Degen Chain, Layer-3 Blockchain on Base Network, Sees $100 Million Transaction Volume in 24 Hours
Degen Chain, a layer-3 blockchain running on top of the Base network, has quickly garnered attention from investors and traders, with a surge in transactional volumes reaching nearly $100 million in just 24 hours. The network commenced operations just four days ago and has seen over 272,000 unique transactions.
On-chain analysts have noted that Degen Chain has witnessed the creation of over 7,500 contracts and 2,300 tokens since its launch. However, it’s important to highlight that many of these tokens are associated with rug pulls or scams, reflecting the speculative and risky nature of the current cryptocurrency landscape.
On March 27th it had 8 active accounts
On March 28th it had 1,270 active accounts
On March 29th it had 25,236 active accounts
On March 30th it had 91,261 active accounts
Astonishing growth pic.twitter.com/uBgUa96lml
— Shual (@0xShual) March 31, 2024
The Degen Chain is a layer 3 blockchain explicitly designed for the DEGEN token. A layer-3 blockchain is a customizable and application-specific blockchain built on top of layer-2 protocols, networks that settle transactions faster and more affordably than the underlying layer-1 blockchain, such as Ethereum or Solana.
The purpose of a layer-3 network is to efficiently complete a specific set of tasks, such as payments, gaming transactions, and other targeted functionalities. The DEGEN token serves as the native gas token for fee payments within the chain. The developers of Degen Chain highlight that it enables various experiments, including tipping, community rewards, payments, gaming, and more.
One of the prominent tokens on the Degen Chain is Degen Swap (DSWAP), an exchange native to the network with a valuation exceeding $14 million. Additionally, Degen Easter
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