Also, they should consider the cryptocurrency market’s volatility and potential regulatory changes.

Note: Investing in Dego Finance (DEGO) or any other crypto project does not guarantee a profit and could result in a capital loss.

How to Own DEGO?

To own DEGO, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account and get it verified and funded. Then, you are ready to go through the steps to buy DEGO.

News on Dego Finance

Dego Launches Delta’s Mining Pool

Source: Dego Finance

Dego Finance announced the launch of Delta’s mining pool via its X handle on April 25, 2024, where 20,000 DEGO tokens would be added monthly across the Ethereum and BNB Chain, each allocated with 70% and 30%, respectively. The total duration of staking in the mining pool is 36 months.

Dego Finance Partners with SecondLive

Source: Dego Finance

Dego Finance announced a partnership with SecondLive via its X account. The partnership is aimed at developing an AI companion for each user. The campaign launched with a giveaway from April 25 - April 30, 2024, with winners announced on May 6, 2024.

SecondLive is an Artificial Intelligence and Extended Reality Social Metaverse.

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