Polygon Labs CEO: L3 takes away the value and security of Ethereum and does not plan to develop its own L3 network

04/01 00:03

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The L3 network Degen Chain is built on Arbitrum Orbit and was launched by infrastructure provider Syndicate on March 28. It is a dedicated, ultra-low-cost network for the Degen token (DEGEN), which has become the de facto community token for Farcaster Web3 social media services users. Memecoin trading activity has recently exploded on Degen. Polygon Labs CEO criticized the L3 chain for depriving Ethereum of value and security and said the company has no plans to develop its own L3 network.

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