The innovative MultiversX smart contract platform has the potential to significantly increase the transaction throughput of existing layer-2 blockchain networks by up to 100 times. This impressive scalability enhancement is made possible through MultiversX’s latest offering, Sovereign Chains, a blockchain-as-a-service solution that allows current L2s to benefit from MultiversX’s scalability features.
By utilizing Sovereign Chains, existing layer-2 networks can 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 realizing the full potential of blockchain technology in practical applications such as micropayments, which demand a network capable of processing thousands of transactions quickly and cost-effectively.
In a recent 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 striving to reach the 100,000 TPS milestone, although achieving similar throughput in real-world scenarios remains a challenge, as indicated by Solana’s performance.
In addition to increasing throughput, Sovereign Chains also aim to enhance the interoperability of layer-2 networks built on Bitcoin, Ethereum, and Solana. This level of native interoperability, supported by chain abstraction, has the potential to unlock the true capabilities of decentralized blockchain networks, minimizing the need for users to bridge assets across different blockchains in order to interact with them.
Sovereign Chains are designed to make leading blockchain-based layer-2 solutions more interoperable for developers and end-users alike. By addressing the fragmentation within the blockchain ecosystem, Sovereign Chains aim to streamline decentralized finance protocols and make them more user-friendly. This innovative approach is poised to revolutionize the blockchain industry by enhancing scalability, throughput, and interoperability across various blockchain networks.