Meme Coins On Degen Chain Flourish;As New Layer 3 Racks Up Volume
Degen Chain, a layer-3 blockchain built on top of Base, has seen nearly $100 million in transactional volumes in the past 24 hours, with over 272,000 unique transactions. Over 7,500 contracts and 2,300 tokens have been floated on the network, mainly rug pulls or scams.
The largest token by capitalization is Degen Swap (DSWAP), an exchange built on Degen Chain, valued at just over $14 million.
Degen Pepe (DPEPE) has a higher valuation at $23 million, but is a meme coin with no use beyond speculation.
The network had no supported stablecoins as of Monday, and users can only transact or trade with native DEGEN tokens.
DEGEN changed hands at 6 cents as of European morning hours, up more than 500% from Thursday’s 1 cent levels.
Layer-3 blockchains are customizable and application-specific built on top of layer-2 protocols, which are networks built on a layer-1 blockchain like Ethereum or Solana that can settle transactions faster and more cheaply than the underlying system.
(With inputs from Shikha Singh)
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