Layer 3 Degen Chain Records $100M Transaction Volume Within 24 Hours, DEGEN Token Surges Over 198%
In Brief
Degen Chain’s transaction volume exceeded 272,000 independent transactions, totalling nearly $100 million over the past 24 hours.
Transaction volume on Layer 3 blockchain Degen Chain (DEGEN) exceeded 272,000 independent transactions, totaling nearly $100 million over the past 24 hours. Since its launch last week, the network has witnessed the circulation of over 7,500 contracts and 2,300 tokens.
Degen Chain is a network tailored specifically for the DEGEN token. As a relatively recent development, a Layer 3 blockchain is characterized by its customization and application-specific nature, operating atop Layer 2 protocols that represent networks constructed upon Layer 1 blockchains, such as Ethereum or Solana, designed to settle transactions with greater speed and cost efficiency compared to the underlying system.
The core concept of a Layer 3 network revolves around having a blockchain that can swiftly and reliably execute a precise set of tasks. These tasks may encompass a variety of activities, from payments to gaming transactions, and a Layer 3 network is engineered to manage solely those particular transaction types.
The Degen Chain network currently does not support stablecoins, restricting users to transact or trade solely with the native DEGEN tokens. However, this hasn’t hindered speculators from engaging in trading activities amounting to millions of dollars in volume.
Based on data from CoinMarketCap, the DEGEN token is trading below 5 cents as of the writing time, showcasing a surge of over 198% within the past seven days.
Degen Chain Hits Major Milestones: Onboards 132K Addresses, and Records 4.15M Transactions
Since its inception, the platform has achieved significant milestones, including onboarding over 132,000 addresses, recording over 4.15 million completed transactions, deploying 7,500 contracts, and launching more than 2,300 tokens.
The platform’s largest token by capitalization is Degen Swap (DSWAP), which represents an exchange operating on the Degen Chain valued at slightly over $14 million. In contrast, the memecoin Degen Pepe (DPEPE) holds a higher valuation at $23 million, though it lacks utility beyond speculation. Additionally, numerous tokens exhibit a market capitalization below $1 million, predominantly serving as speculative investments.
However, the swift emergence of Layer 3 solutions has also prompted certain industry leaders to express apprehensions regarding its implications for the blockchain ecosystem.
Recently, Marc Boiron, CEO of Polygon Labs, voiced his opinion regarding the emphasis on Layer 3 solutions in reaction to the introduction of Degen Chain. In a post on social media platform X, he expressed, “I’ll say the quiet part out loud: L3s exist only to take value away from Ethereum and onto the L2s on which the L3s are built. You do not need L3s to scale. And this is why Polygon Labs does not work on L3s.”
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
