Breaking Records: Ethereum Hits 246.18 TPS, with 21.2 Million Daily Transactions
In a major surge for Ethereum’s transaction capabilities, the combined transactions per second (TPS) across its scaling networks hit an unprecedented peak on June 16, reaching 246.18 TPS.
This milestone translates to an estimated 21.2 million transactions processed throughout the day, according to data from L2beat.
Among these networks, a significant portion of the activity—over 41%—was attributed to Xai, a relatively new Ethereum layer-3 scaling solution designed specifically for gaming applications. Powered by Offchain Labs, the same team behind Arbitrum One, Xai witnessed a remarkable rise in its TPS from a daily average of just one transaction earlier in June to a peak of 101.72 TPS on June 16.
Following Xai were Arbitrum One and Base, recording 33 TPS and 21 TPS respectively on the same day.
Another notable player in the Ethereum layer-3 space was Proof of Play Apex, also launched by Offchain Labs, albeit with a smaller total value locked (TVL) of $695,000 compared to the leading solutions.
Despite their impressive transaction speeds, Xai and Proof of Play Apex currently hold modest TVLs of $1.38 million and $695,000 respectively. In contrast, Arbitrum One and Base, which command TVLs of $18 billion and $7.6 billion, underscore their dominance in Ethereum’s scaling ecosystem.
While transaction speed remains a prominent yardstick for measuring blockchain performance, some industry experts caution against overemphasizing TPS as a sole indicator of scalability. Steven Goldfeder, a founder at Offchain Labs, likened focusing solely on TPS to counting bills in a wallet without considering their denominations, highlighting the nuanced evaluation required for blockchain metrics.
