Degen Protocol offers no data on its web site about who owns or runs the corporate.

Degen Protocol’s web site area (“degenprotocol.io”), was privately registered on November eleventh, 2021.

A YouTube hyperlink supplied on Degen Protocol’s web site takes us to a channel belonging to “Crypto Black Sheep”.

Crypto Black Sheep is the alias of Christopher Mason.

Based on his LinkedIn profile Mason sees himself as a musician. Earlier than turning into a crypto bro, Mason labored as an meeting line employee.

A due-diligence doc, put collectively by somebody with much more persistence for blockchain bullshit than myself, names “Shane M” as Degen Protocol’s different co-founder.

Shane seems on Mason’s “The Blacksheep Present” YouTube movies as “Island Boy Shane”.

Based on the doc, each Mason and Shane M are primarily based out of Las Vegas, Nevada within the US.

The doc goes into particular element about who the early adopters and promoters of Degen Protocol are.

There are a variety of acquainted faces, a few of whom have a historical past of affiliation with documented MLM Ponzi schemes.

As to the founding of Degen Protocol, this a part of the doc is of curiosity:

Stream I’m not conversant in however TronChain and Drip Community are each Ponzi schemes.

We study right here that Degen Protocol is a by-product of Drip Community. A continuation of crypto Ponzi fraud that appears to this point again numerous years.

For reference “clovercrypto” referenced above is Calen Powell (proper).  Powell was a high promoter and earner within the BitConnect Ponzi scheme.

Powell was in southeast Asia throughout BitConnect’s run. After the multi-billion Ponzi collapsed, Powell fled to South America.

The DOJ has begun indicted BitConnect insiders. The SEC has sued a number of high promoters.

In 2018 Powell was picked up and interrogated by the FBI. Whether or not he’s at present an individual of curiosity to US authorities is unclear.

Powell is at present in Peru. He periodically uploads crypto movies to his “Clover Crypto” YouTube channel.

In abstract, Degen Protocol was based by serial crypto Ponzi scammers primarily based out of the US. Early Degen Protocol adopters and promoters are additionally serial Ponzi scammers.

Learn on for a full assessment of Degen Protocol’s MLM alternative.

Degen Protocol’s Merchandise

Degen Protocol has no retailable services or products.

Associates are solely in a position to market Degen Protocol affiliate membership itself.

Degen Protocol’s Compensation Plan

Degen Protocol associates put money into SH33P tokens on the promise of an marketed passive return.

The return is 3% of funds invested in Degen Protocol, paid out pro-rata primarily based on how a lot a Degen Protocol affiliate has invested.

If an affiliate opts to transform their SH33P tokens to WOOL tokens, they’ll take part in a 1% a day funding scheme.

There’s a bunch of different nonsense funding schemes inside Degen Protocol, we’ll cowl these within the conclusion of this assessment.

The MLM facet of Degen Protocol pays on recruitment of affiliate traders.

Degen Protocol pays residual commissions through a unilevel compensation construction.

A unilevel compensation construction locations an affiliate on the high of a unilevel workforce, with each personally recruited affiliate positioned straight below them (degree 1):

If any degree 1 associates recruit new associates, they’re positioned on degree 2 of the unique affiliate’s unilevel workforce.

If any degree 2 associates recruit new associates, they’re positioned on degree 3 and so forth and so forth down a theoretical infinite variety of ranges.

Degen Protocol caps payable unilevel workforce ranges at fifteen.

Unlocking every unilevel workforce degree requires 10 SH33P tokens be invested.

To completely take part within the MLM facet of Degen Protocol, associates should make investments a minimum of 150 SH33P tokens.

As soon as certified for, referral commissions are paid out as a share of SH33P invested throughout the unilevel workforce.

Observe Degen Protocol don’t disclose referral commissions percentages paid out.

Becoming a member of Degen Protocol

Degen Protocol affiliate membership is free.

Full participation within the connected MLM alternative requires a 150 SH33P token funding.

Degen Protocol Conclusion

Degen Protocol is multi-layered MLM crypto Ponzi scheme. And never in a remotely intelligent method.

The overall theme of Degen Protocol is sheep, representing Christopher Mason’s “Crypto Black Sheep” alias.

To that finish you’ve got SH33P, XSH33P, WOOL and FLOCK tokens – all of that are CRC-20 tokens.

CRC-20 is the Cronos Chain equal of the extra widespread ERC-20 and BEP-20 shit tokens. These all take a couple of minutes to arrange at little to no price.

As to Degen Protocol’s varied Ponzi schemes, you’ve got SH33P and XSH33P:

Folks holding SH33P can stake their SH33P as XSH33P into the staking pool to earn passive $SH33P rewards from transaction charges collected by buying and selling exercise.

Customers can deposit their XSH33P to earn rewards from each the moment and drip dividend swimming pools.

Then there’s the WOOL Ponzi;

The “Woolshed” contract was impressed by the Drip Community.

The Woolshed will (permit) … customers to change their tokens for “WOOL”, which will be deposited to obtain as much as a constant 1% each day return (365% APR).

And eventually “The Barn”, construct round FLOCK:

By depositing $SH33P into the Barn, participant’s [sic] may also help harden the value of $WOOL and likewise earn passive $SH33P rewards.

It’s all fairly silly sounding however below the hood all withdrawals are paid out invested crypto.

The each day dividend pool drips out 3% of it’s [sic] steadiness to all gamers per day.

Throughout all its Ponzi schemes, Degen Protocol is a closed-loop system with no exterior income supply.

Wanting ahead, Degen Protocol will cap issues off with an NFT launch.

Throughout Q1 2022, there shall be a complete of 2015 SH33P NFTs on the market.

By holding a SH33P NFT, not solely will you generate a hard and fast quantity of $WOOL each day, however additionally, you will obtain extra $SH33P rewards.

That is after all one other Ponzi scheme entrance:

Q1 2022 ends in lower than a fortnight. No thought if SH33P NFTs launched, it doesn’t actually matter.

As with all MLM Ponzi schemes, nearly all of funds invested into Degen Protocol shall be stolen by the admins and early adopters/promoters (see due-diligence chart).

Based on Degen Protocol’s “woolpaper”, these scammers have 25% of SH33P tokens off the bat. Plus no matter blockchain bro bullshit offers they work out amongst themselves.

You as an investor are “enjoying” towards a stacked deck, along with the mathematical certainty that almost all of traders in Ponzi schemes lose cash.

Seeing as Degen Protocol is being run by Drip Community scammers who acknowledge it because the inspiration behind the scheme, right here’s how their DRIP token Ponzi scheme goes:

Drip Community skilled a recruitment increase in late 2021. This coincides with DRIP token pumping.

As you possibly can see recruitment has slowed and early traders have withdrawn crypto invested in the course of the recruitment increase. Until new victims are discovered, DRIP token will proceed to dump in the direction of $0.

Being a close to an identical set of Ponzi schemes, Degen Protocol will finally collapse in the identical method.