The price front remains quiet, but Ethereum scaling solutions appear to be thriving. The latest data suggests a surge driven by not just Layer 2 networks but lesser-known Layer 3 entities as well.
According to L2beat, these scaling networks built on top of Ethereum have collectively reached over 246 TPS on June 16, representing a new all-time high. This, in turn, translated to an estimated 21.2 million transactions over the course of the day.
A higher transaction per second (TPS) rate essentially signifies that the blockchain network has the capability to handle a larger volume of users and process a greater number of transactions at the same time. This increased throughout results in faster transaction times.
Leading the chart is Xai, which happens to be an Arbitrum-based Layer 3 game network for Ethereum developed by Offchain Labs. This protocol has contributed a whopping 41% of the total TPS across the Ethereum ecosystem.
Meanwhile, Base and Arbitrum clinched the second and third positions, respectively, with 33 and 21 TPS on the same day.
Another Layer 3 player on Ethereum called Proof of Play Apex focused on gaming applications and secured the fourth position with 15.96 TPS over the past day.
Despite the significant contributions of these networks to the overall TPS, some of them have underperformed with regard to the total value locked (TVL).
XAI, which topped the TPS rankings, 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 approximately $695,000 in TVL.
In contrast, Arbitrum One and Coinbase’s Base stand as the two largest scaling solutions on the Ethereum network in terms of TVL, with $17.78 billion and $7.54 billion in locked-in value, respectively.
