A quick look at Syndicate’s launch of L3 chain Degen Chain

2024-03-29 17:23

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Degen Chain is built based on Arbitrum Orbit, Base and AnyTrst, and the Gas token is DEGEN.

Original title: Introducing Degen Chain

Original source: Syndicate

Original compilation: Peng SUN, Foresight News

From March 20 to now, the memecoin Longyi DEGEN N on Base has increased nearly 10 times. The community cohesion is very strong and the popularity is extremely high. But it is also different, just like last night the DAO infrastructure service provider Syndicate launched an ultra-low-cost L3 chain Degen Chain for the Degen community, but this chain was not launched by the Degen community itself. Generally speaking, the start of Memecoin projects is a sign of a decline in currency prices, but this time Syndicate issued a chain for Degen, which is very creative.

What’s more interesting is that DEGEN is a meme coin on Base, but it’s not just a meme coin. The Gas token of Degen Chain is also DEGEN, but Degen Chain is built based on Arbitrum Orbit. The Base network only serves as the settlement layer, and the DA layer uses AnyTrust. In fact, since Base has no expectation of issuing coins, DEGEN is regarded as the entrance to participate in its ecology.

What is Degen?

Degen launches in January 2024 on the Degen channel on Farcaster, distributing tokens among builders, content creators and users. It reinvents the Farcaster ecosystem, allowing Casters to use DEGEN to reward quality content creators. As of now, DEGEN has 53,000 holders, with over 553,000 transactions, and is still growing rapidly.

How is it different from other L3s?

Degen Chain is the first L3 built specifically for DEGEN tokens and their communities, allowing for new developments in tipping, community rewards, payments, games, etc. try. DEGEN is also the chain’s native Gas token, allowing for new developments to be explored between the token and its L3.

The Degen and Syndicate teams use Syndicate’s developer tools (such as the transaction cloud API that provides free Gas for developers on Degen Chain) to support Degen Chain. Developer.