Ethereum L2 Network TPS Hits New Record
CryptoNewsTerminal Staff09 Aug, 2024
Ethereum L2 Network TPS Hits New Record
Ethereum layer-2 (L2) networks have seen a surge in transaction processing rates (TPS), with the daily average TPS recently reaching an all-time high of 318. This growth is largely attributed to the increasing popularity of Arbitrum-based gaming networks like XAI and Basis, as well as other prominent players in the L2 ecosystem. The rise of L2 networks has been driven by the need for scalability and lower transaction fees on the Ethereum mainnet. L2 networks operate independently of the mainnet, allowing for faster and cheaper transactions while still providing the security and immutability of the Ethereum blockchain. This latest milestone of 318 TPS for L2 networks is a testament to the growing adoption and maturity of the Ethereum ecosystem. It is expected that L2 networks will continue to play a crucial role in scaling Ethereum and enabling a broader range of applications and use cases.
