MultiversX boosts layer-2 transaction speeds with Sovereign Chains

MultiversX (CRYPTO:EGLD) unveils Sovereign Chains, a groundbreaking solution designed to amplify the transaction throughput of existing layer-2 (L2) blockchain networks by up to 100 times.

Led by CEO Beniamin Mincu, the platform's innovation aims to enhance scalability and smart contract capabilities, crucial for real-world blockchain applications like micropayments.

During a recent demonstration, Sovereign Chains achieved an impressive throughput of 77,000 transactions per second (TPS), signaling a significant leap in scalability compared to leading networks like Solana (CRYPTO:SOL).

Additionally, the solution aims to enhance interoperability among L2s built on Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Solana, potentially revolutionising decentralised finance protocols and expanding opportunities within the Web3 ecosystem.