A new Ethereum Layer-3 network called Degen Chain saw a significant rise in transactions per second (TPS) recently. Data from L2BEAT revealed that Degen Chain reached a TPS of 35.7, surpassing its underlying blockchain network, Base ecosystem. This milestone placed Degen Chain among the top five Ethereum Layer-3 networks, along with Arbitrum One and zkSync Era.

Degen Chain processed a record 3.08 million transactions in a single day within the memecoin-focused ecosystem. Despite this high activity, Degen Chain only recorded a trading volume of $819,600, ranking it 35th among 44 blockchain networks listed by CoinGecko.

While TPS is a standard metric for measuring blockchain network scalability, industry leaders like Steven Goldfeder believe it is an incomplete measure. Goldfeder compared TPS to counting the number of banknotes in a wallet without considering their denomination, highlighting the importance of transaction size in scalability discussions.

Initially created as a tipping token on the Degen channel of Farcaster, a decentralized social media platform, Degen Chain has since evolved into a memecoin haven. Thomas Tang of Ryze Labs noted the social value gained by memecoin projects like Degen Chain through user interaction and community engagement, leading to the development of a Layer-3 ecosystem.

Degen Chain currently boasts a total locked value of $4.1 million and a three-month market value of $326 million for the DEGEN token. Positioned as an ultra-low-cost Layer-3 blockchain network, Degen Chain operates with Arbitrum Orbit and Base settlement layer, offering scalability solutions within the Ethereum ecosystem.