According to data from the research platform L2BEAT, the Ethereum scaling network, including Layer 2 and Layer 3 blockchains, recorded a total of 246.18 TPS (transactions per second) on June 16, equivalent to approximately 21.2 million transactions that day.
Source: L2BEAT
Over 41% of the transactions occurred on the Ethereum Layer 3 scaling solution Xai, which focuses on gaming applications and is supported by Offchain Labs, the company behind the L2 blockchain Arbitrum One. Prior to June 10, Xai’s TPS hovered around 1 per day, but since then has been increasing almost daily, reaching a peak of 101.72 TPS on June 16.
On June 16, the L2 networks Base and Arbitrum ranked second and third with 33 and 21 TPS respectively. Ranked fourth is Proof of Play Apex, another Ethereum L3 chain centered around gaming launched by Offchain Labs.
Source: L2BEAT
However, the total value locked (TVL) in Xai and Proof of Play Apex remains relatively small, at $1.38 million and $695,000 respectively. In comparison, the top two Ethereum scaling solutions, Arbitrum One and Base, currently have locked in $18 billion and $7.6 billion respectively.
Some industry analysts believe that TPS is an overrated indicator when measuring blockchain performance. Offchain Labs founder Steven Goldfeder explained in an interview with Cointelegraph Magazine earlier this year that focusing on raw TPS numbers is like “counting the number of bills in a wallet while ignoring that some are ones, some are twenties, and some are hundreds.” However, he also added that TPS remains the most commonly used metric because there may not be a better alternative indicator.
Source: [Data source]