With the recent boom in decentralized technology, many blockchain tokens are seeing significant growth in scalability and efficiency. Transaction per second (TPS) is a common performance indicator for measuring this.
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Degen Chain, a new Ethereum layer 3 blockchain player, has recently achieved an astounding 37.12 TPS, surpassing many existing coins. This article explores Degen Chain’s performance, how it fares economically, and how it compares with giants like Ethereum and new networks such as Base.
Degen Chain Impressive 37.12 TPS Rate and Comparison With Base and Other Blockchain Networks
According to L2BEAT, Degen Chain saw a 62% increase in its TPS count, reaching a high of 37.12. To explain this better, TPS is an important metric for determining a network’s transaction handling capacity.
This significance cannot be understated since Ethereum, a widely used blockchain-based system, handles only 15 to 30 transactions every second. Even Base, the chain on which Degen was built, only has 29.7 TPS.
Its TPS record was achievable because of its unique consensus mechanism and network architecture, leveraging Arbitrum Orbit. This makes it very useful for cases requiring high transaction throughput, like gaming and DeFi. With this, DEGEN chain has $4.1 million in total value locked.
Degen Chain Trading Volume and The Average Transaction Value
Degen Chain’s daily trading volumes vary from hundreds of thousands to millions of dollars ($819,600 to $3.08 million). This points to lively market interest and confident investors. The average transaction volume on the Degen Chain varies, but it usually ranks higher than most of the other new blockchains.
More serious financial transfers are likely happening here than the relatively smaller ones. This will probably increase its utility in more significant financial operations. Besides its impressive TPS, Degen Chain has witnessed significant transaction value, up to $0.27.
Comparison with the Transaction Values of Ethereum and Base
Compared to Base and Ethereum’s transaction values of $170 and $1,867, respectively, Degen Chain’s $0.27 seems small. However, with its recent pump in TPS, there is a possibility this will see an increase soon.
Critique of the TPS Metric
While TPS is a good metric for overall blockchain performance, it does face its fair share of criticism. Some critics argue that high TPS, in some cases, compromises security and decentralization. This is commonly referred to as the blockchain trilemma (scalability, security, and decentralization).
Nevertheless, the developers of the Degen Chain insist that their in-house technology effectively maintains this balance. Still, the truth in this claim will have to be established once the network matures.
The DEGEN Token and Degen Chain Popularity
The DEGEN token remains at the centre of the DEGEN chain. This is a new blockchain that suddenly became innovative in the technology of ultra-fast transaction processing. It acts as the utility for the network and transaction fees, governance, and rewarding the validators who keep the network integrity.
These, along with investors’ interest, have pushed the DEGEN token to its current level of popularity. Demand for DEGEN tokens has continued to surge as Degen Chain works to break barriers, especially with the commendable TPS rate.
Waves like this signify a larger market trend in which users increasingly become more friendly with platforms that can scale without compromising security or decentralization. The potential of Degen Chain to meet such criteria through DEGEN finds a reasonable explanation for the surge it is getting.
Price Performance of the DEGEN Token
As with most other cryptocurrencies in the blockchain market, the price performance of DEGEN tokens has exhibited a pattern that is both dynamic and explosive. Thanks to its innovative network properties and good transaction throughput, it has caught the attention of many investors.
The token, in its early days, had marked a tremendous appreciation due to speculative interests and the general bullish sentiment across the crypto market. It saw the token take part in a massive pump of over 2,000%.
Nevertheless, DEGEN has had its gains and losses, price-wise, because of market sentiment and new technology-related developments within the Degen Chain ecosystem. The pricing performance of the token will probably continue to be a major subject of interest for present and future stakeholders as the DEGEN chain develops and becomes more useful.
Where Can I Buy Degen Coins?
You can buy DEGEN coins at various cryptocurrency exchanges, like OKX and Crypto.com. Since DEGEN may be a less popular token, it may not be available on most major exchanges. It can also be traded at Uniswap and Sushiswap; however, the DEGEN price may be lower.
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What is DEGEN Token?
DEGEN is the native token in the Degen Chain network used to facilitate different operations within the Ethereum ecosystem. This crypto supports the underlying blockchain infrastructure and increases community engagement and decentralization, handing token holders a share in the decision-making process.
It can be used across various apps and services within the Degen Chain DeFi infrastructure for making transactions, staking, or earning rewards. All these get integrated into these functions to ensure smoother, faster, and cheaper transactions by leveraging the high throughput and scalability. With the growth of the network, the need for DEGEN tokens will probably place them among the most valuable tokens within the cryptocurrency ecosystem.
How to Buy Degen Base?
Here is a simple guide on how to buy Degen Base tokens:
- Choose an Exchange: Since not all exchanges support new tokens, you’ll have to do your research.
- Sign Up: Once you’ve decided to use an exchange, you will need to sign up. Normally, this would mean entering your email, setting a password, and going through identity verification to meet KYC procedures.
- Deposit Funds: When your account is all set up, the next step is to fund your account. Most exchanges allow users to fund their accounts with large cryptos, including Bitcoin (BTC) and Ethereum (ETH). Some even accept fiat currency deposits via bank transfers, credit cards, or payment services like PayPal.
- Buy DEGEN Tokens: Once your account is credited, you can go ahead and buy the token. Generally, this is performed by submitting a buy order via the exchange’s trading interface.
- Secure Your DEGEN Coins: When you finally make the DEGEN coin purchase, it is important to send the DEGEN coins to your personal wallet. Wallets can either be software-based, such as those integrated with smartphones or computers, or hardware-based, which presents a higher level of security.
How Much is Degen?
According to Coingecko, the DEGEN price is currently at $0.03244. However, note that this might fluctuate due to market conditions. Compared to the Ethereum price of $3,184.91, DEGEN still has a long way to go but with time, it should hold a significant position in the crypto market.
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Conclusion
Degen Chain marks a much-needed step towards the search for better scalable solutions in this space. With its high TPS and considerable economic utility, it could arguably be a valid alternative to already-established networks like Ethereum and newer ones like Base. While this is true, eth price and transaction values are still far better than DEGEN’s.
It’s a developing technology and may be crucial in shaping the future of blockchain and providing scalability solutions. However, note that new technologies like these carry high risks, meaning they are very volatile.
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