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Degen Chain L3 On Arbirtum Orbit

The chain settles on Base and uses $DEGEN as its native gas token.

Quick Take

  • Syndicate introduces Degen Chain.

  • AltLayer launches ALT token staking.

  • Vitalik on directions for Ethereum scaling.

  • Circle to support native USDC on zkSync Era.

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Degen Chain L3 On Arbirtum Orbit

Syndicate, a Web3 infrastructure provider, launched Degen Chain, a L3 chain designed for the Degen community token that offers ultra-low-cost transactions. The chain is built on the Arbitrum Orbit tech stack, settles on Base, and leverages AnyTrust for data availability. Degen Chain also uses $DEGEN as its native gas token. Degen Chain is now live on chain ID 666666666. The initial launch features a bridge and a block explorer. Degen, which is an ERC-20 token on Base, originated from the Degen channel on Farcaster in January 2024. Degen introduced a distribution model that allows users to tip each other with points for creating high-quality content.

AltLayer Launches ALT Staking

AltLayer, a rollup-as-a-service provider, launched ALT token staking and unveiled Mach Alpha, an Actively Validated Service (AVS) on EigenLayer. Mach Alpha will offer fast confirmations and decentralized validation for  OP Stack and Arbitrum Orbit rollup transactions. ALT token holders can now stake their tokens to earn rewards for helping secure the Mach AVS. Mach Alpha aims to address slow block finalization times. ALT token staking marks the first of four launch phases for Mach Alpha. In future phases, AltLayer will support restaked assets and integrate operators once EigenLayer goes live on mainnet. AltLayer’s platform supports custom rollups on the OP Stack and Arbitrum Orbit frameworks.

Future Directions for Ethereum Scaling

Ethereum creator Vitalik Buterin shared insights on future directions for Ethereum scaling following the Dencun upgrade and introduction of blobs. He highlighted a shift in Ethereum scaling, moving from foundation scaling efforts to focused, incremental enhancements. He also says that the developer focus will change to the application layer. Ethereum will maintain its L2-centric roadmap, with applications migrating from L1 to L2 to benefit from faster and more cost-effective transactions. An upcoming upgrade is Data Availability Sampling (DAS), which aims to increase the data space to 16 MB per slot. Incremental scaling improvements include a gradual increase in blob capacity, advancements in data compression, and EIP-7623, which seeks to reduce the maximum block size. Buterin notes that with reduced transaction costs on L2s, there’s no excuse for Ethereum not to reach widespread adoption.

Native USDC To Launch On zkSync

Native USDC, the official version of the stablecoin that is compatible with Circle’s Cross-Chain Transfer Protocol, will now be supported on zkSync Era mainnet. The Cross-Chain Transfer Protocol allows native USDC to be natively burned on a source chain and natively minted on a destination chain, removing the need for locked liquidity. Bridged versions of USDC on zkSync Era will now be labeled as USDC.e. Native USDC is already live on Ethereum Mainnet, OP Mainnet, and Arbitrum One.

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