Degen

An Ethereum layer-3 blockchain, Degen Chain, broke the record for transaction per second (TPS) rate by achieving 37.12 TPS in the last 24 hours, surpassing its base blockchain’s 30.81 TPS. This 68.56% increase resulted in processing 3.2 million transactions in a day, according to <a href="https://l2beat.com/scaling/activity" target="_blank" rel="noreferrer noopener" data-wpel-link="external">L2BEAT</a> data. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img fetchpriority="high" decoding="async" width="1024" height="274" src="https://www.cryptotimes.io/wp-content/uploads/2024/04/Degen-Chain-Tops-Ethereum-TPS-Charts-with-35.7-TPS-in-24-Hours-1024x274.png" alt="Degen Chain Tops Ethereum TPS Charts with 35.7 TPS in 24 Hours" class="wp-image-151037">
 <figcaption class="wp-element-caption">
 ETH Transaction Per Second Chart | Source :&nbsp;L2BEAT
 </figcaption>
 </figure>
</div> 
Despite its high TPS, Degen Chain saw low trading volume at $819,600, with an average transaction value of $0.27, contrasting sharply with Ethereum’s $1,867 and Base’s $170 averages. 
Experts caution against overreliance on TPS as a scalability metric, noting its failure to consider transaction complexity. Degen Chain’s success is attributed to its Degen (DEGEN) token, initially a tipping token on Farcaster.&nbsp; 
The platform now <a href="https://www.coingecko.com/en/chains/degen" target="_blank" rel="noreferrer noopener" data-wpel-link="external">boasts</a> $4.1 million in locked value, with the DEGEN token’s <a href="https://www.coingecko.com/en/coins/degen-base" target="_blank" rel="noreferrer noopener" data-wpel-link="external">market cap</a> at $345 million. Degen Chain is hailed as an ultra-low-cost layer 3 blockchain, leveraging Arbitrum Orbit and Base’s settlement layer for scalability. 
Degen Chain’s success, despite low trading volume, showcases the potential of its DEGEN token and its innovative approach to layer-3 blockchain technology. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/category/ethereum-news/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Ethereum’s Vitalik Buterin Makes Waves with 100 ETH Railgun Deposit</a> 
</blockquote>

Degen Chain Tops Ethereum TPS Charts with 37.12 TPS in 24 Hrs

The Crypto Times

Other articles published on Apr 19, 2024

Fabledom takes a new Realm for Fantasy city Builders In an Enchanting Game Set to Launch in May

Coinbase Stock Decline: A Misunderstood Opportunity?

Beginner Investors Explore Safe-Haven Coins Beyond Bitcoin's Shadow

Ethereum – A buy opportunity ahead of Bitcoin’s halving could emerge IF…

Crypto Analysts Reveal These Critical Insights on Fetch.ai (FET) and Near Protocol (NEAR) Amid Vo...

Medad Holding and Franklin Templeton Forge Strategic Partnership to Introduce Yieldcoin Innovatio...

Join our free newsletter for daily crypto updates!