DeFi degens refer to the degenerates who are often involved in misusing decentralized finance for personal gains. Even with all the promises of DeFi, there are several unregulated crypto projects that come upfront as sheer jokes and scams.
These projects are considered within the subculture of DeFi degens. Often associated with private Discord and Telegram channels, degens offers tips on new DeFi projects that can make money fast.
DeFi degrens resonates with that of the pump and dump trend in the stock market, where they end up hyping a junk coin through various private channels and forums. These coins are later abandoned or burnt right after the degens take their profits.