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What is Degen Coin Flip?

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Degen Coin Flip
Degen Coin Flip

Degen Coin Flip is a smart contract platform that allows users to play double or nothing using their Solana tokens.

The earliest coin flipping dates back to ancient Roman times, calling it “navia aut caput” which means ship or head. In this act, individuals can determine one out of two outcomes depending on the result of the tossed coin. Since then, it has been applied to events such as political races, football matches, and gambling. 

At the current time, a new application of coin flipping emerged. The web3 space continues to surprise every community, providing equal opportunities. With a smart contract, developers enhanced coin flipping with coded terms running on a blockchain like Solana. One of the projects that embraced the advanced coin tossing concept is Degen Coin Flip (DCF), allowing participants to double their Solana tokens with just a click of a button.

Background

Degen Coin Flip started with one simple goal: to become a revenue-generating program built on the Solana blockchain. It became a straightforward project, prioritizing revenue to their beloved holders that immediately started after its first launching. Additionally, DCF continuously hits milestones with numerous partnerships, generous giveaways, and increasing flippers worldwide. 

What is Degen Coin Flip?

Degen Coin Flip is a smart contract that allows users to play double or nothing using their Solana tokens. It has 50/50 odds and charges a 3.5% fee, with a portion allocated to the DCF NFT holders. In 2021, the Degen Coin Flip project listed 555 DCF NFTs on Magic Eden. The DCF token follows the design of a coin in different colors but usually bright ones are common.

Every DCF token had an initial price of 0.33 $Sol that increased over time. The participants who joined the minting received 186 times more, coming only from the distributions. Currently, Degen Coin Flip generated more than $50 million worth of tokens flipped. Players can verify all their completed transactions using the smart contract.

How Does It Work?

Degen Coin Flip employs one possible outcome from two options: winning or losing the game. A player has a 50% chance of winning the game and another 50% of losing. When a player wins the game, the money returns to the pot, with a portion of it being given to users as payment while 0.25% will be redistributed. On the other hand, players will never worry about simultaneous losses. The probability of players losing the game 50 times in one sitting is only 0.0000000000000888%. Lastly, as more players use DCF, its treasury can grow further.

Tools and Data

Tools and data are essential in every project because it helps the community to get the transparency they need. Degen Coin Flip has four different tools and data that give the players the information they want to see:

DCF Leaderboard

It shows the top-performing degens with the highest net gains during the day. There are 32 rankings displayed on the leaderboard with real-time results. The more SOL the players flip, the higher their place can be.

Support Discord Server

Players who have questions in mind can go directly to DCF’s Discord channel. Just open a ticket in the support server to ask about DCF-related matters.

DCF Statistics

The DCF statistics present real-time market data where individuals can view the floor price of NFTs and their corresponding return on investment (ROI). The page also shows other information such as health and volume, last flip with the username and result included, all-time daily volume, stats of NFT holders, and the overall stats of DCF. DegenFaragu, one of the DCF holders, is responsible for creating the statistics. 

Mixpanel

Mixpanel presents DCF statistics covering other information like all-time flip results in the past 12 months, all-time highest win streak, top gainers at an average of 30 days, flipper win percentage, flip choice, and today’s flip total with a comparison from yesterday’s result. The data presented in Mixpanel becomes even more complete with a histogram showing today’s flip per user, average DCF house balance for wallet check, total coin flips from events, and all-time unique flippers over the last 12 months. The Mixpanel is created by RyanHirsch, one of the DCF holders.

DCF Player Card

Degen Coin Flip launched the DCF player cards that can benefit both flippers and holders. Its primary purpose is not only to reward its loyal players but also to attract new people. Every card will get one raffle ticket to play its next big event—the Life-Changing Lotto. 

The prize pool includes 594 SOL from all mint proceeds and 147 SOL from all DCF fees collected within two weeks. The prize gets bigger; the more volume flows through the DCF. It guarantees that the minimum prize is 740 SOL. A total of 201 winners will share the prize pool. Two hundred participants will win 2 SOLs each, while the remaining one gets the rest of the pot. 

In January 2022, there were four waves to mint 1,800 flip cards, while another 400 were reserved to reward flippers and the project partners of DCF. The holders of player cards receive different benefits, aside from lotto tickets, such as fee-free flipping, access to special game modes, and other features.  

DCF Microshares

The project team plans to accumulate DCF forever continuously. It firmly believes that the SOL volume flipped on DCF will keep rising. Thus, the holders’ revenue share per DCF coin will grow as the project value increases. It only means that the revenue share per DCF microshares NFT will also go up over time. 

DCF microshares NFTs were inspired by a portion of a coin in different colors. There are 1,110 units of DCF microshares NFTs, with 26 listed on Magic Eden. Its attribute includes six styles, serving as a basis for rarity: pink degen, mythic blue, diamond degen, mythic Solana, degen of death, and baby degen.

What Makes Degen Coin Flip Popular?

Degen Coin Flip garnered almost 35,000 Twitter followers, more than $50 million worth of flipping, and became the number one trusted gaming site on Solana. Here are the reasons why:

Transparency

In December 2021, a white hat hacker exploited DCF. It did not hesitate to immediately announce the hacking, gaining the trust of its players. This event made DCF better because it realized the vulnerable parts of its system and led it to improve by incorporating a patch and restoring the funds. DCF only proves that transparency is needed to build a strong relationship with the community, regardless of whether it is a problem or a milestone reached. 

Generous Giveaways

DCF never fails to excite its players with generous giveaways. The challenges are simple, but gifts are rewarding. One of its most enormous rewards was the one million $WOOF giveaway in January 2022. Players must wait for their Twitter announcements and follow the instructions to join.

Conclusion

The growth of Degen Coin Flip was evident in the milestones it had already reached. It only proves that gamified NFTs can be effective in this progressing time. One of the distinct characteristics of DCF is its small collections, allowing for a specialized community to develop. In time, the connections among individuals will grow stronger and could push DCF to a greater advantage over other similar projects.