The Mafia Report: Commentary on Degen Flip Coin

Type of Project: Gamified Solana NFT

Date: 12/12/2021

What is Degen Coin Flip?

DCF, or Degen Coin Flip, is a smart contract on the Solana blockchain that allows users to gamble various amounts of $Sol and receive double or nothing of their original wager. The odds are 50/50 with a 3.5% fee on each game. Degen Coin Flip launched 555 DCF Tokens as NFT’s on the Solana blockchain for .33 $Sol each. 3% of the 3.5% fee from each game is distributed daily to the holders of these NFT’s. You do not have to own a DCF Token NFT to place wagers with their smart contract, it is open to everyone at

How Degen Coin Flip Works

Degen Coin Flip, the smart contract, has 50/50 odds of winning every game. When it wins a game, this money goes back into the pot to pay out users that beat the smart contract. .25% of the 3.5% fee on each game is also redistributed into this pot. The chances of DCF losing continuously unto the point of ultimate depletion, is incredibly unlikely. According to the DCF website, the chances of the DCF Smart Contract losing 50 times in a row is (1/2)⁵⁰ or .0000000000000888%. As more people begin to use DCF, their treasury will grow.

The Benefits of Owning a Degen Coin Flip NFT

3% of each wager is distributed evenly between the holders of the DCF NFT’s. As volume on their website increases, holders will be paid out more. Payouts are sent daily to holders. The 555 DCF NFT’s launched and sold out on December 8th, 2021 for .33 $Sol. As of today, 6 days later, the floor is 28.69 $Sol on Magic Eden and the DCF NFT has almost 3,000 $Sol in total volume. This is an 87x since mint and brings the base value for one of their NFT’s to $4,600 USD. The volume on their smart contract the first day it was released was $600,000. The volume the second day was $1M. The next day, a white-hat hacker found exploitable points in their smart contract code. When the hacker found this, he let the team know immediately. The team then proceeded to turn flips off so that the exploit could not be exploited by anyone intending to do harm. As soon as the team realized there was an exploitation, they notified holders and twitter. Through the next few days, the DCF team worked out the problems in the code and were completely transparent about the problems and solutions to the community. As of 12/14, three days after they found the bug, the site and smart contract are back up and running. In my opinion, this incident and how they handled it is extremely bullish long-term. The team seems very competent and honest and although there was a problem, they worked to remedy it and were up-front with everyone affected. The DCF team is also going to get 3rd party auditors to review the security of their smart contract further. The DCF team hopes this will also help rebuild any lost trust.

The Future

The DCF team plans to run marketing campaigns to make their smart contract more popular. Because the DCF team gets .25% of the 3.5% fee on every transaction, they have incentive to grow the project, and continue to try and ramp up the use of their website and smart contract. This also benefits holders of their NFT, and will drive the price up as volume increases. This is because the DCF team has stated daily payouts will continue forever.

How this Impacts the Solana Ecosystem

With the release and growing popularity of Degen Coin Flip, we could see a higher influx of simple and effective gamified NFT’s. The concept behind DCF is not very complex (although the skills required to make it are), but it provides value and utility to everyone. You do not have to own one of their NFT’s to interact with the smart contract, but if you do have one, you receive added benefits. Very low supply collections, less than 1k, could also become more popular as more projects follow the footsteps of their successful predecessors. When collections are this small, they allow for the development of a very specialized community. Although it was not necessarily done by DCF, small supply interest or hobby-based NFT collections and their subsequent communities could make a strong surge in the Solana ecosystem. Creating a specialized and low-supply collection can lend itself to having a tight-knit community. It also fosters connections between people with very specialized interests, ambitions, or hobbies.




The Mafia Knows Best | 3333 Mask Mafia NFT’s on #Solana | Staking | NFT Data Analysis Website| Research Reports | Mint Jan. 26th

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The Mafia Knows Best | 3333 Mask Mafia NFT’s on #Solana | Staking | NFT Data Analysis Website| Research Reports | Mint Jan. 26th

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