The Ethereum ecosystem’s combined transactions per second (TPS) has exploded to a new all-time high, thanks to a sudden TPS spike in a relatively unknown Ethereum layer 3.
L2beat data shows that the Ethereum scaling networks, including layer-2 and layer-3 blockchains, registered a combined 246.18 TPS on June 16, which equates to an estimated 21.2 million transactions across the day.
Over 41% of those transactions took place on Xai, a new Ethereum layer-3 scaling solution focused on gaming applications. Offchain Labs, the firm behind the Arbitrum One blockchain, powers Xai.
Prior to June 10, Xai’s TPS hovered around one per day, but it has been rising nearly every day since then, topping out at 101.72 TPS on June 16.
Base and Arbitrum rounded out the top three with 33 and 21 TPS on June 16.
In fourth position was Proof of Play Apex, another game-focused Ethereum layer-3 scaler launched 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.
By comparison, Arbitrum One and Base, the two largest Ethereum scaling solutions by TVL, currently secure $18 billion and $7.6 billion.
Related: Optimism to roll out new Superchain features for layer-3 devs
Some industry analysts believe TPS is an overrated metric when measuring the performance of blockchains.
“[It’s a bit like “counting the number of bills in your wallet but ignoring that some are singles, some are twenties, and some are hundreds,” explained Steven Goldfeder, a founder at Offchain Labs, in an interview with Cointelegraph Magazine earlier in 2024.
But it’s still the most common metric because there may be no single better alternative, Goldfeder added.
Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions