The cryptocurrency market has seen the rise of Degen Chain (DEGEN), a new Layer 3 network that has quickly gained momentum with $100 million in transaction volume, despite being recently launched. Degen Chain has had a significant impact, especially on Solana and Base networks, with over 272,000 transactions recorded in a single day.
Since its inception, Degen Chain has facilitated the creation of numerous contracts and tokens, with over 7,500 contracts and 2,300 tokens currently in circulation. However, some of these tokens have been associated with fraudulent activities like rug pulls. Degen Swap (DSWAP) and Degen Pepe (DPEPE) are leading tokens on the network, with market values surpassing $14 million and $23 million, respectively. Most tokens on the network are valued below $1 million, often used for speculative trading.
DEGEN, the main asset of Degen Chain, has experienced a price surge of over 500%, reaching $0.6 since its launch. Currently trading at $0.4763, DEGEN is the primary currency for transactions as stablecoins are not supported yet on the network.
Upcoming Layer 3 Technologies
Degen Chain is at the forefront of Layer 3 network technology, aimed at enhancing the utility of the DEGEN token. The network is designed to support gas fees, tipping, community rewards, and gaming transactions. Layer 3 tech builds on Layer 2 solutions, emphasizing specialized functions and fast, secure transactions tailored for gaming and payment needs.
Key Points
- Degen Chain's initial success indicates investor interest in Layer 3 networks and their specific uses.
- High market values of DSWAP and DPEPE show strong market presence and investor confidence in these tokens.
- The surge in DEGEN's price reflects a promising start for the network, even without stablecoin support.
In summary, the emergence of Degen Chain signifies the rapid growth and innovation seen in the cryptocurrency market. With a significant transaction volume, development of various tokens and contracts, Layer 3 networks are beginning to establish their significance, potentially offering new opportunities for blockchain functionality and investments.