Ethereums Ecosystem Achieves Record High Total TPS Over 40 of Transactions on Xai Chain

Ethereums Ecosystem Achieves Record High Total TPS Over 40 of Transactions on Xai Chain

Ethereums Ecosystem Achieves Record High Total TPS Over 40 of Transactions on Xai Chain

According to the data from the research platform L2BEAT, the Ethereum scaling network, including Layer 2 and Layer 3 blockchains, recorded a total of 246.18 TPS (transactions per second) on June 16th, equivalent to approximately 21.2 million transactions that day.

Source: L2BEAT

Over 41% of the transactions occurred on the Ethereum Layer 3 scaling solution Xai, which focuses on gaming applications and is supported by Offchain Labs, the development company behind the L2 blockchain Arbitrum One. Prior to June 10th, Xai’s TPS hovered around 1 per day, but since then, it has been increasing almost daily, reaching a peak of 101.72 TPS on June 16th.

The L2 networks Base and Arbitrum ranked second and third on June 16th with 33 and 21 TPS respectively. Proof of Play Apex, another Ethereum L3 chain centered around gaming launched by Offchain Labs, ranked fourth.

Source: L2BEAT

However, the total value locked (TVL) in Xai and Proof of Play Apex remains relatively small, at $1.38 million and $0.695 million respectively. In comparison, the top two Ethereum scaling solutions, Arbitrum One and Base, currently have locked in $18 billion and $7.6 billion respectively.

Some industry analysts believe that TPS is an overestimated indicator when measuring blockchain performance. Steven Goldfeder, founder of Offchain Labs, explained in an interview with Cointelegraph Magazine earlier in 2024 that focusing on raw TPS numbers is like “counting the number of bills in a wallet while ignoring that some are ones, some are twenties, and some are hundred-dollar bills.” However, he also added that TPS is still the most commonly used metric because there may not be a better alternative indicator.

Data source