Degen Chain, Layer-3 Blockchain on Base Network, Sees $100 Million Transaction Volume in 24 Hours

Degen Chain, Layer-3 Blockchain on Heart-broken Community, Sees $100 Million Transaction Volume in 24 Hours

Degen Chain, a layer-3 blockchain operating on top of the Heart-broken network, has like a flash garnered consideration from investors and traders, with a surge in transactional volumes reaching almost $100 million in neutral 24 hours. The network commenced operations appropriate four days within the past and has considered over 272,000 weird transactions.

On-chain analysts hang critical that Degen Chain has witnessed the creation of over 7,500 contracts and 2,300 tokens since its delivery. Then again, it’s foremost to focus on that many of these tokens are connected with rug pulls or scams, reflecting the speculative and unsafe nature of the most modern cryptocurrency panorama.

Degen Chain, a Layer 3 Blockchain Tailored for DEGEN Token, Utilizes Layer-2 Protocols for Faster Transactions and Centered Applications

On March twenty seventh it had 8 packed with life accounts
On March Twenty eighth it had 1,270 packed with life accounts
On March twenty ninth it had 25,236 packed with life accounts
On March thirtieth it had 91,261 packed with life accounts

Wonderful 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 software program-particular blockchain constructed on top of layer-2 protocols, networks that determine transactions sooner and more cheaply than the underlying layer-1 blockchain, similar to Ethereum or Solana.

The reason of a layer-3 network is to efficiently total a particular order of responsibilities, similar to payments, gaming transactions, and other focused functionalities. The DEGEN token serves because the native gas token for price payments in some unspecified time in the future of the chain. The builders of Degen Chain highlight that it permits diverse experiments, along with tipping, neighborhood rewards, payments, gaming, and more.

One in all the prominent tokens on the Degen Chain is Degen Swap (DSWAP), an trade native to the network with a valuation exceeding $14 million. Moreover, Degen Easter Eggs (DEE) is one more token on the chain valued at $3.5 million, though it is essentially a meme coin with speculative price.

While loads of tokens on the network hang market capitalizations beneath $1 million, they mainly perform speculative investments as many of these tokens are being rugged. In the meanwhile, Degen Chain would now not enhance stablecoins, and transactions or buying and selling can very most attention-grabbing be performed the employ of the native DEGEN tokens. The price of DEGEN has surged considerably, reaching 6 cents on the thirty first of March when compared to Thursday’s 1 cent, marking a better than 500% develop. On the time of writing, DEGEN is buying and selling at 4 cents.

No topic the like a flash growth of Degen Chain and its big user adoption, some critics argue that layer-3 networks are pointless for scaling Ethereum and can simply drain price from the mainnet. This point of view reflects ongoing debates in some unspecified time in the future of the blockchain neighborhood relating to the optimal suggestions for blockchain scalability and software program development.

Polygon CEO’s Comments Spark Debate on Layer-3 Networks and Scaling Ethereum

I’ll shriek the nonetheless share out loud: L3s exist very most attention-grabbing to grab price a long way from Ethereum and onto the L2s on which the L3s are constructed.

*You invent now not need L3s to scale*

And right here is why Polygon Labs would now not work on L3s.

— Marc Boiron (@0xMarcB) March 31, 2024

The debate over layer-3 networks (L3s) and their position in scaling Ethereum has been sparked by feedback from Polygon CEO Marc Boiron, who argued that L3s usually are now not critical for scaling reward networks love Ethereum and intensely most attention-grabbing serve to divert price a long way from the mainnet.

Boiron’s statements were met with some incompatibility, with one respondent pointing out that Layer 2s (L2s) on Ethereum symbolize price on the mainnet. Boiron partly agreed but emphasized that L2 price is now not essentially Ethereum’s price, as too many L3s settling to 1 L2 may perchance possible diminish Ethereum’s price and security.

I agree that L2s are Ethereum. I disagree that L2 price is Ethereum price. Upright clutch this to the intense. If all L3s settled to 1 L2, then Ethereum would clutch most steadily no price and, thus, Ethereum security would be in grief.

— Marc Boiron (@0xMarcB) March 31, 2024

Boiron clarified that Polygon makes a speciality of scaling Ethereum and guaranteeing an incredible price distribution between L2s and Ethereum. He argued that L3s usually are now not aligned with this mission.

Then again, others within the crypto neighborhood opinion advantages in L3s which are honest of Ethereum’s price. Advantages contain low-price native bridging from L2s, efficient on-chain proofing, custom-made gas tokens, and if truth be told perfect order transition functions.

While Boiron’s standpoint challenges the necessity of L3s, others, love Ethereum co-founder Vitalik Buterin, opinion them as doubtlessly offering weird functionalities that complement L2s reasonably than competing with them straight.

Source : cryptonews.com