Degen

In 24 hours, Degen Chain, a newly developed layer-3 network, has recorded the highest transaction per second (TPS) over the Ethereum ecosystem.
Degen has rapidly gained an immense following of crypto content creators, developers, and users looking to make profits through crypto investments.&nbsp;
<h2 class="wp-block-heading" id="strong-growth-of-transactions-per-second-tps-strong">Growth of Transactions per second (TPS)</h2>
The Degen’s TPS count has increased 62% over the last day and now stands at 35.7 TPS. It beat out the blockchain it was built on, BASE, at 29.7 TPS, as per the data shared on L2BEAT.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/cRB7o47ilXQg3qrGDuK5B0gUBfuwQVknbnrbKw-Vcn2WbD_0zz9EKnwJJaz01UuH7jIK_EBcaqjTuNmrjBN98udald0YCMyYLe5IPpwHQDy_uEAJeSJUUn-oTMrRDTupoQoyyQjPPwqfDop7BCMQ1aI" alt="">
 <figcaption class="wp-element-caption">
 Source: L2BEAT
 </figcaption>
 </figure>
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Considering 86,400 seconds in a day and 35.7 transactions per second in a day. On multiplying the number of transactions per second by the total number of seconds in a day, the total number of transactions in a day comes out to be 3.08 Million.
However, the average trading volume on Degen Chain could only reach $819,600. It is placed 35th out of 44 blockchains, per the CoinGecko data.
The average value per transaction was just $0.27, which is significantly less in comparison with Ethereum and Base, which stand at $1,867 and $170, respectively.
Usage of TPS
The TPS is widely and primarily used to measure a blockchain’s scalability limits. Multiple industry leaders have said it is a flawed metric as it lacks consideration considering the computational size of each executed transaction.
Steven Goldfeder, founder of Offchain Labs, recently spoke to media channels where he stated, “[It] is a bit like counting the number of bills in your wallet but ignoring that some are singles, some are twenties, and some are hundreds.”
<figure class="wp-block-image size-large is-resized"><a href="https://w3wc.io/?no" rel="noopener noreferrer nofollow"><img decoding="async" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/04/freecompress-1440x90-gif-1-1.gif" alt="" style="width: 100%;height:auto"></a>
</figure>
<h3 class="wp-block-heading" id="strong-degen-token-strong">DEGEN Token</h3>
Degen (DEGEN) token powers the <a href="https://www.thecoinrepublic.com/2024/04/09/arbitrum-network-surpassed-by-base-amid-the-rise-of-memecoins-2/" target="_blank" rel="noopener noreferrer nofollow">memecoin</a> turned chain, initially started as a tipping token for users interacting with Degen’s channel or Farcaster, which is a popular decentralized social media platform.
Thomas Tang, a vice president of investment at cryptocurrency venture capital firm Ryze Labs.
Tang told media channels that, “It’s gained massive mass popularity because everyone’s tipping each other, and everyone holds it.”
Based on this learnings, they built a layer 3.
<blockquote class="twitter-tweet">
 The inevitably of the movement of users, applications, tokens, contracts, and data to L3s is becoming more clear. Since helping <a href="https://twitter.com/degentokenbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@degentokenbase</a> launch Degen Chain only a month ago, it’s proven to me that it’s not only possible—it’s real. <a href="https://t.co/tvXuDAEqKG" rel="noopener noreferrer nofollow">https://t.co/tvXuDAEqKG</a>— ian (@ianDAOs) <a href="https://twitter.com/ianDAOs/status/1781083167899967956?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 18, 2024</a>
</blockquote>
There is currently $4.1 Million in total value locked (TVL) on the Degen Chain, while the three-month-old DEGEN token boasts a market capitalization of $326 Million, as per the data.
Considerably, the Degen Chain is an ultra-low cost, application-specific layer 3 blockchain that was built with Arbitrum Orbit and leverages the settlement layer of Base, an Ethereum layer-2 scaling solution.

Degen Chain, Newly Developed L3, Topping the Daily TPS Chart

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Thecoinrepublic.com

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