‘Initial Velocity’ Ethereum balance activity tops 12K TPS on testnet.
Ethereum's layer-2 blockchain movement is aiming to be the “first fastest” Ethereum blockchain, with its co-founder saying the network can process nearly twice the number of transactions per second compared to its high-speed rival.
The Movement testnet, launched on July 30, has peaked at “more than 12,000” transactions per second (TPS) and “theoretically can do 30 to 50 thousand,” Movement Labs co-founder Rushi Manche told Cointelegraph at Korea Blockchain Week.
“We will be the first fast L2 on Ethereum,” he said.
Ethereum Layer 2 is Polygon with the highest real TPS, processing 190 transactions per second, CoinGecko research analyst Lim Yu Qian reported in May, far below the advertised maximum TPS speed of 7,000.
Solana was the fastest on the blockchain with 1,053 transactions per second, and Lim said it “only achieved 1.6% of the theoretical maximum speed of 65,000 TPS.”
Manche uses the speed of Movement in its programming language, Move — a DEM creation for Facebook's abandoned crypto stablecoin project.
Manche explains that Mobilization can achieve such high TPS because it can process multiple transactions at once instead of backtracking normally.
“If you have 1,000 transactions, you're waiting for A, then B, then C, then D to finish. It's too slow,' he said. With 1,000 active transactions, you can execute them simultaneously. All at once.”
Rushi Manche stopped by Korea Blockchain Week in Seoul. Source: Cointelegraph
But a blockchain hitting the highest achievable TPS depends on usage and volume – more users often make more transactions to increase TPS.
According to Manche, his chain TestNet has 44 decentralized applications (DApps) boosting TPS, driven in part by Telegram-based mini-apps, which account for a tenth of the total TPS volume.
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Compared to decentralized exchanges like Aave and Curve Finance, “people are coming to more consumer and social applications, which is a huge demand for TPS,” he said.
Some of Telegram's hack-and-slash gaming apps have exploded in popularity recently, infecting millions of users and even knocking Telegram's connected blockchain offline for long periods of time.
“People want the ability to use apps on their phone, so we're seeing a lot of applications based on Telegram,” Manche said. “There's hit apps, there's Mortal Kombat, there's all these little games that are all transactional.
The movement's main network doesn't have an official launch date, Manche said, “coming up.”
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Additional reporting by Andrew Fenton.
