Polygon CEO Marc Boiron ignited a debate towards the event of layer-3 networks whereas millions are produced from the Degen Chain.
Since its introduction on March 28, the Degen Chain network has rapidly grow to be a focus for hypothesis, drawing lovers and skeptics alike. Syndicate developed it utilizing Arbitrum Orbit know-how, and It serves as a low-cost network tailor-made for the Degen token (DEGEN).
The token has emerged as a outstanding asset amongst customers of the Farcaster web3 social media platform, which operates on Base, an Ethereum Layer 2 network. The Degen Chain is classed as a Layer 3 (L3) network. The ascent of Farcaster, marked by record-setting consumer engagement and its father or mother firm’s method towards unicorn standing, has considerably benefited early adopters of the Degen token.
Whereas crypto isn’t any stranger to wealth technology by meme coins, Degen Chain distinguishes itself as one of many inaugural L3 chains to garner appreciable traction. It hosts a burgeoning ecosystem of meme cash, all denominated in DEGEN, and has witnessed buying and selling volumes within the tens of millions of {dollars}. One investor remodeled an funding of $113,000 and gained a revenue of practically $3.4 million.
Polygon CEO speaks out about L3s
Boiron articulated Polygon Labs’ place on April 1, emphasizing that their concentrate on L2 scaling options is pushed by a perception of their sufficiency for Ethereum’s (ETH) wants.
“L3s exist solely to take worth away from Ethereum and onto the L2s on which the L3s are constructed,” Boiron acknowledged, highlighting a elementary concern relating to the distribution and retention of worth throughout the blockchain’s layers.
In a clarifying response, Boiron argued towards L2 worth representing Ethereum worth, presenting a hypothetical state of affairs to focus on the potential dangers to Ethereum’s safety and worth seize mechanisms ought to L3s consolidate worth onto a single L2.
“The target was to scale Ethereum when no one else did it,” Boiron mentioned. “L3s are usually not in line with that mission.”
Regardless of Boiron’s skepticism, the dialogue round L3 applied sciences displays a broader discourse on scaling and enhancing blockchain ecosystems. Layer-3 protocols, providing options for scalability, interoperability, and specialised decentralized applications, are rising as a dynamic element of the blockchain panorama.
Improvements from entities resembling Orbs, Xai, and zkSync Hyperchains exemplify the rising exploration of L3 capabilities, though the sector stays nascent.