In the past 24 hours, Degen Chain, an Ethereum layer-3 blockchain, set a new transaction per second (TPS) record by handling 37.12 TPS, beating its underlying Ethereum blockchain’s 30.81 TPS by around 68.56%. This improvement led to the processing of approximately 3.2 million transactions daily, based on L2BEAT’s data.
Although Degen Chain had a large number of transactions per second (TPS) at $819,600, the actual trading volume was relatively low, amounting to only $819,600. The average value of each transaction was quite small at just $0.27. This is significantly less than Ethereum’s average of $1,867 and Base’s average of $170 per transaction.
Experts advise against using Transaction Per Second (TPS) as the sole measure of scalability in projects, as it overlooks the intricacy of transactions. The achievement of Degen Chain can be linked to its DEGEN token, which started as a tipping mechanism on Farcaster.
The platform currently holds approximately $4.1 million in total value locked within it. Meanwhile, the market capitalization of the DEGEN token stands at a substantial $345 million. Degen Chain is known for its design as an affordable layer 3 blockchain, utilizing Arbitrum Orbit and Base’s settlement system to enhance scalability.
The achievement of Degen Chain is noteworthy, given its modest trading volume, as it underscores the promise of its DEGEN token and its groundbreaking implementation of layer-3 blockchain technology.
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2024-04-19 10:44