Degen Chain, a new Layer 3 (L3) network launched by Syndicate using Arbitrum Orbit, is gaining traction among speculators but has received criticism from Polygon Labs’ CEO Marc Boiron.
The network caters to Farcaster Web3 platform customers by providing ultra-low-cost transactions using the Degen token ($DEGEN). Early investors made substantial returns, with one turning $7,000 into more than $2 million.
Despite its success, detractors such as Polygon Labs CEO Marc Boiron say that L3 networks drain value away from Ethereum’s base layer. Boiron added that ‘L3s exist only to steal value away from Ethereum,’ emphasizing potential security vulnerabilities to the platform.
Meanwhile, Farcaster is smashing user activity records, indicating a growing interest in L3 chains. However, Boiron’s worries raise issues about the long-term influence on the Ethereum ecosystem.
Polygon Labs experienced a downtime with its Polygon zkEVM chain, but has subsequently resumed operating. The dispute over L3 networks continues as Degen Chain gains prominence.
Marc Boiron’s criticism of L3 networks like as Degen Chain raises concerns about their impact on Ethereum’s value and security, despite their growing popularity and record-breaking user activity on platforms like Farcaster.
