According to 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 16, equivalent to approximately 21.2 million transactions that day.
More than 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 company behind the L2 blockchain Arbitrum One. Prior to June 10, Xai’s TPS hovered around 1, but has been consistently increasing daily and peaked at 101.72 TPS on June 16.
On June 16, the L2 networks Base and Arbitrum ranked second and third with 33 and 21 TPS, respectively. The fourth spot was taken by Proof of Play Apex, another Ethereum L3 chain centered around gaming introduced by Offchain Labs.
However, the total value locked (TVL) in Xai and Proof of Play Apex remains relatively small at $1.38 million and $695,000, respectively. In contrast, 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 overrated indicator when measuring blockchain performance. Offchain Labs founder Steven Goldfeder explained in an interview with Cointelegraph Magazine earlier this year that focusing on raw TPS numbers is like “counting the number of bills in a wallet while ignoring that some are one-dollar bills, some are twenty-dollar bills, and some are hundred-dollar bills.” However, he also added that TPS is still the most commonly used metric as there may not be a better alternative indicator.
Source:
L2BEAT
