Fun

Degen Chain L3 now tops the TPS charts within the Ethereum ecosystem

News Feed - 2024-04-19 12:04:07

Brayden Lindrea5 hours agoDegen Chain L3 now tops the TPS charts within the Ethereum ecosystemThe average value transacted on Degen Chain is rather small at $0.27, however, compared to Ethereum and Base at $1,867 and $170, respectively.1123 Total views25 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDegen Chain, a new Ethereum layer-3 network, has recorded the highest transaction per second (TPS) count in the Ethereum ecosystem over the last 24 hours.


Degen’s TPS count increased 62% over the last day to notch 35.7 TPS — beating out the blockchain it was built on, Base, at 29.7 TPS, according to L2BEAT.


Arbitrum One, Ethereum and zkSync Era rounded out the top five.TPS by Ethereum-based blockchain over the last 24 hours. Source: L2BEAT


Multiplying Degen’s 35.7 TPS by 86,400 seconds in a day means the memecoin chain processed 3.08 million transactions over that timeframe.


But Degen Chain has only notched $819,600 in trading volume over the last day, placing it 35th out of 44 blockchains tracked by CoinGecko.


This means the average value per transaction was a mere $0.27 — which is much lower compared to Ethereum and Base at $1,867 and $170 respectively.


While TPS is widely used to measure a blockchain’s scalability limits, several industry leaders say it is a flawed metric — as it fails to consider the computational size of each transaction.


“[It] is a bit like counting the number of bills in your wallet but ignoring that some are singles, some are twenties, and some are hundreds,” explained Steven Goldfeder, a founder at Offchain Labs who recently spoke with Cointelegraph Magazine.


Related:Memecoin sector’s continued growth hinges on long-term utility


The memecoin turned chain is powered by the Degen (DEGEN) token, which initially started out as a tipping token for users interacting with Degen’s channel on Farcaster — a decentralized social media platform.


This is a textbook example of how a memecoin can actually accrue social value, according to Thomas Tang, a vice president of investments at cryptocurrency venture capital firm Ryze Labs.


“It’s gained massive mass popularity because everyone’s tipping each other, and everyone holds it,” Tang told Cointelegraph.


“So they built a layer 3, based on that.”Ian Lee of blockchain infrastructure firm Syndicate believes Degen Chain is paving the way for applications on layer 3s. Source:Ian Lee


There is currently $4.1 million in total value locked on Degen Chain, while the three-month-old DEGEN token boasts a market capitalization of $326 million, according to CoinGecko.


Degen Chain is considered an ultra-low-cost, application-specific layer 3 blockchain which was built with Arbitrum Orbit and leverages the settlement layer of Base, an Ethereum layer-2 scaling solution.


Magazine:Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions# Blockchain# Ethereum# Transactions# Base# Scalability# Layer2# MemecoinAdd reaction

News Feed

Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023
Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023 MUFG, the biggest bank in Japan, is projecting to offer financial services through the metavers
BTC price 8% off all-time high — 5 things to know in Bitcoin this week
William Suberg20 minutes agoBTC price 8% off all-time high — 5 things to know in Bitcoin this weekBitcoin traders dare to dream of BTC price discovery this week as markets enjoy a late-week surge to six-week highs.230
Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster ‘Groundbreaking ZK Rollup Tech’
Polygon Acquires Mir Protocol in $400M Deal in Order to Bolster "Groundbreaking ZK Rollup Tech" On December 9, Polygon co-founder Mihailo Bjelic announced that the project has acqu
Tom Blackstone13 hours agoTragedy or rug pull? Inside the collapse of a ‘charitable’ NFT projectOrica NFT’s charity efforts have succeeded, but its tokenholders have not, and up until now, its co-founder was nowher
US gov’t among states with largest Bitcoin holdings — Arkham
Helen Partz11 hours agoUS gov’t among states with largest Bitcoin holdings — ArkhamAccording to Arkham, the U.S. government holds 212,847 BTC, while the treasuries of the U.K. and Germany hold 61,245 BTC and 49,858 B
Ethereum Price Back Above $2,500: Is a Bigger Move Coming?
Este artículo también está disponible en español. Ethereum price started a fresh increase from the $2,300 support zone. ETH is rising and might aim for a move above the $
BlackRock's ETF could flip GBTC in Bitcoin holdings within 3 weeks
Tom Mitchelhill6 hours agoBlackRock"s ETF could flip GBTC in Bitcoin holdings within 3 weeksBlackRock’s spot Bitcoin ETF could soon surpass the Grayscale Bitcoin Trust (GBTC) in Bitcoin held within 14 trading days, bas
Celsius Countersues Keyfi Founder, Company Claims Millions Were Stolen From Crypto Lender’s Wallets
Celsius Countersues Keyfi Founder, Company Claims Millions Were Stolen From Crypto Lender"s Wallets Roughly seven weeks after Keyfi founder Jason Stone filed a lawsuit against the
Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K
Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K Japanese authorities aren’t hesitating in hunting down anyone
Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered
Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered The Indian government has revealed that 11 cryptocurrency exchanges have been unde
Bitcoin Bullish Divergence That Appeared Before The May ATH Has Returned Again
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Food and Cash Shortages Push Cubans Toward Permissionless Cryptocurrencies
Food and Cash Shortages Push Cubans Toward Permissionless CryptocurrenciesThe Nation of Cuba is dealing with a national food crisis, as Venezuela has stopped offering aid to the sma