This is the first time Ethereum scaling solutions have recorded such high TPS since the launch of the network in July 2015.
Despite the ongoing crypto winter that has affected the market since April, activity on the Ethereum ecosystem has continued to soar, reaching a new milestone over the weekend.
On Sunday, June 16, blockchain analytics company L2BEAT reported that Ethereum scaling networks, including layer 2 and layer 3 blockchains, registered a combined 246.18 transactions per second (TPS). This equates to an estimated 21.2 million transactions in a single day. For clarity, TPS is a measure of how many transactions a blockchain network can process in one second. A higher TPS means the network can handle more transactions at once, reducing delays and improving overall performance.
As for Ethereum, this is the first time its scaling solutions have recorded such high TPS since the launch of the network in July 2015.
New Milestone in Ethereum Scaling
According to L2BEAT data, the new milestone was attributed to both layer 2 scaling solutions as well as layer 3 blockchains and other sidechains designed to improve the network’s efficiency and scalability.
However, almost half of the total TPS were contributed by Xai, an Arbitrum-based layer 3 game network for Ethereum, powered by the XAI token. The protocol, founded by Soban Saqib and developed by Offchain Labs, processed more than 41% of the total TPS.
L2BEAT explained that before hitting the new milestone, Xai had been processing transactions at a lower pace with only one transaction per day as of June 10. However, its TPS continued to improve daily and it finally hit 101.72 TPS on June 16.
With Xai topping the chart as the highest contributor, Base and Arbitrum closely trailed behind, taking the second and third positions respectively. Both networks recorded lower TPS of nearly 33 and 21 on Sunday.
Additionally, according to L2BEAT, Ethereum layer 3 network Proof of Play Apex, which is focused on gaming applications, took the fourth position with 15.96 TPS over the past day.
Performance and Total Value Locked (TVL)
Despite these networks contributing more than other layer 2 scaling solutions and layer 3 chains on Ethereum, some of them have underperformed in terms of total value locked (TVL).
For example, Xai, which took the first position and contributed the highest TPS, has only $1.38 million locked in TVL. Similarly, Proof of Play Apex, which ranked among the top four chains with the highest TPS in the last 24 hours, has about $695,000 in TVL.
In comparison, Arbitrum One and Coinbase’s Base are the two largest scaling solutions on the Ethereum network in terms of TVL. Both networks boast $18 billion and $7.6 billion in TVL respectively.