Meme token DEGEN is on the chain? A quick look at Degen Chain, the L3 chain launched by Syndicate

Written by: Syndicate

Compiled by: Peng SUN, Foresight News

From March 20 to the present, memecoin Longyi DEGEN N on Base has been close to 10 times, the community has strong cohesion and is extremely popular. But it is also different, just like last night DAO infrastructure service provider Syndicate launched an ultra-low-cost L3 chain Degen Chain for the Degen community, but this chain was not launched by the Degen community itself. Generally speaking, when Memecoin starts working on projects, it is a harbinger of currency price decline, but this time Syndicate issued a chain for Degen, which is very creative.

What’s more interesting is that DEGEN is a meme currency on Base, but it is not just a meme currency. The Gas token of Degen Chain is also DEGEN, but Degen Chain is built based on Arbitrum Orbit. The Base network only serves as the settlement layer, and the DA layer uses AnyTrust. In fact, since Base has no expectation of issuing currency, DEGEN is regarded as the entrance to participate in its ecology.

What is Degen?

As of now, Degen is launching on Farcaster in January 2024 and distributes tokens among builders, content creators, and users. It reshapes the Farcaster ecosystem, allowing Casters to use DEGEN to reward quality content creators. As of now, DEGEN has 53,000 holders, the number of transactions exceeds 553,000, and it is still growing rapidly.

How is it different from other L3?

Degen Chain is L3 built specifically for the DEGEN token and its community, allowing new attempts in tipping, community rewards, payments, games, etc. DEGEN is also the native Gas token of the chain, providing support for exploring new developments between the token and its L3.

The Degen and Syndicate teams use Syndicate’s developer tools (such as the transaction cloud API that provides free gas for developers on Degen Chain) to support developers on Degen Chain.

Degen Chain Details

• Network Name: Degen
• RPC Endpoint: https://rpc.degen.tips
• Chain ID: 666666666
• Currency symbol: DEGEN
• Block explorer: https://explorer.degen.tips
• Cross-chain bridge: https://bridge.degen.tips

Which applications use DEGEN for payment?

Drakula

On-chain short video social application Drakula has partnered with Degen to use DEGEN as the main transaction token.

Zora

Zora NFT minting platform has supported DEGEN payments.

Perl

Perl is a skill-based prediction game that already supports payments using DEGEN.

Bracket.Game

Bracket Game, a voting transaction for current and future seasons for users’ favorite sports teams in different sports leagues, now supports DEGEN payments.

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