Base sees a record 106 TPS with total value locked in and surpassing $10B
The Ethereum Layer-2 network base has set a record of 106.26 transactions per second (TPS), from Tyco as the fastest Ethereum Layer-2 solution, with the total value locked (TVL) recently exceeding $10 billion.
It represents a nearly 28% increase in TPS since November 23. In January alone, Base was averaging just 4 TPS, said Base founder Jesse Pollack.
Base change on TPS in last 30 days. Source: L2BEAT
Base TVL rose to $10.68 billion after crossing the $10 billion mark on Nov. 15. According to L2BEAT data, it is the second largest Ethereum layer 2 in TVL, followed by Arbitrum One with $18.3 billion, and it took second place on OP Mainnet in June. .
This brings the total value locked in Ethereum layer 2 solutions to $49.3 billion, according to L2BEAT.
The total price change of the base locked in the last 30 days. Source: L2BEAT
The base increase by TPS comes as Ethereum Layer 2s seeks to challenge Solana, the fastest blockchain.
Starknet is one of the competitors and plans to quadruple its TPS to more than 1,000 TPS and cut its fees by five times in the next three months, Starkware CEO Eli Ben Sasson told Cointelegraph earlier this month.
Related: Blockchains like Solana boast about ‘speed' – but it's misleading.
The total number of Base transactions has recently crossed the 1 billion mark, which is largely due to the memecoin mania this bull cycle.
However, Baez's popularity with memecoins has attracted fraudsters, and as a result, the network saw an 18-fold increase in money stolen from phishing scams between January and March.
Meanwhile, Base implemented error proofing in late October as part of the blockchain company's plans to progressively decentralize Ethereum's Layer 2.
“Fault proofs are an important part of going from Level 0, which is where the package is ‘full training wheels,' to Level 1, which has ‘limited training wheels,'” Baez explained.
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