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An Ethereum layer-3 blockchain, Degen Chain, broke the record for transaction per second (TPS) rate by achieving 37.12 TPS in the last 24 hours, surpassing its base blockchains 30.81 TPS. This 68.56% increase resulted in processing 3.2 million transactions in a day, according to L2BEAT data.

Despite its high TPS, Degen Chain saw low trading volume at $819,600, with an average transaction value of $0.27, contrasting sharply with Ethereums $1,867 and Bases $170 averages.

Experts caution against overreliance on TPS as a scalability metric, noting its failure to consider transaction complexity. Degen Chains success is attributed to its Degen (DEGEN) token, initially a tipping token on Farcaster.

The platform now boasts $4.1 million in locked value, with the DEGEN tokens market cap at $345 million. Degen Chain is hailed as an ultra-low-cost layer 3 blockchain, leveraging Arbitrum Orbit and Bases settlement layer for scalability.

Degen Chains success, despite low trading volume, showcases the potential of its DEGEN token and its innovative approach to layer-3 blockchain technology.

Also Read: Ethereums Vitalik Buterin Makes Waves with 100 ETH Railgun Deposit

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Degen Chain Tops Ethereum TPS Charts with 37.1 TPS in 24 Hrs - Crypto Times