- The rise of Layer 3 (L3) networks, particularly exemplified by the success of Degen Chain, built on Arbitrum Orbit.
- This emergence signifies a notable development in blockchain technology, as L3 networks like Degen Chain aim to provide specialized functionalities beyond Layer 2 solutions, attracting users with low-cost transactions and facilitating the trading of memecoins.
Polygon Labs CEO, Marc Boiron, has voiced concerns regarding Layer 3 (L3) networks operating on Ethereum, citing the recent surge in millionaires minted through Degen Chain as a focal point for criticism.
The launch of Degen Chain, utilizing Arbitrum Orbit and running on Base, a Layer 2 (L2) network on Ethereum, has sparked both enthusiasm and controversy within the crypto community. This specialized network, designed for the Degen token ($DEGEN), has facilitated significant gains for early adopters, with one trader reportedly turning a $7,000 investment into over $2 million in profit.
While the phenomenon of memecoin fortunes is not new to the crypto landscape, Degen’s adoption as one of the first notable L3 chains has raised eyebrows. With an ecosystem burgeoning around memecoins denominated in $DEGEN, trading volumes have soared into the tens of millions of dollars.
However, not all stakeholders share the same optimism towards L3 networks like Degen Chain. Polygon Labs CEO, Marc Boiron, expressed skepticism regarding their utility, asserting that L3 networks primarily divert value from Ethereum onto the L2 networks on which they are built. Boiron emphasized that L3s are unnecessary for scaling, contending that they undermine Ethereum’s security and value proposition by fragmenting resources across multiple layers.
Boiron’s stance reflects Polygon Labs’ commitment to Ethereum L2 scaling solutions, such as Polygon and Polygon zkEVM chains. Despite a recent downtime incident with Polygon zkEVM, the platform has since resumed operations, reaffirming its dedication to enhancing Ethereum’s scalability without resorting to Layer 3 implementations.
Marc Boiron’s Professional Path
Marc Boiron’s journey began with a Bachelor’s in Business Administration from Middle Tennessee State University, followed by a JD/MBA dual-degree program at Penn State Law. He excelled as a research assistant, interned at Morgen, Evan and Company, and practiced law at Ricards, Layton and Finger. Boiron’s expertise extended to teaching and advising tech companies on blockchain and securities, culminating in his role as Partner at FisherBroyles and Manatt, Phelps, and Philips.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
