Crypto:
30349
Bitcoin:
$64.257
% 0.49
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.257
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Degen Chain Surpasses Ethereum in Transactions but Lags in Value

Degen Chain

Degen Chain, the newest member of the Ethereum family, has turned out to be a great discovery in terms of transaction speed; it beats even renowned platforms, albeit its beginnings as a meme coin were somehow doubtful. The Degen Chain community is by far one of the most active one over the entire ethereum ecosystem; this is evident by today’s leading transaction per second (TPS) count, according to data from L2Beat, which is twice as large as the rinkeby recorded today. The TPS count reached the sky, adding another 62% to the network’s current capacity, amounting to 35.7 TPS. The primary blockchain, namely, Base, fell silent at merely 29.7 TPS, overshadowed by its incumbent.

Arbiterrum, Ethereum, and zkSync fifth among the hierarchies of these decentralized networks followed. Performing some arithmetic, Degen Chain was able to crunch a total figure of 3.08 million transactions through the day, efficiently seeing this through by using its phenomenal transaction per second rate.

On the other hand, the incredible transaction speed that is apparently the Degen Chain’s main strength does not necessarily involve much trading volume, which contradicts that. The network had $0.8 million in trading volume for the same period, and it was ranked 35th out of 44 blockchains with coinside tracking networks in general. The gap evens wide when we look at the mean value per transaction of $0.27, which is short against Ethereum’s $1,867 and Bitcore’s $170.

In the criticism, they say that the undue materialization of the TPS (transaction processing speed) as a single metric for scalability is unfair to other factors such as transaction computational complexity. One of the critics of this view, Steven Goldspit, a well-known authority on blockchain, utters that a failure to differentiate among tokens is similar to counting bills without establishing their denominations.

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The history of the Degen Chain from a memetic token into a sufficiently qualified layer 3 network is a clear-cut example of the many advantages of cryptos to accumulate social capital. Thomas Tang, who is one of the key people in Ryze Labs, reveals how fun Farcaster’s tipping scheme is, which becomes the driver of its growth, and eventually it ends up creating a next-generation layer-3 infrastructure.

However, these results came after a long struggle, since the platform had a modest start. The $4.1 million in total value locked was one of the reasons behind the success of Degen Chain, as it had its native token, DEGEN, with a market capitalization of $326 million. Located in the Layer 3 ultra-low-cost blockchain specification application, Degen Chain leans on the strengths of ArbitrumOrbit and uses the base solicitation plane to make its place in the ever-growing Ethereum company.

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