Ethereum Scaling Solutions Reach New Heights: Data

The price front remains calm, but ethereum scaling solutions appear to be thriving. The latest data suggests an increase driven not only by Layer 2 networks but also by lesser-known Layer 3 entities.

According to L2beat, these scaling networks built on top of ethereum collectively reached over 246 TPS on June 16, representing a new all-time high. This, in turn, translated into approximately 21.2 million transactions over the course of the day.

A higher transactions per second (TPS) rate essentially means that the blockchain network has the ability to handle a higher volume of users and process a larger number of transactions at the same time. This increase at all times results in faster transaction times.

Leading the chart is Xai, which happens to be an Arbitrum-based Layer 3 gaming network for ethereum developed by Offchain Labs. This protocol has contributed a whopping 41% of the total TPS across the entire ethereum ecosystem.

Meanwhile, Base and Arbitrum achieved second and third position, 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 important contributions of these networks to the overall TPS, some of them have underperformed with respect to 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 networks 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 value, respectively.

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