Polygon Labs CEO: L3 deprives Ethereum of its value and security, has no plans to develop its own L3 network

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