After a two-month ongoing testnet run, blockchain scalability solution, Matic revealed that it was able to process 7,200 transactions per second (TPS).
On July 14 Matic Network published a blog post revealing that it had stress tested its Counter Stake CS-2008 testnet stating, it could:
“reliably handle a performance level of 7,200 TPS.”
Matic added that this performance could be generalized to the Matic mainnet, employing the same architecture.
With over 122 active validators running validator+sentry nodes, Matic stated “the network was truly decentralized”, while adding:
“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.”
“Performance constraints” referred here are the scalability issues facing the current iteration of Ethereum, which currently process only a handful of transactions per second.
Although Ethereum 2.0 can fix the scaling issue, however, Phase 0 looks like being delayed until early 2021. This might even take years to get up to its full speed.
In the meantime, there is an urgent need for a scaling solution at least for the short-term.
The network has previously dealt with significant congestion in 2020 due to Tether (USDT) boom, growth of DeFi projects while significantly resulting in a higher transaction fees.
However, Ethereum recently increased the maximum amount of gas allowed per block on the blockchain, allowing the network to process more transactions.
Matic Network builds on the Plasma project while providing an alternative proof-of-stake blockchain based on an adapted version of the technology.
The underlying technology uses a decentralized network of stakers who have deposited Matic to act as checkpoints between the two blockchains.
This allows for a cheaper, faster and a higher volume of TPS on the second network, which can then be settled on the Ethereum network.