Degen Protocol’s website has no information on who owns or operates the firm.
On November 11th, 2021, Degen Protocol’s website domain (“degenprotocol.io”) was privately registered.
Degen Protocol’s website has a YouTube link that leads to a channel run by “Crypto Black Sheep.”
Christopher Mason goes under the moniker Crypto Black Sheep.
Mason describes himself as a musician on his LinkedIn profile. Mason worked on an assembly line before becoming a crypto bro.
Degen Protocol’s second co-founder is named “Shane M” in a due-diligence paper prepared by someone with considerably more patience for blockchain nonsense than I do.
Shane appears as “Island Boy Shane” in Mason’s “The Blacksheep Show” YouTube videos.
Mason and Shane M are both situated in Las Vegas, Nevada, according to the paper.
The paper goes into great depth regarding who the Degen Protocol’s early users and promoters are.
There are a few recognized faces, some of whom have been linked to recorded MLM Ponzi scams in the past.
This section of the text is relevant to the establishment of the Degen Protocol:
Flow TronChain and Drip Network are both Ponzi scams that I’m not familiar with.
Degen Protocol is a Drip Network derivative, as we discover here. A continuation of a crypto Ponzi scheme that appears to have been going on for a while.
Calen Powell is the “clovercrypto” mentioned before (right). Powell made a lot of money in the BitConnect Ponzi scheme as a top marketer and earner.
During BitConnect’s operation, Powell was in Southeast Asia. Powell escaped to South America after the multibillion-dollar Ponzi scheme crashed.
Insiders at BitConnect have been indicted by the Department of Justice. Several major promoters have been sued by the SEC.
Powell was apprehended and interviewed by the FBI in 2018. It’s unclear whether he’s still a person of interest to US police.
Powell is in Peru right now. On his “Clover Crypto” YouTube channel, he posts crypto videos regularly.
In essence, Degen Protocol was established by US-based serial crypto Ponzi fraudsters. Serial Ponzi fraudsters are among the early Degen Protocol adopters and proponents.
Continue reading to learn more about Degen Protocol’s MLM potential.
The Products of Degen Protocol
There are no retailable Degen Protocol products or services.
Affiliates can only promote the Degen Protocol affiliate membership.
Compensation Plan for Degen Protocol
Affiliates of the Degen Protocol invest in SH33P tokens with the expectation of a passive return.
The return is 3% of monies invested in Degen Protocol, paid out pro-rata based on the amount invested by a Degen Protocol affiliate.
Affiliates can join in a 1% per day investing plan if they convert their SH33P tokens to WOOL tokens.
Degen Protocol has a slew of additional ridiculous investment plans, which we’ll discuss at the end of this study.
The MLM part of the Degen Protocol compensates for affiliate investor recruiting.
A uni-level compensation system is used by Degen Protocol to pay residual commissions.
An affiliate is put at the head of a uni-level team, with every individually recruited affiliate placed right behind them (level 1):
Level 1 affiliates who recruit new affiliates are assigned to the original affiliate’s unilevel team’s level 2.
If any level 2 affiliates recruit new affiliates, they are promoted to level 3, and so on, up to a theoretical limit of an unlimited number of levels.
The Degen Protocol sets a limit of fifteen paying uni-level team levels.
Each unilevel team level requires the investment of 10 SH33P tokens.
Affiliates must invest at least 150 SH33P tokens to properly engage in Degen Protocol’s MLM side.
Referral commissions are paid out as a proportion of SH33P spent throughout the uni-level team once qualified for.
Degen Protocol does not provide the percentages of referral commissions handed out.
Become a member of the Degen Protocol
Affiliate participation in the Degen Protocol is completely free.
A 150 SH33P token deposit is required to fully participate in the associated MLM opportunity.
Conclusion of the Degen Protocol
Degen Protocol is a multi-layered multi-level multi-level multi-level multi-level multi-level multi-level multi-level multi-level multi- And not in any slightly intelligent way.
Sheep are a recurring topic in Degen Protocol since they reflect Christopher Mason’s alias “Crypto Black Sheep.”
You may get SH33P, XSH33P, WOOL, and FLOCK tokens, which are all CRC-20 tokens.
The CRC-20 token is the Cronos Chain’s version of the ERC-20 and BEP-20 shittokens. All of them take only a few minutes to get up and cost little or nothing.
People who own SH33P can stake their SH33P as XSH33P into the staking pool to get passive $SH33P rewards from transaction fees collected by trading activity.
Users may put their XSH33P into the immediate and drip dividend pools to gain prizes.
Then there’s the WOOL Ponzi, which was inspired by the Drip Network’s “Woolshed” contract.
The Woolshed will (enable)… users to trade their tokens for “WOOL,” which may be deposited for a daily return of up to 1%. (365 percent APR).
Finally, “The Barn,” which is based on FLOCK, allows players to help harden the price of $WOOL while also earning passive $SH33P rewards by putting $SH33P into the Barn.
It seems ridiculous, but beneath the hood, all withdrawals are paid out in bitcoin.
Every day, the daily dividend pool distributes 3% of its [sic] balance to all players.
Degen Protocol is a closed-loop system with no external funding source across any of its Ponzi schemes.
Degen Protocol will wrap things off with an NFT launch shortly.
A total of 2015 SH33P NFTs will be available for purchase in Q1 2022.
You will earn additional $SH33P incentives if you possess an SH33P NFT, in addition to a predetermined amount of $WOOL each day.
Of course, this is another Ponzi scheme:
In less than a fortnight, Q1 2022 will conclude. I have no clue if SH33P NFTs have been released, but it doesn’t matter.
The bulk of monies invested in Degen Protocol will be stolen by the admins and early adopters/promoters, as with any MLM Ponzi scams (see due-diligence chart).
These crooks hold 25% of SH33P tokens right away, per Degen Protocol’s “wallpaper.” Plus whatever blockchain bro nonsense they come up with between themselves.
In addition to the statistical certainty that the majority of investors in Ponzi schemes lose money, you as an investor are “playing” against a loaded deck.
Given that Degen Protocol is being operated by Drip Network scammers, who admit it as the scheme’s inspiration, here’s how their DRIP token Ponzi scheme is progressing:
In late 2021, Drip Network had a surge in new hires. This occurs at the same time as DRIP token pumping.
As you can see, recruiting has slowed, and early investors who invested during the recruitment surge have withdrawn their bitcoin. Unless additional victims are discovered, the DRIP token will continue to fall in value until it reaches $0.
Degen Protocol, being a near-identical series of Ponzi scams, will eventually collapse in the same way.
It’s already happening, as seen by the SH33P token chart above.