The $DEGEN token, initially used for tipping on Farcaster, has reached a market cap of $1B. In a significant development, Degen Chain, a Layer 3 (L3) blockchain, was launched in partnership with Syndicate.io, positioning $DEGEN as its native gas token. This innovation is part of a broader movement towards application-specific chains, with several already utilizing Arbitrum Orbit, highlighting a trend towards decentralized applications (dApps) and layer 3 solutions. Within 24 hours of its launch, Degen Chain reported over 2 million transactions, $1 million bridged, and 24,000 active addresses, showcasing rapid adoption and significant activity. Additionally, the chain achieved a milestone of 3.5 million transactions and $10 million bridged within 48 hours, indicating a growing ecosystem around $DEGEN. The token's utility and adoption have been further evidenced by its use as collateral for a loan of 135.6158 $USDC against 55.6K $DEGEN and the emergence of meme coins and other applications on its L3, reflecting a vibrant and expanding community of 96,000+ active addresses.