Ethereum scaling ecosystem’s combined TPS hits new all-time high

The NFT Unicorn 1ca08cfc-6beb-436c-aac3-1b31fae35711 Ethereum scaling ecosystem’s combined TPS hits new all-time high Crypto News

The Ethereum ecosystem’s combined transactions per second (TPS) has exploded to a new all-time high, thanks to a sudden TPS spike in a relatively unknown Ethereum layer 3.

L2BEAT data shows that the Ethereum scaling networks, including layer-2 and layer-3 blockchains, registered a combined 246.18 TPS on June 16, which equates to an estimated 21.2 million transactions across the day.

Change in TPS of Ethereum layer 2 solutions over the last 12 months. Source: L2BEAT

Over 41% of those transactions took place on Xai, a new Ethereum layer 3 scaling solution focused on gaming applications. It is powered by Offchain Labs — the firm behind the Arbitrum One blockchain.

Prior to June 10, Xai’s TPS hovered around 1 per day, but it has been rising nearly every day since then, topping out at 101.72 TPS on June 16.

Base and Arbitrum rounded out the top three with nearly 33 and 21 TPS made on June 16.

In fourth position was Proof of Play Apex — another game-focused Ethereum layer 3 scaler launched by Offchain Labs.

However, the total value locked (TVL) in Xai and Proof of Play Apex remains relatively small at $1.38 million and $695,000, respectively.

By comparison, Arbitrum One and Base, the two largest Ethereum scaling solutions by TVL, currently securing $18 billion and $7.6 billion.

The NFT Unicorn 3d00f9a9-b560-4ca9-8b96-f39451cc8745 Ethereum scaling ecosystem’s combined TPS hits new all-time high Crypto News
The high-speed Xai and Proof of Play Apex scaling solutions boast the 45th and 50th largest TVLs in the Ethereum ecosystem. Source: L2BEAT

Related: Optimism to roll out new Superchain features for layer-3 devs

Some industry analysts believe TPS is an overrated metric when measuring the performance of blockchains.

“[It’s a bit like “counting the number of bills in your wallet but ignoring that some are singles, some are twenties, and some are hundreds,” explained Steven Goldfeder, a founder at Offchain Labs, in an interview with Cointelegraph Magazine earlier this year.

But it’s still the most common metric because there may be no single better alternative, Goldfeder added.

Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions

Source: Cointelegraph