Here are some of the major developments from the world of crypto over the past few days.
The Ethereum ecosystem's aggregate transactions per second (TPS) have risen to a new record, thanks to a surprising TPS spike in a previously undiscovered Ethereum layer 3. According to L2BEAT data, Ethereum scaling networks achieved 246.18 TPS on June 16, allowing for an estimated 21.2 million daily transactions.
Xai's TPS was approximately one every day until June 10. After that, it increased gradually and peaked on June 16 at 101.72 TPS. Base and Arbitrum completed the top three with almost 33 and 21 TPS respectively on June 16. Offchain Labs' Proof of Play Apex, another game-focused Ethereum layer 3 scaler, finished fourth.
When evaluating the performance of blockchains, several industry observers feel that TPS is an overvalued indicator. The founder of Offchain Labs Steven Goldfeder, likened it to counting the number of dollars in your wallet while disregarding that some are singles, some are twenties, and some are hundreds.
The U.S. Securities and Exchange Commission has questioned Ripple Labs' newest case for a reduced penalty, claiming that it is insufficient. Ripple highlighted the SEC's settlement with Terraform Labs last week, urging that Judge Analisa Torres impose a $10 million penalty instead of the SEC's proposed $876.3 million.
Ripple's claim that Terraform's $420 million civil penalty was approximately 1.27% of its $33 billion gross revenues was not an apples-to-apples comparison, the SEC stated.
The SEC's proposed penalties for Ripple total over $2 billion, including $198.2 million in prejudgment interest, $876.3 million in civil penalties, and an additional $876.3 million in disgorgement. Last month, the SEC opposed Ripple's bid to seal financial records, insisting the firm disclose revenue from XRP sales deemed unregistered by Judge Torres.
T-Mobile Deutsche Telekom revealed that it plans to begin mining Bitcoin BTC $66,317, building on its existing crypto-related activities. The telecommunications company has been running a Bitcoin node since 2023 and is now running Bitcoin Lightning Network nodes.
Since June 2023, the company has been actively participating in Web3 as a Polygon validator, building a position to exploit its enormous infrastructure and secure new revenue sources. Deutsche Telekom, one of 100 validators, has been providing staking and validation services on Polygon for over a year, contributing to the platform's proof-of-stake consensus mechanism.
Fetch.ai, a decentralized artificial intelligence platform, and Deutsche Telekom partnered in February. These self-driving vehicles manage resources, execute transactions, and analyze traffic patterns to deliver services in healthcare, automotive, supply chain management, and digital identities.