Ethereum Performance Grows Due to L3 Protocols

A new record for transactions per second (TPS) in the Ethereum ecosystem was achieved, driven by a sharp increase in transactions within L3 protocols.

According to L2beat data, on June 16, Ethereum’s performance reached 246.18 TPS, equivalent to approximately 21.2 million transactions per day. Notably, around 41% of all transactions came from the L3 protocol Xai.

The new L3 network for Ethereum managed to generate 101.72 TPS, showing a staggering 8,847% increase in performance over the past week. Despite this, Xai’s total value locked (TVL) stands at just $1.34 million.

It’s noteworthy that Xai’s performance surpassed the combined figures of leading L2 protocols for Ethereum. For instance, the Base and Arbitrum networks generated only 33 TPS and 21 TPS, respectively, with TVL significantly higher than Xai’s — $18 billion for Arbitrum and $7.6 billion for Base.

Xai is the L3 protocol focused on gaming apps. It’s designed to scale the Ethereum network, offering higher transaction throughput and lower fees. The L3 blockchain network Xai was launched in June 2024 by Offchain Labs, the developers behind the L2 protocol Arbitrum One.

On June 16, other L3 protocols in the Ethereum ecosystem also showed record performance. The L3 protocol Proof of Play Apex reached 15.96 TPS, up 21% in a week, while the L3 protocol Molten Network grew by 52%, generating around 3 TPS. In comparison, among L1 protocols, the highest performance was recorded on May 27 at 32,000 TPS on the Aptos blockchain network, thanks to the popular Web3 game Tapos Cat.

The Ethereum ecosystem is actively growing due to L2 protocols, and analysts believe their market capitalization will exceed $1 trillion by 2030. However, the issue of decentralization of L2 protocols remains open, which is why Vitalik Buterin proposes developing a unified protocol for interaction between L2 networks.

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