TL;DR
- Degen Chain leads transactions per second (TPS) in the Ethereum ecosystem, surpassing other blockchains.
- The average transaction value on Degen Chain is significantly lower than on Ethereum and Base.
- Although it has a low average value per transaction, the protocol has gained popularity through its native token and its focus on layer 3.
Degen Chain, a new layer 3 network on Ethereum, has achieved a milestone by topping the list of transactions per second (TPS) in the Ethereum ecosystem in the last 24 hours.
This achievement, even surpassing the chain in which it is generated, Base, reflects the innovation and potential of scalability solutions in blockchain.
According to data from L2BEAT, Degen Chain has reached an impressive record of 37.12 transactions per second (TPS), which represents a notable increase of 68.56% in the last 7 days.
These numbers highlight the growth and efficiency of Degen Chain within the Ethereum ecosystem, establishing it as a leading force in terms of performance and transactional capacity.
Despite its impressive TPS performance, the average transaction value on Degen Chain is noticeably lower compared to Ethereum and Base.
While Ethereum registers around $1,867 and Base $170 per transaction on average, Degen Chain stands at $0.27.
This difference highlights the different dynamics of usage and user behavior on different blockchain platforms.
The native token, DEGEN, plays a crucial role in its popularity and adoption
Initially conceived as a tipping token on the decentralized social platform Farcaster, DEGEN has gained traction and social value among users.
This phenomenon reflects how a seemingly humorous token can evolve into a valuable asset in a blockchain ecosystem.
Although the TPS measurement is important to evaluate the scalability of a blockchain, experts warn about its limitation in capturing the complexity of transactions.
Ignoring computational size and transaction diversity can distort the true understanding of a network’s scalability.
Degen Chain’s approach as an application-specific layer 3 blockchain, integrating technologies such as Arbitrum Orbit and the Base settlement layer, shows a promising direction in the evolution of scalability solutions on Ethereum.
Its success is not only measured in transactions per second, but also in its ability to offer efficient and attractive solutions for developers and users on the Ethereum network.
