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PANews news on June 11, according to Cointelegraph, the MultiversX smart contract platform has demonstrated the huge potential to increase the transaction throughput of existing L2 blockchain networks by up to 100 times through its latest Sovereign Chains technology. This BaaS (blockchain as a service) solution allows L2 networks to inherit MultiversX's scalability.
MultiversX CEO and Co-founder Beniamin Mincu stated that by leveraging Sovereign Chains, existing L2 networks can increase their Transactions Per Second (TPS) and smart contract TPS by up to 100 times. During the first public demonstration of Sovereign Chain, the network achieved a throughput of 77,000 TPS. This performance is nearly 77 times faster than the maximum practical throughput of industry leader Solana (1,053 TPS). Mincu stated that the MultiversX team is currently focused on surpassing the threshold of 100,000 TPS.
In addition to increasing throughput, the sovereign chain can also improve the interoperability of L2 built on Bitcoin, Ethereum, and Solana. Mincu believes that this chain-based native interoperability can unleash the true potential of decentralized blockchain networks.