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What Is Degen Score & How to Increase It? I Notum

By Notum

Jul 30, 20238 min read

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Intro

As you know, every day the crypto world continues to grow and develop, so there are more and more new sites, platforms and projects focused on new needs. However, due to the huge number of different options, it is becoming increasingly difficult for new projects to attract quality users to their projects. This is where Degen Score comes in to help developers pay attention to user experience in Web3 and DeFi. Degen Score is a kind of reputation of a person, which can be judged by the number of points. Today's article from Notum will help you understand in more detail what Degen Score is, why it is needed in Web3, and how you can increase it.

What Is Degen Score?

Degen Score is a service that tracks a user's entire Web3 reputation based on their activity on the Ethereum network. This may include, for example, protocol interactions, NFT availability, and so on. Thus, Degen Score is a kind of user introduction, namely his rating in Web3.

Now this system continues to develop in order to be widely spread in the future. Using Degen Score, the teams and developers behind new projects will be able to provide early access only to those users who have the Web3 experience they need. Also, of course, such users will receive other benefits associated with early releases.

What Is Beacon SBT?

An integral part of Degen Score is Beacon SBT, which can be described as confirmation of user activity in Web3. Beacon SBT is a non-transferable token that users receive after reaching a certain threshold from Degen Score, which is currently 700 points. Beacon SBT not only stores your Degen Score but also other important stats in metadata.

Now more and more projects are using Beacon SBT as it helps them select the most active Web3 users. Moreover, even the Degen Score team itself claims that users who receive Beacon SBT will soon get a large number of benefits. In the event that you do not yet know your Degen Score, you can go to the official website of the service and get the data by connecting your crypto wallet. If your rating is 700 points, then you will already be able to get your Beacon SBT and take advantage of the future benefits of the project. However, if your activity is insufficient, then below you can find out how to get the desired 700 points.

What Activity Can I Get Degen Score Points For?

As already mentioned, the reputation of users and Degen Score is formed on the basis of online activities in Web3. The main ones include participation in various DeFi protocols (for example, exchange on DEXs like 1inch), the creation of liquidity pools (Uniswap, Sushiswap), the use of cross-network bridges (Arbitrum, Optimism, Avalanche, Polygon, etc), farming tokens, staking (Gearbox), NFT trading on various marketplaces (Opensea), platforms for borrowing and lending (Curve, Compound v2) and more. Thus, the more a user interacts with such platforms and applications, the greater their chances of increasing the score.

It is also worth knowing that the rating is updated once a day, so after you take the first steps to improve it, you will need to wait until the next day. Next you will see how many points you got and how many more you need to get 700 and as a result SBT BeaconAll actions take about 0.2-0.3 ETH. Only actions performed on the main Ethereum network are counted in the rating. Make sure you have $ETH for commission.” - Medium.

How to Increase Your Degen Score?

As already mentioned, in order to increase the Degen Score, the user needs to interact with different protocols and spend a certain amount, which on average is about 0.3 ETH. This includes exchange, transaction costs and Beacon SBT mint. So, what are the basic steps to get points?

Top up your wallet with the necessary tokens

So, first of all, you will need tokens such as AAVE, CRV, wBTC, YFI, UNI, BAL, DAI, COMP, USDC, SUSHI, SNX. You can purchase them with ETH on decentralized exchanges like SushiSwap, Uniswap or 1inch. Another option for buying multiple tokens at the same time is to use the Bebop protocol. However, keep in mind that the purchase is for wETH. Thus, first you will need to click on the wrap your ETH” button, get wETH and then make a purchase.

Use lending protocols

In order to increase your activity in Web3, it is recommended to use several protocols. Let's look at three popular options:

  • AAVE. Using AAVE, go to the "Assets to supply" tab and then send some tokens to the lending page. Using 7-10 tokens you can get into the leaderboard and thus get extra points. Take into account such that it is not the volume that matters, but the number of pounds. This way you can send each token for as little as $0.2-$0.5. However, the additional cost will be the AAVE commission, which will be about $6.
  • Balancer. As in the case of AAVE, it is recommended to use 7-10 tokens on Balancer to increase the Degen Score. There is also a $5 fee for approve and supply, however you can bypass the approval costs if you choose pools with wETH. Also remember that Balancer uses ETH as collateral.
  • Compound. By analogy with previous protocols, you need to send a certain number of tokens to Compound pools, where their number also plays a decisive role. Compound also has a commission of around $5.

In addition to the above options, you can also use other protocols, such as Gearbox with a $4 fee, UniSwap with $8, which by the way is one of the most expensive, Sushiswap with a $5 fee, and others.

Create liquidity pools

Another activity necessary to increase points is the creation of liquidity pools on various platforms. For example, you can use Curve and choose ETH pools to avoid paying fees. Other than that, platforms like SushiSwap and Uniswap are good options, where you can also create 7-10 liquidity pools with ETH and other desired tokens purchased earlier. Often, most platforms will also charge a fee of $5-8 to approve and supply.

Start staking

Another opportunity to raise your account and get Beacon SBT is staking. You can use a platform like Gearbox where you will have different options for staking in the supply” tab. You can stake previously purchased wETH, USDC, DAI and so on, however, you need to have some ETH. If you want to stake ETH, then a platform like Lido Finance is a good option.

Use bridges

Since the use of cross-network bridges also increases Degen Score, you can move ETH to other networks. To do this, you can use a large number of bridges, such as Avalanche Bridge, Optimism Bridge, Multichain Bridge, Arbitrum Bridge, Polygon Bridge and others.

Create or buy a domain name

In order to get the maximum score, you can also create an ENS. For best results, create or buy multiple ENS domains and multiple subdomains to them.

Once you have completed all of the above steps, you can go to the Degen Score website to check your score. If you have not connected your wallet yet, you will need to do so in order to see the number of points. Also remember that the score is updated every day, so you should not expect an instant result. When you complete all the tips, you should get a 700+ score. Apart from this, you can also get Beacon SBT by paying 0.1 ETH.

Closing Thoughts

The Degen Score is a metric that helps developers get Web3 experienced users into their projects and helps users get the benefits first, which is why this platform is important for both parties. Thus, Degen Score has rather great prospects for development and is already collaborating with a number of interesting projects, such as Octav, Float, Glassnode, Rage trade and others. If you, as a Web3 user, want to be the first to get access to new interesting projects and other benefits, then upgrading Degen Score is the right step for you. However, keep in mind that this also comes with some costs that you should consider before working on getting Beacon SBT.

Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.