Comment by jaketoronto

To further explain:

You mention setting the conn pool to 8 to match your # of cores. That would be fine if you didn't have any sleeps inside of your txns... But the moment you added the sleeps inside the txns, your limit of 8 kills through throughput... because no other thread can access the DB once 8 of them grab connections and start the 20ms of total sleep. Imagine instead if you had 64 connections... you would 8x your throughput... What if you were to go even higher? At some point you might start overloading the DB... at that point, you could consider tuning the db to accept more connections... or... maybe you've truly reached the DB's peak performance limit.

I just don't think that 8 connections represents that limit... you need to do everything you can to open up your client config until you reach PG's limitations.