Degen Chain, a new layer-3 network on Ethereum, has achieved the highest transaction per second (TPS) count in the Ethereum ecosystem over the past 24 hours. According to L2BEAT, Degen's TPS count saw a 62% increase, reaching 35.7 TPS, surpassing Base, the blockchain it was built on, which recorded 29.7 TPS.
Arbitrum One, Ethereum, and zkSync Era follow closely in the top five ranking.
Degen Chain processed approximately 3.08 million transactions within a day. However, despite its TPS achievement, the trading volume for Degen Chain over the same period was $819,600, placing it 35th among 44 blockchains monitored by CoinGecko. This indicates that the average transaction value on Degen Chain was only $0.27, much lower compared to Ethereum at $1,867 and Base at $170.
While TPS is commonly used to evaluate a blockchain's scalability, it may not fully represent the complexity of transactions on the network. Some experts argue that TPS is a flawed metric as it overlooks the computational intricacies of transactions.
Degen Chain operates on the DEGEN token, initially introduced as a tipping token on Degen's Farcaster channel, a decentralized social media platform. This strategic move led to significant social adoption and value accumulation, highlighting the potential of memecoins.
Presently, there is $4.1 million in total value locked on Degen Chain, while the DEGEN token boasts a $326 million market capitalization. Degen Chain is viewed as an ultra-low-cost, application-specific layer 3 blockchain, constructed with Arbitrum Orbit and leveraging Base's settlement layer.
