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 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 developer behind the L2 blockchain Arbitrum One. Prior to June 10, Xai’s TPS hovered around 1, but has been consistently increasing almost daily since then, reaching a peak of 101.72 TPS on June 16.
The L2 networks Base and Arbitrum ranked second and third on June 16 with 33 and 21 TPS respectively. In fourth place is Proof of Play Apex, another Ethereum L3 chain centered around gaming, introduced by Offchain Labs.
However, the total value locked (TVL) of Xai and Proof of Play Apex remains relatively small at $1.38 million and $695,000 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. Offchain Labs founder Steven Goldfeder explained in an interview with Cointelegraph Magazine earlier in 2024 that focusing solely on raw TPS numbers is akin to “counting the number of bills in a wallet without considering that some are ones, some are twenties, and some are hundreds.” However, he also noted that TPS remains the most commonly used metric as there may not be a better alternative indicator.
Source: L2BEAT
