The most common and most likely answer to this crossword clue is the 8 letter word CHEAPENS
I've seen this crossword clue in Financial Times
C
H
E
A
P
E
N
S
Buddy explains!

The straight part
We know that "Degrades" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case degrades = cheapens.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CHEAPENS mean?
CHEAPENS verb- To decrease the value of; to make cheap
- To make vulgar
- To become cheaper
- To bargain for, ask the price of.