Matic, a blockchain scalability solution provider, has announced that its network can empower Ethereum's ecosystem, boosting the capacity to 7,200 transactions per second (TPS). According to a blog post by the firm on July 14, the testing of its proposed blockchain scalability solution has been underway for the past two months and has since achieved impressive performance levels.
Dubbed the ‘Counter Stake CS-2008 testnet', Matic believes it could be well on the way to solving Ethereum's shortcomings following its success. Recent months have seen the ETH network become slower, causing a rise in gas costs as a result of increased activity, especially in DeFi. This space has grown tremendously, breaking new ATH almost weekly for the past month. Currently, the total locked value (TVL) stands at $2.5 billion, according to DeFi Pulse.
With DeFi activity on the rise, solutions to Ethereum's scalability are highly anticipated by market stakeholders. Most were optimistic that the project's ETH 2.0 scalability solution would launch this year, but it now seems it might take longer. Therefore, Matic, together with other scalability solution providers like the OMG network, has an opportunity to integrate their value proposition meanwhile. The blog post reads,
“The current performance capabilities of the network as it stands means that Matic can be instrumental in helping the Ethereum ecosystem to overcome its performance constraints and reach its full potential.”
Matic went on to note that the test results of its network efficiency are reliable as the stress testing was decentralized. The firm says that 122 validators took part in the process and were active throughout the test run.
This efficiency was further boosted by Matic's alternative proof-of-stake (PoS) consensus building on the plasma project. Decentralized stakers contribute to Matic's ecosystem by depositing the platform's native token to provide oversight. In doing so, Matic can drive down the costs associated with settling on Ethereum while increasing transactional volume potential at the same time.