NFTs turned out to be the most popular form of digital assets in recent years. From Bored Ape to Crypto Punk, there’s a surging demand for PFP and in-game NFTs. The projects developing the NFTs require an infrastructure to manage the complete NFT lifecycle and Dego Finance is here to fill this space. It is building an infrastructure that enables blockchain projects to grow their NFT driven applications from scratch in a completely decentralized environment. In short, Dego is the Lego of DeFi & NFT world and this is its story –
Table of Contents
What is Dego Finance?
Dego Finance is a mix of NFT+DeFi protocol and infrastructure, focused on exploring the utility, and adoption of NFT as a digital asset. Basically, Dego serves two essential functions, It acts as an open NFT ecosystem with an NFT suite that manages the complete NFT lifecycle including NFT minting, mining, trading and more.
Secondly, Dego Finance is building an NFT protocol to provide a cross-chain Layer 2 infrastructure which will enable blockchain NFT projects to grow their user base and develop diverse NFT applications.
Dego aims to build a world-class NFT infrastructure for all NFT projects and also become a DeFi Aggregator
A look into Dego NFT Suite:
Foundry mints the unique NFTs by depositing DEGO, ERC-20 or BEP-20 tokens. The NFTs are backed by the token deposited during the minting process and can be reclaimed by burning the NFT.
Users can stake their NFTs and mine rewards.
NFT owners can auction their NFT in the form of FOMO3D.
Dego has its own NFT marketplace where users can buy, sell or auction the NFT assets.
ScanDrop is a special DAPP for users to participate in NFT airdrops by scanning QR codes.
What is DEGO Token?
DEGO is the utility token of Dego Finance. It is available in ERC-20 & BEP-20 standards and has the following utilities –
- In-suite Currency
- Trading Fee
DEGO token holders have the right to vote on key governance proposals like economic and development upgrades, rewards etc.
Dego Finance has a multi-incentive program to reward the token holders and users participating in its ecosystem. It incentivizes users with DEGO tokens for their participation in the referral program, bounty hunting and several other programs.
DEGO token is the currency of DEGO suite. It is required for minting, mining, trading etc of NFT items.
0.2% trading fee is charged in DEGO when a user transfers DEGO tokens. 0.1% is burnt and the remaining 0.1% will be deposited into the dividend pool which is further distributed as shown below-
The total supply of DEGO token is capped at 21 million
Dego NFT Protocols:
Dego Finance has developed ECR908/BEP908 (on Ethereum & Binance Smart Chain) protocols that combine the concept of Game and Finance. Hence, Dego NFT is an experiment in the GameFi space. The protocol separates the ownership and the utility of an NFT.
It has its own NFT marketplace for trading and auctioning NFT items. Users can mint NFT with DEGO, ERC20 and BEP20 tokens. However, the auctioned items can be bid only with ETH.
Dego NFT Marketplace charges a one-time fee at the rate of 2% from the seller
DEGO Ambassador Program:
DEGO is an open-source project and an advocate of decentralization. It is recruiting volunteers from all around the world to promote & support the development of DEGO global community. Check the following requirements and email to email@example.com, if you’re interested in its ambassador program –
Dego will be launching its own metaverse “DVerse” in 2022
In March 2021, DEGO announced its IEO on the Binance Launchpad, offering DEGO at a sale price of $5 per token. Complete details are shared below –
Dego Finance Hack:
Dego Finance was hacked on Feb 10, 2022. The hackers drained more than $10 Million worth of funds from 13 addresses which belonged to Binance Smart Chain (BSC), Ethereum & Cronos addresses.
Dear users,— DEGO (@dego_finance) February 10, 2022
We have just found out that our address providing liquidity on @UniSwap& @PancakeSwap was hacked hence DEGO pairs liquidity provided by the team was drained. We have already contacted operation team @binance , @kucoincom, @gate_io. They have closed deposit on DEGO.
100% Community Governed:
DEGO is a community-governed entity. The team had received numerous investment offers from VCs and angel investors but it chose to decline all the offers to make DEGO a truly decentralized & community-driven project.
Dear community,— DEGO (@dego_finance) September 8, 2022
We will reopen the deflation model as dictated in the creation of its smart contract and the fee for the transfer is 0.1%. And we would like you to vote:
🔗 Snapshot: Reopen the #DEGO Inflation Modelhttps://t.co/3l18mHa1ST
⏰Till 24:00 UTC, Sep 15 pic.twitter.com/4iaPWaAQrP
NFT Lifecycle Management:
DEGO is focused on developing a suite of tools that manages the entire NFT lifecycle. From minting NFTs to auctioning, it will provide the necessary infrastructure to smoothen the entire NFT operations.
Starting with Ethereum & BSC, DEGO Finance aims to be a cross-chain protocol that allows NFT trading and transfers across multiple blockchains like Solana, Tron etc.
A recent hack has drained over $10 million worth of funds from its ecosystem. This event has questioned the credibility and security of the platform.
DEGO Coin Price:
Check the latest price of DEGO coin, shared below –
DEGO Coin Price Prediction:
Launched in 2021, DEGO quickly surpassed $30 mark and registered an all-time high of $34 per token. The market crash and the hack have deteriorated the price action of the token in 2022. At the time of writing, the token is bouncing between the price range of $3-$5.
Overall, the token fundamentals are strong and the volatility is in its favour. There’re high chances for the token to bounce back in the upcoming bull run and may even break previous highs. An optimistic number for DEGO is $50 per token.
Take a look at Kaizen Finance. A multi-chain token lifecycle management & IDO platform
Where to buy DEGO Token?
Is DEGO Finance a Good Investment?
After looking at the project fundamentals and future developments, DEGO is a safe investment. The project is genuine and addresses the trending segment of the blockchain industry i.e NFT. It aims to build the cross-chain NFT friendly infrastructure along with becoming a DeFi aggregator to help users trade at the best possible price.
From minting to auctioning, it provides a set of tools to help the projects run their NFT projects. Clearly, the token is volatile and has high growth potential.
This completes my review of Dego Finance. In the next post, I will talk about VisionGame & Linear Finance. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.