Written by: Syndicate
Compiled by: Peng SUN, Foresight News
From March 20 to now, the memecoin Longyi DEGEN N on Base has increased nearly 10 times. The community has strong cohesion and is extremely popular. But it is also different, just like last night the 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, the start of a Memecoin project is a sign of a decline in currency prices, but this time Syndicate issued a chain for Degen, which is very creative.
What’s even more interesting is that DEGEN is a meme currency on Base, but it’s 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 coins, DEGEN is regarded as the entrance to participate in its ecology.
What is Degen?
Degen launched in January 2024 on the Degen channel on Farcaster, distributing tokens among builders, content creators and users. It reshapes the Farcaster ecosystem, allowing Casters to use DEGEN to reward high-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 L3s?
Degen Chain is the first 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, allowing new developments to be explored 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 the Degen Chain) to support developers on the 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 apps use DEGEN for payment?
Drakula
Drakula, an on-chain short video social application, has partnered with Degen to use DEGEN as the main transaction token.
Zora
Zora NFT minting platform has supported DEGEN payment.
Perl
Perl is a skill-based prediction game that already supports payments using DEGEN.
Bracket.Game
Bracket Game is a voting transaction for the current season and future seasons for users' favorite sports teams in different sports leagues, and now supports DEGEN payment.
