Key Points
- Degen Chain, the L3 blockchain that was launched last week, raised increased interest from crypto investors.
- Degen Chain was built using Arbitrum Orbit and has been launched on Base to make transactions cheaper.
Syndicate.io, with its new direction centered around the Web3 infrastructure, has just introduced Degen Chain – the new low-cost Layer-3 blockchain (L3). The project was launched last week and it was built using Arbitrum Orbit, launched on Base.
The goal of the project is to make transactions cheaper. It was built for the community, allowing devs to experiment with new features such as community rewards, payments, tipping, gaming, and more.
Syndicate.io introduces Degen Chain
In its official announcement, Syndicate.io highlights the launch of Degen Chain, “an ultra-low-cost” L3 for the Degen community, built with Arbitrum Orbit, Base for settlement, and AnyTrust for data availability.
The native gas token for the chain is DEGEN which is one of the first community tokens with its very own L3.
“Syndicate is thrilled to be the L3 infrastructure partner for Degen Chain—we worked with providers like Conduit for the rollup, Decent for the bridge, Airstack for data APIs, and more to be shared soon.”
Here are the most important highlights since the launch of Degen Chain regarding addresses, total contracts, and tokens: more than 132k addresses have been onboarded, 7.5k total contracts have been deployed, and over 2,300 tokens have been launched.
Since its launch, it:
– on boarded >132k addresses
– had over 4.15m completed txs
– had 7.5k total contracts deployed (mostly rugs, only 290 verified)
– had over 2300 tokens launched (mostly rugs)— Shual (@0xShual) March 31, 2024
What is Degen Chain?
Degen Chain is a layer-3 blockchain built on top of the Base layer-2 scaling solution.
This essentially means it’s a custom-designed blockchain built for a specific purpose, leveraging the faster transaction speeds and lower fees offered by Base.
Key features
Focus on DEGEN Token
Degen Chain is designed specifically for the DEGEN token, its native cryptocurrency. This token likely fuels transactions and potentially grants governance rights within the Degen Chain ecosystem.
Low-cost transactions
By building on Base, Degen Chain inherits the benefits of faster transaction processing and lower fees compared to the Ethereum mainnet.
Community focus
Some sources suggest Degen Chain prioritizes catering to the needs of its user community. This could involve features like ease of use or integration with popular DeFi applications.
Benefits and concerns
Faster transactions and lower fees
Users on Degen Chain might experience quicker and more affordable transactions compared to the congested Ethereum network.
Innovation
Layer-3 blockchains like Degen Chain offer the potential for innovation and experimentation within the blockchain space.
Security concerns
Since Degen Chain is a new project, its security hasn’t been battle-tested for a long period. Additionally, some experts, like the CEO of Polygon Labs, express concerns that layer-3 solutions might inherit security vulnerabilities from the underlying layers.
What makes Degen Chain different from other L3s?
According to the official announcement of Syndicate.io, Degen Chain is one of the first L3s built specifically for a community and its token.
The project also enables new experiments for the community, with tipping, rewards, payments, gaming, and many more.
The team promises new opportunities for the community to taste new experiences, apps, and mechanisms between the DEGEN token and the L3 that it powers.
Since 2023, Syndicate.io has moved its focus towards Web3 infrastructure, including transaction cloud, transaction broadcasting, and enterprise scalability, offering tools and services to help startups and established companies build scalable Web3 apps.
In other related recent news, Marc Boiron, the CEO of Polygon, sparked a heated discussion on the necessity of Layer 3 networks for scaling Ethereum. He argued that such networks merely siphon off value from the mainnet.
Ethereum’s Vitalik Buterin recently addressed Layer 3s, updating a post from over a year and saying that they do not magically boost throughput. He mentioned that they can still reduce some fixed costs and batch publishing and deposits/withdrawals.
Re-upping my post from 1.5 years ago on "layer 3s":https://t.co/iHWEgPA7Hl
The summary is that layer 3s don't magically improve throughput even more, though they can reduce some fixed costs of batch publishing and deposits/withdrawals.
— vitalik.eth (@VitalikButerin) April 2, 2024
The crypto community currently remains fascinated by the fresh L3 Degen Chain and its promises.
