This Ethereum layer-3 has the fastest TPS, Bitingbase network.

Degen Chain, an emerging Ethereum Layer-3 network, has set a new record in transaction processing speed by achieving the highest transaction rate per second (TPS) in the Ethereum ecosystem.

In the last 24 hours, Dagen Chain's TPS has increased by 68.56% to an impressive 37.12, surpassing its base, layer-2 counterpart, which recorded a TPS of 30.81, according to L2BEAT.

Degen Chain has achieved the fastest TPS in the Ethereum ecosystem.

This functionality puts Degen Chain ahead of major blockchain competitors such as Arbitrum One, Ethereum and zkSync Era. Considering the TPS of 37.12, Degen Chain performed 3.2 million transactions in one day.

It has done 43.41 million transactions in the last 30 days, ranking fourth behind Basse, Linea and Arbitrum One.

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However, the economic impact of Dejan Chain tells a different story. According to CoinGecko, the trading volume during the same period was only $788,813. Additionally, this gives the average transaction price on the Degen Chain around $0.24.

In contrast, Ethereum and Base recorded significantly higher trading prices of $2,166 and $172 respectively. This stark comparison raises questions about the economic value of Degen Chain's high TPS.

Critics of the TPS measure argue that it ignores the economic and computational importance of transactions.

“[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,” said Steven Goldfeder, co-founder of Offchain Labs.

This similarity highlights the importance of considering the quantity and quality of transactions when evaluating blockchain performance.

First, the DEGEN token, which runs the Degen Chain, was a valuable token on Farcaster, a decentralized social media platform. The token facilitated small transactions between users, which greatly contributed to its popularity. This popularity led to the creation of the Degen chain.

Currently, the total value locked on Degen Chain is 4.5 million dollars. Additionally, the DEGEN token, only three months old, already boasts a capitalization of $385.2 million. In particular, it increased by 27.62% in the last 24 hours.

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Designed as an ultra-low-cost, application-specific layer-3 blockchain, Degen Chain uses Arbitrum's Orbit technology and Base's settlement layer, which increases its elasticity.