L3s? …But Why? | Colton Dillion - DEGEN

[Music] hey everybody how are you doing this morning so excited to see so many people who showed up for Friday morning shocking I know how difficult it is to get out of bed when you're at um trying to go to like a temple nightclub or church nightclub I don't know where everybody went last night this is probably the responsible group but anyways moving on we are at the L3 Junction of ethereum uh I don't know how many L's there going to be before before everything's scaled and everybody around the world is using ethereum but excited to have Colton Dylan here today from dgen and K Kip quip Network thanks Dylan thank you thank you hey everybody uh my name is Colton dillian I'm one of the co-founders of dgen we a token that is native to Bas but also native to foraster a community launched uh we're here to answer the question of why an L3 because as a community we decided to launch an L3 and we think that the real answer is that l3s need high throughput right and we want to be in memes media and markets and if you want to be in memes media and markets that's going to require a lot of transactions people are posting content every day if you want to reward people for posting content every day then you need to have that high throughput uh additionally having an L3 allows you to offer a simpler on-ramp because you don't have to work you're already in a less decentralized mode and so you don't have to worry as much about having decentralized oracles decentralized validators things of this nature and then ultimately it's about audience why do people use any chain it's because they have a specific Affinity to that brand or to that idea and they want to continue working in those spaces a little bit about our credibility last year we hit an all-time high of 2 billion um we have current ly 1 million holders of dgen on base alone and we're also on salana arbitrum and the dgen chain uh we gave out 47 million in tips again it was a community launch token we didn't have a sale we just aird dropped it to farter users and then we gave them the ability to distribute future airdrops to other users of farcaster by commenting on people's posts and through that we gave over $47 Million last year we have 550 million dgen in tvl 33% % of daily active foraster users their daily interaction will be a tip and uh we have 875 million dgen locked in a vault for those tips and why is that is because we're the meme with a dream right we want people to get to get paid to produce consume and share memes and we want them to do that on the Las Vegas of blockchains which is DJ L3 so why right we think that we're moving into the world of distributed Studios we started out with with Mickey Mouse and Disney where there was one guy hiring a bunch of artists and producers and voice actors to make a 2 and a half hour piece of content over 2 years then we got Nintendo where they threw Pro programmers into the mix and they spent four years to make a 60-hour piece of content that you could consume a little bit at a time then we move to the YouTube generation where you have a lot of decentralized creators who are spending a week at a time to make a 15 minute piece of content and you the consumer get to choose how much you consume from when from whom and then we get Tik Tok where you have individual creators who are producing 15-second pieces of content over 30 minutes and they're in dialogue with each other creating these narratives and you get to assemble your Seasons you get to assemble Your Entertainment and memes are the next evolution in that step where now anyone can create a little two-c piece of content it shows up in your feed you laugh and you spend hours scrolling to consume that thing but how do those creators get paid that's where Deen comes in and we do this on the L3 because you really need that throughput to reward those creators right you're getting a tradeoff between data availability transaction cost throughput and your decentralization so if you want to be on ethereum where you're really decentralized you're going to pay for it and that's why we need to put your rollup in your rollup so you can roll up while you roll up because you actually need that decentralization that that recentralization to hit the throughput need needs right ethereum last year during March you were paying $11 per transaction you're not going to pay $1 per transaction to reward someone 20 cents worth of dgen on foraster base similarly hit an average of 60 cents per transaction during March last year and so when we hit these limits the costs go up and your ability to do these microt transactions degrades even salana during the Pumped on fund craze last month they were an average of 14 18 cents per transaction so supposedly these high throughput chains are not high throughput enough for the actual applications that are going to hit massive scale and that's why you need to Shard out and you need to use uh other rollups you can also offer Simplicity there are providers in the space like arbitrum gelato a a lot of the validators on ethereum are using AWS already so are you really getting the decentralization that you claim you are Additionally you have the option to Pro provide prepackaged oracles right faras or a lot of the data is only available with reliability through Nar so most people are consuming farcaster data through one organization you have chain link is providing all the oracles but maybe if you're using an L3 you just build in the oracles cuz you're already trusting them to be your centralized validator or you can bring real world uh information on chain like Bloomberg because you don't have you're already accepting this tradeoff so there are other reasons to use l3s additionally as an L3 you can provide a lot more customization because you are narrowing your community right if you want specific pre-compiled if you want specific auction formats for Block space if you want specific data streams you can talk to your L3 and they're more likely to work with you to get you the things that you need in order to accomplish the things you want to accomplish and then of course you have your audience at DJ we're very aligned with bass and farter and telegram is the source of the most uh average users around the world and so you can really narrow in on these audiences and serve them very well with your specific setup on your specific chain why does anyone use any of these brands well why does anyone hold a bag it's because they saw someone they identified with that bag and they wanted to pay money to be like that person and so l3s are similar in that sense and that people identify with what you are trying to produce and your vision of the world that you see in the future future and for dgen we consider ourselves the decentralized generation right we want you to find your own dgen world and to make it as a decentralized community we're offering bounties for people who want to build on dgen at the intersection of memes media and markets and the grants will be retroactive and contingent on actually reaching Milestones uh but also we we do want to build uh brand value with you in the dgen ecosystem so it's exclusive and that means we will Market the hell out of you to all of our users and the people who they want to Market to and we do this in a peer-to-peer fashion through tips with that the Hat stays on we're really excited to have people building on djen and we hope that you consider l3s for your project even if it's not us are there any questions all right great crowd the