Summary
TLDR: The Degen community on Farcaster is getting its own layer-3 blockchain called Degen chain, with its native gas token DEGEN. The blockchain is designed for developers to experiment with various community management and engagement models. Syndicate is providing the infrastructure for the blockchain, offering a free plan for developers to test drive the tech stack. The focus is on having fun and making connections, rather than driving token prices up.
Key Points
1. The Degen chain, a layer-3 blockchain in the Farcaster ecosystem, was announced by pseudonymous founder Jacek and infrastructure provider Syndicate. It features its native gas token DEGEN, making it one of the first community tokens with its own L3.
2. The Degen movement, launched in January on Farcaster, a decentralized social network on Base, has attracted 53,000 DEGEN holders who have completed over 553,000 transactions. The blockchain is designed to be a vibrant playground for developers and users to experiment with various community management and engagement models.
3. The Degen chain utilizes Arbitrum’s Orbit architecture, the AnyTrust protocol for data availability, and the Ethereum layer-2 Base to settle transactions. Syndicate aims to provide tools and infrastructure for developers to unlock new capabilities on this community-centric blockchain, heralding layer-3s as the next frontier for fully on-chain experiences.