Over the past 24 hours, Degen Chain, a novel Ethereum layer-3 network, has processed the most transactions per second within the Ethereum community.
According to L2BEAT, Degen’s transaction processing speed (TPS) rose by 62% in the last day, reaching a new high of 35.7 transactions per second (TPS). This surpasses the base blockchain’s TPS of 29.7 transactions per second.
Arbitrum One, Ethereum and zkSync Era rounded out the top five.
In one day, the Degen memecoin chain handled approximately 3.08 million transactions, with each transaction taking place every 0.00041 seconds (which is equivalent to 35.7 transactions per second).
Over the past day, Degen Chain recorded a trading volume of $819,600, which ranks it 35th among the 44 blockchains monitored by CoinGecko.
On average, each transaction only cost $0.27 – a significantly smaller amount than Ethereum at $1,867 and Ripple at $170 per transaction.
Industry experts argue that while Transactions Per Second (TPS) is commonly used to assess a blockchain’s capacity for handling transactions, it has drawbacks. Specifically, TPS does not take into account the computational resources required for each transaction.
Steven Goldfeder, a co-founder of Offchain Labs, explained to CryptoMoon Magazine that it’s similar to trying to determine the total amount in your wallet without considering that some bills are singles, others are twenties, and still others are hundreds.
The DEGEN token fuels the blockchain of the meme coin, which began as a reward token for engaging with Degen’s account on Farcaster – a decentralized networking site.
According to Thomas Tang, Vice President of Investments at cryptocurrency venture capital firm Ryze Labs, this situation serves as an illustrative case of how a memecoin can effectively gain social worth.
“Tang explained to CryptoMoon that its widespread appeal has grown significantly due to many people sharing tips and collectively owning it.”
“So they built a layer 3, based on that.”
At present, a total of $4.1 million is held in Degen Chain due to its value locking feature, as reported by CoinGecko. Meanwhile, the DEGEN token, which is only three months old, has a market capitalization worth $326 million.
Degen Chain is known as a low-cost, specialized blockchain designed specifically for use at layer 3, constructed using Arbitrum Orbit and relying on the settling system of Base, a scalability solution for Ethereum at layer 2.
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2024-04-19 10:25