The Ethereum ecosystem's combined transactions per second (TPS) has reached a new record high, thanks to a sudden TPS increase on a relatively unknown Ethereum layer 3.
A New Record: 246.18 TPS
According to L2BEAT data, Ethereum scaling networks, which include layer-2 and layer-3 blockchains, recorded a combined 246.18 TPS on June 16. This translates to an estimated 21.2 million transactions throughout the day. More than 41% of these transactions occurred on Xai, a new Ethereum layer 3 scaling solution focused on gaming applications. This solution is powered by Offchain Labs, the company behind the Arbitrum One blockchain.
Rise of Xai
Before June 10, Xai's TPS was around 1 per day, but from then on it increased every day, reaching 101.72 TPS on June 16. Base and Arbitrum completed the top three with approximately 33 and 21 TPS, respectively, on June 16. In fourth place was Proof of Play Apex, another gaming-focused Ethereum layer 3 scaler released by Offchain Labs.
TVL Values ââand Comparisons
However, the total value locked (TVL) on Xai and Proof of Play Apex remains relatively small at $1.38 million and $695,000 respectively. In comparison, the two largest Ethereum scaling solutions, Arbitrum One and Base, secure $18 billion and $7.6 billion respectively.
Importance of TPS
Some industry analysts believe that TPS is an overrated metric when measuring the performance of blockchains. âIt's like counting the bills in your wallet but ignoring that there are some that are one dollar, some that are twenty dollars, and some that are a hundred dollars,â Offchain Labs co-founder Steven Goldfeder said in an interview with Cointelegraph Magazine earlier this year. However, noting that it is still the most common metric, "Perhaps there is no better alternative," Goldfeder added.
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