Degen: Decide to migrate DEGEN L3 or need to launch a new chain

ChainCatcher news, Degen officials stated on social media that they have decided to migrate DEGEN L3 to move away from the difficulties of the Rollup deployment platform Conduit services. "They have held our rollup keys for months, and we may need to restart a new chain."

DEGEN L3 processes over $200,000 in bridging transaction volume daily. Conduit pushed a bad upgrade without notice, resulting in 54 hours of downtime and causing a loss of $160,000 in user funds. Subsequently, bridging transaction volume dropped by over 75% in the following month.

After the incident, Conduit refused to take responsibility for the community's losses, rejected Degen's chain upgrade requests, and withheld sequencer fees while demanding the signing of a new contract to avoid liability.

Since early August, the Degen team has been working to reach a solution with Conduit to migrate the custodial services of DEGEN L3, and it has now been determined that Conduit has not been cooperating in good faith.