Degen Chain, a tier-3 blockchain, set a new transaction speed record with 37.12 transactions per second (TPS) over the past 24 hours, outpacing its foundational blockchain’s 30.81 TPS by nearly 70%. This significant boost led to processing approximately 3.08 million transactions daily based on L2BEAT statistics.
Although Degen Chain had a large number of transactions per second (TPS) at $819,600, its trading volume was relatively low, amounting to only $819,600. The average value of each transaction was just $0.27. This is significantly lower than Ethereum‘s average of $1,867 and Base’s average of $170.
Experts advise against solely using Transaction Per Second (TPS) as a measure of scalability when evaluating systems, as it overlooks the intricacy of transactions. The achievement of Degen Chain can be linked to its DEGEN token, which began as a tipping currency on Farcaster.
The platform currently holds $4.1 million worth of assets secured on it. The DEGEN token’s market value stands at a impressive $345 million. Degen Chain is known for being an affordable, tier 3 blockchain solution. It utilizes Arbitrum Orbit and Base’s settlement layer to enhance its scalability.
The achievement of Degen Chain is noteworthy, given its modest trading volume. This underlines the promise of its DEGEN token and the groundbreaking way it applies layer-3 blockchain technology.
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2024-04-19 10:15