According to BlockBeats, the Base ecosystem Meme project Degen announced the launch of a low-cost Layer 3 blockchain called Degen Chain. Built using Arbitrum Orbit and AnyTrust DA, it is settled on the Base layer. The native gas token of Degen Chain is DEGEN, and Syndicate has become its Layer 3 infrastructure partner. Degen was initially launched in the Degen channel community on Farcaster in January 2024.
By distributing tokens between builders, content creators, and users, Degen reshapes the Farcaster ecosystem. This allows Casters to reward others who publish high-quality content with DEGEN tokens. To date, there are 53,000 holders and over 553,000 DEGEN transactions. According to CoinGekco data, DEGEN has risen by 37% in the past 24 hours, reaching a current price of 0.02035 and setting a new historical high.