Degen Chain, a new Ethereum layer-3 network, has surpassed other Ethereum-based blockchains by recording the highest transaction per second (TPS) count in the last 24 hours.
Degen’s TPS count surged by 62% in the past day, reaching 35.7 TPS, outpacing its base blockchain, Base, which recorded 29.7 TPS, according to L2BEAT. Arbitrum One, Ethereum, and zkSync Era also featured in the top five.
Despite the high TPS count, Degen Chain reported relatively low trading volume of $819,600 over the same period, ranking 35th out of 44 tracked blockchains by CoinGecko. The average value per transaction on Degen Chain was $0.27, significantly lower than Ethereum and Base.
While TPS is often used to gauge blockchain scalability, industry leaders argue it’s a flawed metric as it overlooks the computational size of each transaction. Steven Goldfeder of Offchain Labs likened it to counting bills in a wallet without considering their denominations.
Degen Chain is powered by the Degen (DEGEN) token, initially designed as a tipping token for users on Degen’s Farcaster channel, a decentralized social media platform. Thomas Tang of Ryze Labs noted the social value accrued by DEGEN due to its popularity and usage.
Currently, there is $4.1 million in total value locked on Degen Chain, while the DEGEN token boasts a market capitalization of $326 million, according to CoinGecko.
Degen Chain is considered an ultra-low-cost, application-specific layer 3 blockchain. It was built with Arbitrum Orbit and leverages the settlement layer of Base, an Ethereum layer-2 scaling solution.
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