Degen Chain Sets New Record with Fastest TPS in Ethereum Ecosystem
Degen Chain, an emerging Ethereum layer-3 network, has made waves in the blockchain world by achieving the highest transaction per second (TPS) rate within the Ethereum ecosystem. In the past 24 hours, Degen Chain’s TPS soared to an impressive 37.12, surpassing its layer-2 counterpart, Base, and other major blockchain contenders.
This milestone places Degen Chain at the forefront of blockchain technology, processing a staggering 3.2 million transactions in just one day. However, despite its impressive TPS, critics raise concerns about the economic utility of Degen Chain, as its trading volume and average transaction value are significantly lower compared to Ethereum and Base.
The DEGEN token, which powers the Degen Chain, originated as a tipping token on Farcaster, a decentralized social media platform. Its popularity led to the development of the Degen Chain, which currently boasts a total value locked of $4.5 million and a market capitalization of $385.2 million.
Designed as an ultra-low-cost, application-specific layer-3 blockchain, Degen Chain leverages Arbitrum Orbit technology and Base’s settlement layer to enhance scalability. While the high TPS of Degen Chain is impressive, experts emphasize the importance of considering both the quantity and quality of transactions when evaluating blockchain performance.
As Degen Chain continues to make strides in the blockchain space, it will be interesting to see how its economic impact evolves and whether it can maintain its position as the fastest TPS network in the Ethereum ecosystem.
