The Rise of DEGEN Token After the Launch of Degen Chain, a Base-based Layer 3
The world of cryptocurrencies is witnessing the emergence of the Degen Chain, a recently launched Layer 3 blockchain that is already proving to be an effective playground for speculative transactions, particularly memecoins.
This new chain operates on top of Base, an Ethereum Layer 2 infrastructure, further enhancing specificity and innovation in the blockchain space in an inception-like format.
Degen Chain: The New Layer 3 on Base
The Degen Chain embodies the concept of Layer 3 blockchain, a relatively recent advancement in blockchain architecture. These networks, built on Layer 2 protocols, are designed for specific applications, providing a tailored solution for tasks ranging from payments to NFTs and gaming transactions.
The Degen Chain, with the DEGEN token as its gas currency, paves the way for experiences in tipping, community rewards, payments, and more, all built on Base—a blockchain currently experiencing significant appeal for memecoins.
The Degen Chain Boosts DEGEN Token
Since its introduction, the native DEGEN token of the Degen Chain has experienced a staggering 500% appreciation. The ‘Base season’ appears to follow the frenzy brought on by memecoins on Solana, as transaction volume reached nearly $100 million in 24 hours, across over 272,000 unique transactions, amidst a surge in contracts and tokens as traders navigate through the rugs.
Amidst this excitement, the majority of tokens on the Degen Chain maintain a market capitalization of less than one million dollars. Among the biggest winners is Degen Swap, the second-largest chain capitalization valued at over $14 million. Degen Pepe, a meme coin with no concrete utility other than speculation, surpasses DSWAP with a valuation of $23 million.
