On June 16, the total transactions per second (TPS) of Ethereum-based projects surged to a record 245.87.
This equates to approximately 21.2 million operations per day.
Of this total, around 41% was contributed by the third-level solution Xai, based on the L2 network Arbitrum.
Until June 10, the protocol’s TPS occasionally exceeded one transaction per second, but then sharply increased to 101.72.
As of June 16, the top three also included Base and Arbitrum with 33 and 21 TPS respectively.
However, despite high activity levels, TVL for Xai remains relatively low at $1.33 million, placing the network 45th overall.
In comparison, the leading Arbitrum ecosystem boasts a TVL of $17.91 billion, while Base, in second place, has $7.59 billion.
The gaming-focused protocol Xai conducted an airdrop of its XAI token in January. By late February, the token’s price peaked at $1.59 (CoinGecko). At the time of writing, the price is approximately 64% below this peak, trading at $0.58, roughly matching its market debut value.
Some industry experts consider TPS an overrated metric for measuring blockchain performance, notes Cointelegraph. Stephen Goldfeder, founder of Offchain Labs, the company behind Arbitrum and Xai, told the publication:
“It’s a bit like counting the number of bills in your wallet but ignoring that some are ones, some are twenties, and others are hundreds.”
He acknowledged, however, that the metric remains widely used because “a better alternative may not exist.”
Ethereum co-founder Vitalik Buterin, discussing further scaling of the ecosystem, emphasized second-level Rollup networks.
In April, the programmer supported critics of L3 solutions like Xai.