The Ethereum ecosystem is scaling new heights, literally. According to L2BEAT data, the combined transactions per second (TPS) of Ethereum’s scaling solutions reached an all-time high of 246.18 on June 16th, 2024. This translates to an estimated 21.2 million transactions processed across the day.
Source: L2Beat
The surge is attributed in part to a surprising spike in a relatively new layer-3 scaling solution called Xai. Focused on the gaming industry, Xai shot up from processing roughly 1 transaction per day prior to June 10th to a staggering 101.72 TPS on June 16th, contributing over 41% of the day’s total transactions.
Established players like Arbitrum One and Base weren’t far behind, clocking in at nearly 33 TPS and 21 TPS, respectively, on the same day. Proof of Play Apex, another game-oriented layer-3 solution from Offchain Labs (the same team behind Arbitrum One), also saw a rise but with a smaller footprint compared to Xai.
However, it’s important to note that TVL (Total Value Locked) paints a different picture. While Xai and Proof of Play Apex display impressive transaction volume, their TVL sits at a relatively modest $1.38 million and $695,000, respectively. This pales in comparison to giants like Arbitrum One and Base, boasting a TVL of $18 billion and $7.6 billion, respectively.
This news signifies a significant development for Ethereum. The ability to handle a much larger volume of transactions efficiently is crucial for widespread adoption. The rise of Xai also highlights the potential for specialized scaling solutions catering to specific industries.
Looking ahead, it will be interesting to see if Xai can sustain its growth and how established solutions respond to the competition. Regardless, this is a positive sign for the Ethereum ecosystem, demonstrating its capability to scale and adapt to meet growing demands.
