The Ethereum ecosystem has broken a new record for transactions per second with fast Ethereum Layer 2 writers joining the count.
According to Growthepie data, there was a point in the past 24 hours when 24,192 transactions were processed per second, an all-time high.
This happened after the platform started including transactions from the decentralized perpetual futures platform Lighter.
Transactions on Lighter even blow away Base Chain, processing around 4,000 transactions per second compared to 100-200 transactions on Base.
Ethereum enthusiasts are buzzing about the new milestone, an area of the network that’s gaining attention alongside decentralization and security features.
Ethereum’s Pectra and Dencun upgrades introduced features that increase transaction throughput on Ethereum Layer 2.
“Ethereum is expanding,” Ethereum co-founder Vitalik Buterin and others wrote on X on Wednesday, after Ethereum hit a new TPS record and continued to push it further in the hours that followed.
sauce: Anthony Sasano
Since October, “L2 is now adding a 200x scaling factor to Ethereum,” Bankless podcast host Ryan Sean Adams said, blaming the rise of writers and heavy use of zero-knowledge proofs.
“Massive Zk unlocks are just starting to hit Ethereum L2,” he said, while telling his 272,000 X followers to keep an eye out for 100,000 TPS and eventually 1 million TPS in the coming months.
Lighter is faster than Solana…more network outages
Despite Lighter’s near-unparalleled speed, it has suffered multiple network outages since its launch on October 1, similar to early Solana.
Related: Balancer releases preliminary post-mortem report after $116 million hack
The Lighter team compensated approximately 3,900 wallets with $774,872 in USDC for the October 28 outage, one of the network’s most notable outages to date.
sauce: Doug Colquitt
Is L2 suitable for Ethereum?
₿Rezso Schmiedt, founding partner of RRR Capital, asked where the added value generation for Ethereum mainnet will come from.
“Yes, transactions are increasing. But where is the value generated? Not in ETH, but in the L2s capture fee. This question remains open.”
While Ethereum’s Layer 2 increases the scalability of the entire ecosystem, there are concerns that it is eroding Ethereum’s dominance as a Layer 1 in several key metrics, such as decentralized exchange trading volume and fees generated.
Many in the Ethereum community still see value in Ethereum Layer 2. However, to ensure sustainable value returns to Ether (ETH), it is important to align incentives between the two parties, including through fee sharing, MEV capture, and protocol integration.
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