Degen Chain L3 is now at the top of the TPS charts in the Ethereum ecosystem.
Degen Chain, a new Ethereum layer-3 network, has recorded the highest transaction (TPS) count in the Ethereum ecosystem in the last 24 hours.
Degen's TPS count increased by 62% on the last day to 35.7 TPS – beating the blockchain it was built on, Base, by 29.7 TPS, according to L2BEAT.
Arbitrum One, Ethereum and zkSync Era rounded out the top five.
Multiplying Dagen's 35.7 TPS per day by 86,400 seconds means the memecoin chain processed 3.08 million transactions in that time frame.
But Degen Chain only recorded a transaction volume of $819,600 on the last day, placing it 35th out of 44 blockchains tracked by CoinGecko.
This means that the average cost per transaction was only $0.27 – which is significantly lower than Ethereum and Base at $1,867 and $170 respectively.
While TPS is widely used to measure blockchain's scalability limits, many industry leaders say it's the wrong metric — failing to take into account the computational volume of each transaction.
“[It] It's like counting the number of bills in your wallet, but ignoring that some are singles, some are twenties, and others are hundreds,” explained Offchain Labs founder Steven Goldfeder in a recent interview with Cointelegraph magazine.
Related: The continued growth of the Memecoin sector hinges on long-term utility.
The memecoin blockchain is powered by the Degen (DEGEN) token, which was originally launched as a valuable token for users connecting to Degen's channel on Farcaster – a decentralized social media platform.
According to Thomas Tang, vice president of investments at cryptocurrency venture capital firm Ryze Labs, this is a textbook example of how memecoin can add social value.
“It's very popular because everyone is fighting each other and everyone is catching up,” Tang told Cointelegraph.
“So they built layer 3 based on that.”
Currently, $4.1 million in total value is locked on the Degen Chain, while the three-month-old DEGEN token has a market cap of $326 million, according to CoinGecko.
Degen Chain is an ultra-low-cost, application-specific layer 3 blockchain built by Arbitrum Orbit and uses the Base settlement layer, Ethereum's layer-2 scaling solution.
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