As an analyst with a background in blockchain technology and experience tracking the performance of various scaling solutions on Ethereum, I find the new milestone reached by Ethereum’s scaling networks quite intriguing. The combined 246.18 TPS recorded over the weekend is a testament to the resilience and adaptability of the Ethereum ecosystem in the face of market challenges.
In spite of the cryptocurrency market downturn, which started in April and has persisted, Ethereum‘s ecosystem has seen unprecedented growth, hitting a fresh high point during the weekend.
On Sunday, June 16, L2BEAT, a firm specializing in blockchain analysis, disclosed that the transaction rate for Ethereum’s scaling networks reached 246.18 transactions per second (TPS). This translates to an estimated 21.2 million transactions processed daily. To provide some context, TPS represents the number of transactions a blockchain network can handle within one second. A greater TPS implies the capability to process more transactions concurrently, resulting in fewer delays and enhanced efficiency.
With regard to Ethereum, its scaling solutions have reached unprecedented transaction per second (TPS) numbers since Ethereum’s inception in July 2015.
New Milestone in Ethereum Scaling
As a crypto investor, I’ve been keeping an eye on the latest developments in the blockchain space, and according to my analysis of L2BEAT data, we’ve recently reached a new milestone. This achievement can be attributed to both layer 2 scaling solutions and layer 3 blockchains, as well as sidechains, all working together to enhance the network’s efficiency and scalability.
As a researcher studying the transaction processing capacity (TPS) of various networks, I’ve discovered that approximately half of the total transactions were facilitated by Xai, a layer 3 game network on Arbitrum for Ethereum. The XAI token powers this protocol, which was founded by Soban Saqib and developed by Offchain Labs. This dynamic duo processed over 41% of all transactions recorded in my study.
Prior to reaching its latest achievement, Xai’s transaction processing rate was relatively slower, handling just one transaction a day until June 10. Nevertheless, its transactions per second (TPS) performance kept enhancing daily, and on June 16, it successfully achieved a TPS of 101.72.
Xai led the pack with the greatest contribution, followed by Base and Arbitrum in second and third places respectively. However, their transaction per second (TPS) rates were significantly lower than usual on Sunday, with Xai and Base recording approximately 33 and 21 TPS less than their normal rates.
According to L2BEAT’s data, Ethereum layer 3 network Proof of Play Apex, specialized in gaming applications, achieved a transaction throughput of 15.96 transactions per second (TPS) during the last 24 hours, ranking it fourth.
Performance and Total Value Locked (TVL)
Although these networks have surpassed many other layer 2 scaling solutions and layer 3 chains in Ethereum with regard to total value locked (TVL), certain ones have fallen short in this specific area.
Xai, the leader in terms of transactions per second (TPS) with a total of 17,532, and a television talent value (TVL) of merely $1.38 million, is one of the top performers. Likewise, Proof of Play Apex, which made it to the top four in terms of highest TPS within the last 24 hours with a record of 10,765 transactions per second, boasts a relatively small TVL of approximately $695,000.
Among the major scaling solutions on Ethereum, Arbitrum One and Coinbase’s Base have the largest total value locked (TVL) with $18 billion and $7.6 billion respectively.
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2024-06-17 11:18