Going by the handle “@bkiepuszewski,” one X user contends that the transaction processing speed (TPS) metric analysts rely on to measure how fast a blockchain network like Ethereum or the BNB Chain processes transactions is flawed.
Laying out reasons on X, the decentralized finance (DeFi) researcher is convinced that using an alternative metric, the User Ops per second (UOPS), could paint a clearer picture of how well a blockchain is utilized at all times.
Measuring Network Utilization
Typically, blockchain utilization measures how much a given network, for instance, Bitcoin or Ethereum, is being used at a given point. This is critical because it can be used to measure adoption levels since those with higher utilization rates tend to have a broader, active base, which can make it successful over the long haul.
To gauge activity, this metric considers the number of transactions processed every second when dealing with simple transfers or the total value locked (TVL) when dealing with smart contracts deployed.
As of November 1, the average network utilization rate in Ethereum, based on Etherscan data, is around 50%, down from about 100% registered in 2021. Meanwhile, the Bitcoin Transactions Per Day as of early November stood above…
