Degen Chain has excellent data performance, but most of the projects it incubates are roadblocks.

On March 31, according to Dune data, on-chain analyst NP Hard pointed out on the X platform that the number of daily users of Degen Chain is close to Optimism and Avalanche, which is half of Arbitrum.

On April 1, Degen Chain has attracted attention since its launch, and the native token DEGEN has soared 500%. The transaction volume was nearly US$100 million in 24 hours, and 272,000 transactions were completed. More than 7,500 contracts and 2,300 tokens are circulating on the chain, but most of them are Rug Pull or scams. Degen Swap has a market value of 14 million US dollars, and the meme coin Degen Pepe has reached 23 million. Most tokens have a market value of less than one million and are mainly used for speculation. Degen Chain does not support stablecoins for the time being, only DEGEN transactions.

Degen Chain was launched by Web3 infrastructure Syndicate, built by Arbitrum Orbit, and settled on the Base chain. It is the first L3 chain with its own community token. Next, the article will explore how Degen Chain innovates in the Layer 3 field, including its technical characteristics, core team, and its role in promoting blockchain technology.

Can L3 form a dimensionality reduction attack on L2? V God expressed doubts about this

In the development journey of blockchain technology, the emergence of Layer 3 (L3) chains is seen as a further exploration of existing expansion solutions. L3 projects such as Degen Chain have become hot topics recently, not only because of the innovative potential they bring, but also because of the heated discussions around this new layer.

From a basic point of view, L3 chains are designed to improve the scalability and efficiency of blockchain networks by adding additional layers on top of L2. In theory, such a design can provide higher throughput and lower transaction fees for decentralized applications (DApps) and users. For example, the outstanding performance of Degen Chain, the price increase of its token DEGEN and the growth of transaction volume of the project itself, all reflect the high expectations of the market for L3 solutions.

However, the practicality and effectiveness of L3 chains are also faced with challenges and doubts. Even leading figures in the blockchain field, such as Vitalik Buterin, have expressed doubts about L3's ability to increase throughput. Some community members believe that adding more layers may not be a magic solution to improve network performance. In addition, some projects even carried out teasing activities on April Fools' Day on the topic of L3, reflecting their reservations about the concept of L3.

The controversy over L3 chain mainly focuses on the feasibility of its technical implementation. The original intention of L2 was to rely on the Ethereum main network to complete settlement in order to expand capacity. L3 further relies on L2 for settlement, but this dependency introduces new technical challenges, especially in data compression and processing. Once the data is compressed at the L2 level, the space for secondary compression is extremely limited, which makes the additional value brought by L3 questionable.

Despite the controversy, the concept of L3 chain proposes new possibilities for blockchain technology in terms of capacity expansion. Through different implementation methods and positioning, L3 is expected to provide value in specific application scenarios. In particular, for pioneers such as Degen Chain, exploring how to achieve a more efficient and economical blockchain network on L3 is undoubtedly an important direction for future research and practice.

Degen Chain Overview: An L3 network with both security and scalability, providing developers with a series of convenient

Degen Chain introduces an innovative L3 solution through its unique technical architecture. It is built on Arbitrum Orbit, an advanced Rollup technology that enables efficient transaction processing and low-cost Gas fees. In addition, combined with the settlement base and AnyTrust's data availability framework, Degen Chain is able to provide a blockchain network that is both secure and scalable. Syndicate has worked with technology providers such as Conduit, Decent and Airstack to integrate Rollup solutions, cross-chain bridges and data APIs. The participation of these partners has provided strong support for the technical implementation and ecological expansion of Degen Chain.

Degen Chain is not only a technical platform, it also represents an active community and ecosystem. Degen was first launched on Farcaster, and quickly accumulated more than 53,000 token holders and completed more than 553,000 transactions by allocating tokens to incentivize content creation and sharing. Compared with other L3 projects, Degen Chain is tailored for DEGEN tokens and their communities, supporting a variety of new application scenarios such as tipping, community rewards, payments, and games. This community-centric design not only deepens the user's sense of participation, but also provides fertile soil for the diversified development of on-chain applications.

The launch of Degen Chain has attracted multiple applications including Drakula, Zora, Perl and Bracket.Game to choose DEGEN as a trading token. These applications cover a variety of fields such as social media, NFT casting, skill-based prediction games and sports event voting transactions, demonstrating the potential of Degen Chain in supporting new blockchain applications. To further promote the development of the ecosystem, the Degen and Syndicate teams provide developers on Degen Chain with a series of developer tools, including transaction cloud APIs, which not only lower the entry threshold for developers, but also facilitate their construction and innovation on Degen Chain.

Through its advanced technical architecture, community-centric ecosystem design, and strong support for developers and applications, Degen Chain demonstrates a new possibility for an L3 solution, which not only provides more opportunities for interaction and rewards for community members, but also opens up new paths for innovation and diversification of blockchain applications.

How the technical strength of the Syndicate team determines the future trend of Degen Chain needs to be continuously watched

On March 28, Syndicate announced the launch of Degen Chain on the X platform, a Layer 3 chain designed specifically for the Degentokenbase community, using Arbitrum Orbit and AnyTrust technology to improve settlement efficiency and data availability. The launch of this new chain not only marks that a community token, $DEGEN, has successfully owned its own L3 platform, but also demonstrates the ambition to explore new possibilities in blockchain technology.

Syndicate is committed to becoming a technical partner of Degen Chain and opening up new horizons in the EVM L3 field together. With the technical support of Syndicate, Degen Chain provides developers with powerful tools such as the Transaction Cloud API, which greatly promotes the convenience and innovation of development activities on it. This cooperation model not only accelerates the exploration and application of L3 technology, but also provides rich resources and opportunities for the developer community.

As an important player in the Web3 field, Syndicate aims to create a crypto-native social investment platform through its protocol, thereby lowering the threshold for starting and operating a DAO-style investment club. This not only supports investment in blockchain assets such as tokens and NFTs, but also expands to asset investment in a wider range of fields such as start-ups, providing services such as physical legal resources and bank accounts.

The Syndicate team is composed of blockchain technology, venture capital and corporate strategy experts from top universities such as Stanford University. They are passionate about promoting the application and innovation of blockchain technology, especially in the development and promotion of L3 solutions.

As Syndicate continues to promote developer-friendly L3 technology solutions, the birth of Degen Chain not only opens a new chapter in L3 applications, but also provides new perspectives and motivation for the future exploration of blockchain technology. Driven by such cooperation and technology, can Degen Chain become a new paradigm for promoting blockchain innovation and community participation? Let's wait and see.