Degen Chain, New Layer-3 Focused on Meme Coins, Sees $100M Volume in 24 Hours Since Launch

• Degen Chain is a new layer-3 blockchain that has attracted significant attention and over $100 million in 24h transaction volume since its launch on Thursday

• Its native DEGEN token has risen 500% in price since its release to 6 cents

• The network primarily hosts speculative meme coins and tokens so far, with no stablecoins yet

• Degen Chain is application-specific, aimed at enabling experiments with payments, tipping, community rewards, gaming, etc.

• As a layer-3, Degen Chain is built on top of an underlying layer-2 blockchain to enable faster and cheaper transactions