With the proliferation of its layer 2s, Ethereum should no longer be understood as a simple blockchain, but rather as a true ecosystem in its own right. A nebulous entity serving a common interest, it has just seen its number of transactions per second (TPS) reach a new record.
The Ethereum ecosystem sets a new TPS record
The ability of a blockchain to handle a significant and/or sudden increase in activity without suffering a drop in performance is called “scalability,” meaning its ability to scale. This has been a key factor in Ethereum’s development for several years now, given its historically disastrous performance in this area, particularly during the 2021 bull market.
One of the decisive steps in this process was to initiate a shift of its blockchain to a Proof of Stake (PoS) consensus in September 2022. At the same time, another part was playing out in parallel with the accelerated development of numerous layer 2s, including rollups.
A nebula of associated blockchains that can now be conceived as a true Ethereum ecosystem, part of a common dynamic built on the foundation of its layer 1. As proof, updates to this historic blockchain now fully take into account the strengthening of interoperability between its various players. And, clearly, the results are there, with the recent celebration of a “new TPS record in the Ethereum ecosystem,” with 3,453 transactions per second recorded on November 4.
This is essential data for determining the speed of on-chain transaction processing.
The new champion of scalability?
An announcement made on the X network by the growthepie account was immediately welcomed by Ethereum’s iconic co-founder himself, Vitalik Buterin. Indeed, he was quick to point out how this blockchain “is scaling” (Ethereum is scaling).
However, this data should be put into perspective, given that the highest number of transactions per second ever recorded for the Ethereum blockchain (alone) remains at 134 TPS, with a peak at the recent summit of its ecosystem estimated at 69 TPS.
This result still places Ethereum far behind the competition, with more than 15 blockchains performing better according to real-time data (1H), the top three of which are currently, in order, Internet Computer ICP (1074 TPS), Solana (836 TPS), and BNB Chain (230 TPS).
However, it is easier to understand why the 3,453 transactions per second recorded yesterday are a historic success. This means that the Ethereum blockchain within its ecosystem now outperforms the competition, with a much more decentralized offering.
