According to @uxuyzh, the platform is distributing 100 red envelopes containing 320 $DEGEN tokens each, valued at $2 per envelope, as part of their New Year celebrations. UXUY, backed by Binance Labs, currently runs a UP points program, rewarding users for daily tasks and on-chain transactions. This initiative could increase $DEGEN's visibility and trading volume, making it a point of interest for traders monitoring token distribution activities.