Bittime - The crypto world was abuzz with the launch of the layer-3 network: short for the third layer called DEGEN Chain last week. This network attracted the attention of the memecoin community.
What is DEGEN Chain?
DEGEN Chain is a layer-3 network designed specifically for the memecoin community. This network offers innovative solutions that enable developers to build more interesting and useful applications for the memecoin community.
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Created by Memecoin Fans
Jacek Trociński is the figure behind DEGEN Chain. Initially, Trociński worked as an engineer and data architect at Hedgehog Technologies. However, in November last year he decided to leave and build his own business.
At that time, the decentralized social network Farcaster was on the rise. Trociński is also active on the "degen" channel on the application.
Also read: Memecoin: Why is the Price of Degen (DEGEN) Soaring? This is the cause
According to him, the canal was initially quiet and filled with developers. However, the situation changed drastically in December after someone created point tokens.
"Suddenly, many people flocked to the canal," said Trociński as quoted by Blockworks .
"It ended up falling apart. Then they created another token that was hacked, then the wowow token appeared. I don't know what happened, it seemed like the token just disappeared.”
“However, these tokens experienced a tremendous surge in inflows in a short period of time. That's when I realized there was something interesting here."
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The emergence of the DEGEN Token
Inspired by the BLUR (Blur) and UNI (Uniswap) tokens, Trociński launched the DEGEN token on January 8. Users can get this token by being active on the Farcaster channel.
The more likes and comments you get, or the more NFTs you have, the more points you get. And, 1 point is equal to 1 DEGEN token. The tokens are then distributed via airdrop.
Also read: Degen Price Prediction (DEGEN) 2024-2025: Better or Worse?
Seeing the enthusiasm of the community, Trociński realized that many developers were starting to build applications using DEGEN as a native token.
"They used DEGEN as a token for several reasons. First, because there is a strong community. Second, launching your own token is difficult. There are many legal issues and technical issues such as liquidity pools. The developers want to focus on building applications, not tokens," he explained.
DEGEN Chain: Blockchain for Customization
DEGEN Chain itself was launched as a layer 3 blockchain to allow DEGEN community members to customize. This chain is not designed to offer a "technically different" technology but serves as an "application layer".
"If the community wants something pre-compiled in Farcaster, for example, instead of calling a smart contract, we can make it happen natively at the blockchain level as a function. We can add that customization," Trociński said.
"I think it makes sense to customize, but we don't need to innovate like Blast or OP do."
Trociński hopes that DEGEN Chain can become a special memecoin network that allows developers to build interesting games and applications. This will make the DEGEN Chain very valuable.
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Reasons for Choosing Arbitrum Orbit
Trociński was attracted to Optimism's superchain vision, but OP's own stack did not offer a native gas token.
"One of the things I want is for the DEGEN Chain to have DEGEN as a native gas token," he said.
Therefore, DEGEN Chain is built as an Arbitrum Orbit chain set on Base and uses AnyTrust for data availability.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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