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You know about Layer 1 (Ethereum) and Layer 2s (base, Optimism). Layer 2s were created to scale and reduce gas fees on Ethereum, which they have been doing a fair job of so far. Now, Layer 3 has been launched. This news has thrown the web3 community into bewilderment trying to fiqure out why there's a need for a Layer 3

What started out as a memecoin known as $Degen launched in January, that was used to reward users and builders for usage, bootstrapped new projects, gradually evolved into a layer 3 known as Degen chain. As a Layer 3, it promises to reduce the cost of transactions on base network and scale Ethereum. Degen chain was built with Albitrium orbit and launched on Base network

Most crypto enthusiasts were not very receptive to this new chain. They argued that building a Layer 3 is unnecessary and serves no purpose for Ethereum. In fact, it shouldn't be called a Layer 3 for several reasons, including the fact that it is heavily centralized.

Well, in a Twitter space, Jacek, founder of Degen Chain, when asked about why he built Layer 3, mentioned that he wanted $degen to serve as the 'Las Vegas of Blockchain.' He also admitted to listening to the developers' complaints about the high fees on the base network and their request for a Layer 3 as a solution.

So he built a chain that is cheaper and easier to build on for developers, and the $degen token will create a different experience for users. He added that Degen Chain is not here to innovate the blockchain the same way Vitalik is doing; Degen is for the community and ecosystem.

Within 24 hours of launched, Syndicate announced that Degen chain recorded 2,000,000+ transactions, $1,000,000+ bridged, 24,000+ active addresses. In the last few days, few protocols and CEX have offered support for $degen.