The Ethereum ecosystem’s combined transactions per second (TPS) have reached a new all-time high, thanks to a sudden spike in TPS on the relatively unknown Ethereum Layer 3.
L2BEAT data shows that Ethereum’s benchmark networks, including layer 2 and layer 3 blockchains, collectively recorded 246.18 TPS on June 16, which equates to approximately 21.2 million transactions over the course of the day.
More than 41% of these transactions took place on Xai, a new layer 3 Ethereum scaling solution focused on gaming applications. It is powered by Offchain Labs – the company behind the Arbitrum One blockchain.
Before June 10, Xai’s TPS hovered around 1 per day, but it has increased almost every day since then, peaking at 101.72 TPS on June 16.
Base and Arbitrum complete the top three with nearly 33 and 21 TPS on June 16.
In fourth place was Proof of Play Apex – another layer 3 gaming-focused Ethereum benchmarking tool launched by Offchain Labs.
However, the total value locked (TVL) of Xai and Proof of Play Apex remains relatively low, at $1.38 million and $695,000 respectively.
In comparison, Arbitrum One and Base, TVL’s two largest Ethereum scaling solutions, currently cost $18 billion and $7.6 billion.
about: Optimism about rolling out new Superchain features to Layer 3 developers
Some industry analysts believe that TPS is an overrated metric for measuring blockchain performance.
“(It’s a bit like ‘counting the number of notes in your wallet but ignoring that some are single notes, some are in the 20s, and some are in the hundreds,’” explained Steven Goldfeder, founder of Offchain Labs, in an interview with Cointelegraph Magazine earlier this year.) One year.
Goldfeder added that this is still the most popular measure because there may not be a better alternative.
review: Is measuring blockchain transactions per second (TPS) stupid in 2024? Excellent questions
