poor life...
Is the elongation 1/8" over a 12" length or over the entire length? Did you measure with an accurate scale or one of the worthless chain wear measuring tools? If the chain is really stretched that much, your cassette might be shot too. Installing a new chain will reveal worn cogs by skipping.
FWIW, I've used a chain for 6000 miles with a great many miles under the high tension produced with a 28T chainring, with only about 1/16 inch of elongation over 48". The roller wear was not so good. It has to be measured separately, with calipers. If the inside to inside roller distance increase from .200 inch to.240, the chain is shot, IMO.