The combined transactions per second (TPS) of the Ethereum scaling ecosystem have reached a new all-time high due to a new Ethereum layer 3 solution.
On June 16, the Ethereum scaling networks, which encompassed layer-2 and layer-3 blockchains, recorded a combined 246.18 TPS, according to L2beat data. This figure is equivalent to an estimated 21.2 million transactions throughout the day.
In gaming applications, Xai, a novel Ethereum layer-3 scaling solution, was the site of over 41% of those transactions. Powering Xai is Offchain Labs, which is responsible for the Arbitrum One blockchain.
Xai’s TPS was approximately one per day before June 10, but it has increased nearly daily since then, reaching a maximum of 101.72 TPS on June 16.
On June 16, Base and Arbitrum completed the top three with 33 and 21 TPS, respectively.
Proof of Play Apex, an Ethereum layer-3 scaler concentrated on games, was launched by Offchain Labs and ranked fourth.
Nevertheless, the total value secured (TVL) in Xai and Proof of Play Apex is relatively low, at $1.38 million and $695,000, respectively.
Arbitrum One and Base, the two most significant Ethereum scaling solutions by TVL, presently secure $18 billion and $7.6 billion, respectively. In contrast.
Certain industry analysts consider TPS an overrated metric when evaluating blockchains’ efficacy.
“[It is akin to “counting the number of bills in your wallet but disregarding that some are singles, some are twenties, and some are hundreds,” Steven Goldfeder, a founder at Offchain Labs, explained in an interview with Cointelegraph Magazine earlier in 2024.
However, according to Goldfeder, it remains the most frequently used metric due to the possibility of no singular superior alternative.