Polygon Labs CEO condemns Ethereum L3 as Degen mints millionaires

With the Degen Chain Network launch, a few high-rollers have been attracted to it, along with a range of criticisms due to its overgrowing success. Degen chain used Arbitrum Orbit to develop infrastructure provider Syndicate on March 28. It is a specialized ultra low cost network using Degen Token ($DEGEN). This token has appeared in the arena of de facto community tokens for its Forecaster Web3 Social media service users.

Farcaster works on Base, which is an Ethereum Layer 2 network. Therefore, the Degen Chain is considered a Layer 2 network or L3. Traditional Degen adopters have converted small stashes into a fortune because Farcaster sets new user activity records where its parent company has provided keen eyes on unicorn valuation. Due to this, one trader has invested less than $7,000 within the token, which comes with over $2 million in the profit margin.

The users of Degen aimed to make its first L3 chains for achieving notable adoption while developing fortunes from meme coins; it is nothing advanced for crypto. A sustainable ecosystem of more meme coins and denominations in $DEGEN has been noticed on the Degen Chain. It is seen as tens of millions of dollars considering the trading volume.

Everyone does not become supportive of the ongoing craze of L3 networks such as Degen Chain. On the contrary, the CEO of Polygon Labs, Marc Boiron, condemned the focus on L3s in an X post on Sunday.

Boiron argues that the siphon security of the Ethereum base player has not attracted any value due to its security risks. Polygon Lab is famous for its variety in providing Ethereum solutions for scaling.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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