Crypto:
30604
Bitcoin:
$60.804
% 3.64
BTC Dominance:
%53.6
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
Bitcoin:
$ 60.804
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Ethereum TPS Hits Record High Thanks to Layer 3 Surge

Ethereum Node

Thanks to an unexpected TPS surge in a very unknown Ethereum layer 3, the aggregate transactions per second (TPS) of the Ethereum ecosystem has exploded to an all-time high.

Layer-2 and layer-3 blockchains, among other Ethereum scaling networks, logged a cumulative 246.18 TPS on June 16, according to L2BEAT data, which translates to an estimated 21.2 million transactions over the day.

Of those transactions, over 41% happened on Xai, a new Ethereum layer 3 scaling tool aimed at gaming. It runs off of Offchain Labs, the company behind the Arbitrum One blockchain.

Xai’s TPS ranged around 1 each day before June 10, but it has been climbing almost daily since then, peaking at 101.72 TPS on June 16.

With around 33 and 21 TPS scored on June 16, Base and Arbitrum rounded out the top three.

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Fourth place went to Proof of Play Apex, another Ethereum layer 3 scaler developed by Offchain Labs with game orientation.

At $1.38 million and $695,000, respectively, Xai and Proof of Play Apex still have somewhat low total value locked (TVL).

By contrast, the two biggest Ethereum scaling solutions by TVL, Arbitrum One and Base, are now safeguarding $18 billion and $7.6 billion, respectively.

When assessing blockchain performance, several industry observers feel TPS is an overrated indicator.

It’s a bit like counting the number of bills in your wallet but ignoring that some are singles, some are in their twenties, and some are in their hundreds,” said Steven Goldfeder, a founding member of Offchain Labs, in an earlier this year Cointelegraph Magazine interview.

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Still, Goldfeder said, it’s the most often used statistic, as no better alternative exists.

 

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