In the fast-paced world of cryptocurrency, Degen Chain has swiftly emerged as the newest hotspot, captivating the attention of traders and investors alike. According to a recent X post by renowned analyst Shual, an innovative layer-3 blockchain witnessed $100 million in transaction volumes in just 24 hours, spread across 272,000 unique transactions, despite being launched only four days prior. This remarkable feat underscores the chain’s instant appeal and burgeoning popularity.
Degen Chain is a blockchain technology built on top of the Base network and a layer-3 network that has been specifically designed for certain applications. Degen Chain offers a specialized platform that facilitates transactions across various domains, including payments and gaming. Consequently, it has broadened the layer-2 and layer-1 network ecosystem, ensuring quicker transaction processing and cost-efficient options.
The analyst revealed the deployment of over 7,500 contracts and 2,300 tokens since its inception, many of which have been identified as scams or ‘rug pulls.’ Despite these challenges, two tokens have become prominent: Degen Swap (DSWAP) and Degen Pepe (DPEPE). DSWAP, an exchange built directly on the Degen Chain, has achieved over $14 million in market capitalization. Meanwhile, DPEPE, a meme coin with no inherent utility beyond speculative trading, boasts an even higher valuation at $23 million.
As of now, the network does not support stablecoins, limiting transactions to the native DEGEN tokens. These tokens have seen a significant increase in value, soaring over 500% from an initial value of 1 cent to 6 cents. This growth highlights the speculative excitement surrounding the new network.
Degen Chain’s innovation lies in its foundation as a layer-3 blockchain, a concept that aims to provide customizable, application-specific solutions built on layer-2 protocols. This architecture allows Degen Chain to efficiently handle a narrow range of transactions, optimizing the blockchain experience for its users. The DEGEN token, essential for transaction fees on the chain, underscores the network’s ambition to explore new horizons in tipping, community rewards, payments, and gaming.
