Degen Chain Leapfrogs Ethereum Ecosystem with Stellar Transaction Count

Degen Chain, an Ethereum layer-3 network, boasts the highest transaction per second (TPS) count in the ecosystem, surpassing Ethereum, Base, Arbitrum One, and zkSync Era. Over the last 24 hours, Degen processed 35.7 TPS and 3.08 million transactions, despite a low average value per transaction of $0.27.

Degen Chain Surges to Top of Ethereum Ecosystem with Record Transaction Count

London, United Kingdom - March 7, 2023 - Degen Chain, an Ethereum Layer-3 network, has emerged as a formidable force within the Ethereum ecosystem, recording the highest transaction per second (TPS) count over the past 24 hours.

According to blockchain analytics platform L2BEAT, Degen's TPS count witnessed a substantial 62% surge over the last day, reaching an impressive 35.7 TPS. This remarkable achievement surpassed that of its parent blockchain, Base, which notched 29.7 TPS.

Rounding out the top five Ethereum-based blockchains in terms of TPS were Arbitrum One, Ethereum, and zkSync Era.

Extrapolating Degen's 35.7 TPS over a 24-hour period, which comprises 86,400 seconds, reveals that the network processed a staggering 3.08 million transactions.

However, despite its impressive throughput, Degen Chain has only recorded a relatively modest $819,600 in trading volume over the last day. This places it at position 35 among the 44 blockchains tracked by CoinGecko.

Consequently, the average value per Degen Chain transaction stands at a mere $0.27, significantly below the average values for Ethereum ($1,867) and Base ($170).

While TPS is commonly used as a metric to evaluate a blockchain's scalability limits, industry experts argue that it may be flawed as it fails to account for the computational size of each transaction.

"TPS 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," explained Steven Goldfeder, a founder at Offchain Labs.

Degen Chain's genesis lies in the Degen (DEGEN) token, which initially emerged as a tipping token for users engaging with Degen's channel on Farcaster, a decentralized social media platform.

Thomas Tang, vice president of investments at Ryze Labs, views Degen Chain as a quintessential example of how a memecoin can evolve to acquire substantial social value.

"It's gained immense popularity due to the widespread practice of users tipping each other and holding the token," Tang stated.

Ian Lee, an executive at blockchain infrastructure firm Syndicate, believes that Degen Chain is pioneering the way for applications on Layer-3 networks.

As of the time of writing, Degen Chain boasts a total value locked of $4.1 million, while the DEGEN token, which is approximately three months old, maintains a market capitalization of $326 million, according to CoinGecko data.

Degen Chain is characterized as an ultra-low-cost, application-specific Layer-3 blockchain that utilizes Arbitrum Orbit and derives its settlement layer from Base, an Ethereum Layer-2 scaling solution.