More than 41% of those transactions were conducted on Xai, a new Ethereum layer-3 scaling solution specifically designed for gaming applications.
The combined transactions per second (TPS) of the Ethereum ecosystem have reached a new all-time high due to a sudden TPS increase in a relatively unknown Ethereum layer III.
On June 16, the Ethereum scaling networks, which encompassed layer-2 and layer-3 blockchains, recorded a combined 246.18 TPS, according to L2BEAT data. This figure is equivalent to an estimated 21.2 million transactions throughout the day.
Xai, a new Ethereum layer 3 scaling solution designed explicitly for gaming applications, was the site of over 41% of those transactions. It is fueled by Offchain Labs, the organization responsible for the Arbitrum One blockchain.
Xai’s TPS was approximately 1 per day before June 10, but it has increased nearly daily since then, reaching a maximum of 101.72 TPS on June 16.
On June 16, Base and Arbitrum generated nearly 33 and 21 TPS, respectively, to complete the top three.
Proof of Play Apex, an additional Ethereum layer 3 scaler that is game-focused, was launched by Offchain Labs and ranked fourth.
Nevertheless, the total value secured (TVL) in Xai and Proof of Play Apex is relatively low, at $1.38 million and $695,000, respectively.
In contrast, Arbitrum One and Base, the two most extensive Ethereum scaling solutions by TVL, are securing $18 billion and $7.6 billion, respectively.
Confident industry analysts consider TPS an overrated metric when evaluating blockchains’ efficacy.
“It is akin to “counting the number of bills in your wallet but disregarding that some are singles, some are twenties, and some are hundreds,” explained Steven Goldfeder, a founder at Offchain Labs, in an interview with Cointelegraph Magazine earlier this year.
However, according to Goldfeder, it remains the most frequently used metric due to the possibility of no singular superior alternative.