TechFlow news: Since its launch last week, Degen Chain has attracted many speculators but also faced some criticism.
Marc Boiron, CEO of Polygon Labs, said that L3 networks merely shift value from Ethereum to the L2 network on which the L3 is built, and are not necessary for scaling. He believes Ethereum's value does not entirely depend on L2s. If all L3 networks converge onto a single L2, it could threaten Ethereum's security. He emphasized that they are focused on Polygon PoS and $BONSAI, and while they don't mind where people build their L3s, they do not want to pull all the value toward the Polygon network, but rather fairly share it with Ethereum.
Degen Chain was launched by infrastructure provider Syndicate on March 28 via Arbitrum Orbit as a low-cost network for the Degen token ($DEGEN). It has become a community token due to frequent usage of DEGEN by users of Farcaster, a Web3 social media service.
