One of the most active and fastest growing communities in the Farcaster ecosystem is getting its own Layer 3 blockchain. Degen Chain debuted today with its native gas token DEGEN, announced by pseudonymous founder Jacek and infrastructure provider Syndicate and touted as “one of the first community tokens with its own L3.”
The Degen movement was launched in January on the channel of Farcaster, a decentralized blockchain-based social network on Base, Ethereum Layer 2, fostered by Coinbase. Vitalik Buterin, co-founder of Ethereum, which is often positioned as a cryptocurrency-friendly alternative to Twitter, is a fan of Farcaster. Farcaster frame launch February has become especially attractive for software developers.
According to the syndicate, 53,000 DEGEN holders have already made more than 553,000 transactions since token claims began in January, most of them as rewards for posting quality content. He said he received a tip. His dedicated Degen blockchain was the next logical step.
“It is designed to be a vibrant playground for developers and a gateway for users to safely experiment with their funds,” Jacek said. Decryption. “Imagine it as the blockchain equivalent of Las Vegas, but less about gambling and more about the thrill of exploration and fun.”
Degen Chain allows cryptocurrency developers to play around with a variety of community management and engagement models, including tipping, community rewards, payments, and games.
Designed as an “ultra-low-cost” Layer 3, Degen Chain is powered by Arbitrum’s Orbit architecture, the AnyTrust protocol, a partner protocol to ensure data availability, and was released by exchange giant Coinbase last fall to settle transactions. It uses an Ethereum layer 2 base.
Syndicate co-founder Will Papper is excited to work on a community-centric blockchain and provide “all the tools and infrastructure to not only make the chain easier to use, but also unlock new capabilities.” He said there was.
“Layer 3 is the next frontier for fully on-chain experiences, games, and applications,” Papper said. “With the Degen chain, he can’t wait to see all the new features that can only be developed with L3.”
Syndicate also leverages its experience with layer 3 infrastructure technologies, from Conduit for transaction rollups to Decent for bridges and Airstack APIs. Last month, the company also announced Frame L3 for Farcaster developers. With the launch of DegenChain, the company is offering a free plan for developers to try out its technology stack.
Jacek said the important thing is to have fun, not to take a token to the moon.
“Whether you come back with a benefit or not, the key is the rich experience and connections you have made along the way,” he said.
