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Degen Chain - Packing Layers

Apr 5, 2024 ⋅  10 min read

Degen Chain (DEGEN) went live last week with a Layer-3 (L3) on Base and found great early success. Other projects are also building and exploring their own Layer-3s, like Momoka (Lens), PengChain (Pudgy Penguins), XAI Games, ApeChain (Yuga Labs), etc. While degens are going to degen, Messari analysts consider some key questions brought about by Layer-3s and what it means for the future of Ethereum.

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Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

Dustin was previously the Enterprise research director at Messari. He has a broad focus across crypto with a particular interest in AI x Crypto, Consumer financialization, DeFi, and general infrastructure.

Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.

About the authors

Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

Dustin was previously the Enterprise research director at Messari. He has a broad focus across crypto with a particular interest in AI x Crypto, Consumer financialization, DeFi, and general infrastructure.

Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.