The innovative MultiversX smart contract platform has the potential to increase the transaction throughput of current layer-2 blockchain networks by up to 100 times. This significant scalability enhancement is made possible through MultiversX’s cutting-edge Sovereign Chains, a blockchain-as-a-service solution that allows existing L2s to adopt MultiversX’s scalability features.
By utilizing Sovereign Chains, existing L2 networks have the capability to boost their transactions per second (TPS) and smart contract TPS by as much as 100 times, as stated by Beniamin Mincu, the CEO and co-founder of MultiversX. Mincu emphasized the importance of scalability and high transaction throughput in enabling blockchain technology to fulfill its potential in real-world applications such as micropayments, where a network must process numerous transactions quickly and affordably.
During the initial demonstration of the public Sovereign Chain, the network achieved an impressive throughput of 77,000 TPS, nearly 77 times faster than Solana’s maximum real-world throughput of 1,053 TPS. The MultiversX team is now aiming to reach the 100,000 TPS milestone, though achieving similar throughput in real-world scenarios is challenging, as demonstrated by Solana’s performance.
In addition to increasing throughput, Sovereign Chains can enhance the interoperability of L2s built on Bitcoin, Ethereum, and Solana. This native interoperability, supported by chain abstraction, has the potential to unlock the true capabilities of decentralized blockchain networks, eliminating the need for users to bridge assets across different blockchains.
Sovereign Chains aim to make L2s on leading blockchains more interoperable for both developers and end-users, addressing the current fragmentation in the blockchain ecosystem that hinders the usability of decentralized finance protocols. This initiative is a step towards solving the blockchain trilemma and creating a more seamless and efficient blockchain ecosystem for all participants.