Keeta, a layer-1 network project backed by former Google CEO Eric Schmidt, has launched its mainnet as it seeks to challenge existing powerhouses like Solana, Ethereum, and Tron.
The launch comes after months of development and testing. Data shows that the network has handled over 28.7 million transactions during its testnet. It also produced over 42.6 million blocks during this time.
Keeta’s main advantage is its quick transactions, with a test done in July showing the capacity to handle over 11 million transactions per second (TPS). In a note, Schmidt said:
“The team has combined technical excellence with a clear understanding of the regulatory and institutional landscape. I’m confident in their long-term vision and proud to support a platform that has the potential to fundamentally reshape how value moves around the world.”
Keeta’s mainnet launched with 235 million wallets with non-zero balances. Also, over 42 million wallets have completed their transactions, while over 13 exchanges have listed it. Ty Schenk, the CEO and founder, said:
“I’m incredibly proud of everything that the team has accomplished to get us to this point and super excited for the world to see what we’ve built. Keeta really is the most advanced, scalable L1 in the world, and now we get to prove it.”
Keeta’s token has jumped by about 190% from its lowest level this year, giving it a market cap of over $457 million and a fully diluted valuation of $1.08 billion.
Still, Keeta’s main challenge is that the layer-1 industry is highly competitive. Ethereum maintains a substantial market share across industries like decentralized finance (DeFi), stablecoins, and real-world asset tokenization.
Solana, another major contender, is doing well and is now working on the Alpenglow upgrade that will also boost its speed to over 100,000 transactions per second. It also has to contend with other top networks like BSC Chain, Tron, and IOTA.
READ MORE: Keeta Price Could Surge as Smart Money Buys KTA Before Mainnet Launch
