Ethereum's Layer-3 Solutions Drive Record-breaking Transaction Rates
Summary:
Ethereum's layer-2 and layer-3 blockchains have achieved an all-time high transaction per second (TPS) rate, primarily driven by an unforeseen surge in a lesser-known Ethereum layer 3. Over 41% of the transactions were on Xai, a new layer-3 solution developed for gaming applications by Offchain Labs. Despite the high TPS, Xai and Proof of Play Apex, another gaming-focused Ethereum layer 3 scaler by Offchain Labs, have relatively small total value locked (TVL) compared to Arbitrum One and Base, the largest Ethereum scaling solutions.
Ethereum's integrated transaction rates (TPS) have skyrocketed, achieving a landmark record, primarily due to an abrupt surge in a relatively unfamiliar Ethereum layer 3. As per statistics from L2BEAT, the Ethereum scale-up networks, inclusive of layer-2 and layer-3 blockchains, recorded a collective TPS of 246.18 on June 16th, translating into approximately 21.2 million transactions for the day. Over the past 12 months, Ethereum's layer 2 solution TPS has changed notably.
Xai recorded 41% of the transactions, a novel Ethereum layer 3 scale-up solution intended for gaming applications, backed by the Offchain labs, the company behind the Arbitrum One blockchain. The TPS of Xai before 10th June was merely 1 per day, which has been witnessing a steady increase since, peaking at 101.72 TPS on 16th June. Arbitrum and Base were the next two leading ones with nearly 33 and 21 TPS respectively on 16th June.
The fourth position was bagged by Proof of Play Apex, another Ethereum layer 3 scaler aimed at gaming applications and launched by Offchain labs. Meanwhile, the total value locked (TVL) in Xai and Proof of play Apex is considerably minor, at $1.38 million and $695,000 respectively. In contrast, Arbitrum One and Base, the leading Ethereum scale-up solutions as per TVL, have a whopping $18 billion and $7.6 billion secured currently. Xai and Proof of Play Apex, the rapid scale-up solutions, secure the 45th and 50th largest TVLs in the Ethereum ecosystem.
However, some experts within the industry consider TPS as an overrated yardstick to evaluate blockchain performance, comparing it to "counting the number of bills in your wallet but disregarding the fact that some are singles, some are twenties, and some are hundreds," as stated by Steven Goldfeder, a founder at Offchain Labs in his talk with Cointelegraph Magazine earlier this year. Nevertheless, it continues to be the prevalent metric due to a lack of a universally better substitute, adds Goldfeder.
Published At
6/17/2024 8:03:59 AM
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