Degen Chain, an Ethereum layer-3 blockchain, achieved a record 37.12 TPS, exceeding its base chain and surpassing 3 million daily transactions. Despite the impressive TPS, its trading volume remains low, highlighting potential limitations of using TPS as a sole scalability metric. Degen Chain leverages its DEGEN token, Arbitrum Orbit, and Base to enhance scalability and boasts a $4.1 million locked value, making it a notable example of layer-3 blockchain technology.
Ethereum Layer-3 Blockchain Degen Chain Shatters Transaction Per Second Record
In a remarkable feat, Degen Chain, an Ethereum layer-3 blockchain, has broken the record for transaction per second (TPS) rate. Achieving an impressive 37.12 TPS within the past 24 hours, Degen Chain has surpassed its base blockchain's 30.81 TPS, establishing a significant 68.56% increase.
This extraordinary achievement has enabled Degen Chain to process an astonishing 3.2 million transactions in a single day, as evidenced by L2BEAT data. However, despite its high TPS, Degen Chain has experienced a relatively low trading volume of $819,600, with an average transaction value of $0.27. This stands in stark contrast to Ethereum's $1,867 and Base's $170 average transaction values.
Experts caution against placing excessive reliance on TPS as the sole metric for scalability, emphasizing that it does not account for transaction complexity. Nonetheless, Degen Chain's success can be attributed to its innovative Degen (DEGEN) token, which initially served as a tipping token on Farcaster.
The platform has witnessed a remarkable increase in its locked value, currently estimated at $4.1 million, with DEGEN's market capitalization reaching $345 million. Degen Chain's exceptional performance is a testament to its ultra-low-cost layer-3 blockchain architecture, leveraging Arbitrum Orbit and Base's settlement layer for enhanced scalability.
Degen Chain's achievements showcase the potential of its DEGEN token and its groundbreaking approach to layer-3 blockchain technology. Its ability to achieve high TPS rates despite low trading volume underscores the promising nature of layer-3 solutions in addressing blockchain scalability challenges.
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