Since its launch last week, the Degen Chain network has attracted a fair number of speculators—and its success has drawn in a number of critics.
As Farcaster sets new user activity records and its parents company eyes a unicorn valuation, early Degen adopters have turned small stashes into fortunes: one trader who invested less than $7,000 into the token came away with over $2 million in profit. Not everyone is supportive of the enthusiasm around L3 networks like Degen Chain, however. Polygon Labs CEO Marc Boiron expressed his dissatisfaction for the focus on L3s in an X post on Sunday, writing "I’ll say the quiet part out loud: L3s exist only to take value away from Ethereum and onto the L2s on which the L3s are built. *You do not need L3s to scale* And this is why Polygon Labs does not work on L3s.
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