Originally published on: November 26, 2024
Base, an Ethereum layer-2 network, has set a new record with 106.26 transactions per second (TPS), solidifying its position as the fastest Ethereum layer-2 solution, surpassing its competitor Taiko. Additionally, Base’s total value locked (TVL) has recently exceeded $10 billion.
This milestone marks a significant increase of nearly 28% in TPS since November 23rd. Jesse Pollak, the founder of Base, mentioned that at the start of the year, Base was only averaging 4 TPS, highlighting the remarkable growth of the network.
According to data from L2BEAT, Base’s TVL has now reached $10.7 billion, making it the second-largest Ethereum layer 2 in TVL, trailing only behind Arbitrum One at $18.3 billion. This surge in Base’s TVL contributes to the total value locked on Ethereum layer-2 solutions, which now stands at $49.3 billion, as reported by L2BEAT.
With the increasing competition among Ethereum layer 2 solutions and the aim to challenge faster blockchains like Solana, Base is not the only player in the game. Starknet, for instance, plans to boost its TPS to over 1,000 while simultaneously reducing fees by fivefold over the next three months, as revealed by StarkWare’s CEO, Eli Ben Sasson.
Despite its success, Base has encountered challenges, such as handling the surge in memecoin transactions, resulting in an uptick in phishing scams. However, Base has taken proactive measures by implementing fault proofs to enhance security and gradually decentralize the Ethereum layer 2.
As the blockchain industry continues to evolve rapidly, keeping track of metrics like TPS remains crucial in assessing network performance. Stay updated on the latest developments in DeFi and blockchain technology by subscribing to the Finance Redefined newsletter for insightful analysis and financial opportunities delivered every Friday.
