One of the vital energetic and fastest-growing communities within the Farcaster ecosystem is getting its personal layer-3 blockchain. The Degen chain was introduced as we speak by pseudonymous founder Jacek and infrastructure supplier Syndicate, debuting with its native fuel token DEGEN, touted as “one of many first neighborhood tokens with its personal L3.”
The Degen motion launched in January with a channel on Farcaster, a decentralized and blockchain-based social community on Base, the Ethereum layer-2 incubated by Coinbase. Steadily positioned as a crypto-friendly different to Twitter, Ethereum co-founder Vitalik Buterin is a Farcaster fan, and the discharge of Farcaster Frames in February made it particularly enticing to software program builders.
Since token claims opened in January, 53,000 DEGEN holders have already remodeled 553,000 transactions, Syndicate mentioned, largely tipped as a reward for posting high quality content material. A devoted Degen blockchain was the following logical step.
“It’s designed to be a vibrant playground for builders and a gateway for customers to soundly experiment with their funds,” Jacek advised Decrypt. “Image it because the blockchain equal of Las Vegas—much less about playing, extra concerning the thrill of exploration and enjoyable.”
With Degen chain, crypto builders can tinker with numerous neighborhood administration and engagement fashions, together with tipping, neighborhood rewards, funds, and gaming.
Designed as an “extremely low price” layer-3, the Degen chain makes use of Arbitrum’s Orbit structure, its affiliated AnyTrust protocol to make sure information availability, and the Ethereum layer-2 Base—launched by trade big Coinbase final fall—to settle transactions.
Syndicate cofounder Will Papper mentioned he was excited to work on a community-centric blockchain and supply “all the instruments and infrastructure to not solely make the chain easy-to-use but in addition unlock new capabilities.”
“Layer 3s are the following frontier for absolutely on-chain experiences, video games, and purposes,” Papper mentioned. “We won’t wait to see all the new issues that may solely be developed on an L3 with Degen chain.”
Syndicate can also be tapping its expertise with layer-3 infrastructure applied sciences starting from Conduit for transaction rollups, Respectable for the bridge, and Airstack APIs. The corporate additionally unveiled its Body L3 for Farcaster builders final month. With the launch of Degen chain, the corporate is providing a free plan to permit builders to check drive the tech stack.
Jacek mentioned the purpose is to have enjoyable, to not take tokens to the moon.
“Whether or not returning with positive aspects or not, the secret is the enriching expertise and connections made alongside the way in which,” he mentioned.
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