Defi Degen Land Review: Scam or Legit?

I bumped into a conversation between two investors of Defi degens token. One concluded that it was not a scam, the other called it a scam and honey pot project. Also, the fact that Defi degens is currently trending on coin market cap has motivated me to run a review of the token.

Before I begin this review, I’ll like to let you know that, “I’m not a banker or financial expert. I will not be held responsible for your financial decisions. This review is for educational purposes, consider it a form of entertainment. I did not write this review to promote or disparage Green Charts Token. I consider the analysis to be fair. Do your research whether or not  you are satisfied with the things I say.”

With that understood. Let get into the review.

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What is Defi Degens Land?

For us to fully understand what Defi Degens Land is, we need to know what the term Defi Degens is first.  

Defi Degens is a subculture associated with a disreputable corner of decentralized finance known for pump and dump schemes. Degens congregate in private Telegram and Discord channels, where they share information about new Defi projects through which they think they can generate profits… or simply have fun. Participants who do not understand how these Defi projects operate are likely to be burned, but degens see them as fun and profitable pastimes.

So we can say, Defi Degens land is a metaverse project that brings  Defi enthusiasts together to have fun, play games, whilst making money.

Let’s go on to review the website.

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Defi Degen land website

Defi Degen land’s website is very unique. One thing I have learned in the crypto space is that tokens copy each other like there’s no tomorrow. In that regard Defi Degen is unique. The simple white theme makes it very easy on the eyes. The website gives off a serious project vibe. The description begins with an inviting statement.

“Simply hold $DeFiDegenLand token and get rewarded in BTC on every transaction! Our auto-claim feature means your BTC Rewards will be automatically sent to your wallet.”

This means that Defi Degen is a reflection token. For those who do not know what reflection tokens are.   Reflection tokens are cryptocurrencies that reward holders by employing a mechanism in which transactions are taxed and a percentage of the tax charged is redistributed to holders of the token. Since holders are rewarded with new tokens, the mechanism encourages investors to hold onto their tokens long-term.

Defi Degens Land Tokenomics

Defi Degens Land has a total supply of 10,000,000,000, 000 ($DDL). The Defi Degens Land is a deflationary token because of the BTC reward mechanism. The token also has about 97% of the total supply burnt. Making the circulating supply only 300,000,000,000. This is reasonable and unique.

The $DDL token takes 15/16% of fees on every transaction. This in my opinion is very high. Usually, similar tokens do not charge more than 10% on every transaction. This makes investing in this token a bit riskier.

This is how the tax is broken down. 

As explained earlier, the buy and sell tax is 15% and 16% respectively. 8% is sent as a reflection reward in BTC to holders of defi degen land token. 3% is sent to the marketing wallet.  this is supposed to help the defi degen land development team create more awareness for the token if all things are equal. 4% is sent to the liquidity pool. This makes the token more liquid, so people can get in and out of trades with the token. 

Now we are done with the Defi Degen Land website and tokenomics. Let us review its white paper.

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Defi Degen Land White Paper and Audit

Defi Degen Land token’s white paper is a webpage that lives on the Defi Degen Land domain unlike most white papers, that are downloadable pdf. The white paper begins with an introduction that is titled, “Defi Degen Land”. The reasons and ideas behind Defi Degen Land were thoroughly discussed. Quoting the white paper,

“The main product that DDL offers to its holders is the metaverse, which involves creating a virtual environment where people (potential holders) can socialize, play games, and even earn rewards in the form of crypto assets. All that is required from visitors to connect to the metaverse, is to log in using their wallet (Metamask, WalletConnect or Torus).”

The Defi Degen Land white paper is in total agreement with its website. The idea is to create a metaverse (a virtual environment) where holders or users of Defi Degen can come together and have fun by playing Games whilst earning money and rewards. Users can also buy NFTs and interact with other Degens through the voice chat feature.

Another thing about Defi Degens is the fact that it is Certik audited. Certik has become one of the most sort after contract audit firms in the crypto space.  This is because of the good reputation it has earned.  Certik certified Defi Degen code to be satisfactory.

The rest of the Defi Degen Token’s white paper is a repetition of what is on the website. Which we have covered.

Defi Degen Land’s Market Cap and Liquidity Pool

According to poocoin.app, Defi Degen land’s market cap is $8,325,408. For a token that was released in December 2021, this is a relatively good market cap.

The liquidity pool is estimated to be $307,487. This I consider low. Through token sniffer, we find out that the contract is not unique. Defi Degens land uses a contract that has been used by other tokens.

There are about 11,927 holders of the token. The developers didn’t lie about how the token was distributed. There are no whales in the Defi Degen ecosystem.

What Investors are saying about Defi Degens Land.

On Twitter,  investors seem to be upbeat about DDL. Here are some of their comments

On YouTube, from a video posted a month ago, investors seem to be happy with what the coin is and how the dev team is going about the project. And investors are getting their BTC reflection reward.

Conclusion

Defi Degen Land is a token with great potential. I do not think they will rug or steal anyone’s money. Where I have a problem with them is the fact they are not doxxed. Also, the fact that the tax is significantly high. And little or nothing is being done with the marketing funds and the liquidity pool is still very low. Asides from those, the token is healthy. It has been audited by Certik and has happy investors so far. The token still has a low very market cap and loads of interesting stuff on its road map like its integration with Facebook’s meta.  I believe this is a token you will hear more about in the coming months.

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1 Comment

  1. Hello there! Do you use Twitter? I’d like to follow you if that would be okay.
    I’m undoubtedly enjoying your blog and look forward to new posts.

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