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The Ethereum layer-2 network Base has reached impressive milestones, including a record-breaking transaction speed and a significant total value locked (TVL), marking its rapid ascent within the crypto space.
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As of recent reports, Base has achieved a transaction rate of 106.26 transactions per second (TPS), a dramatic increase from earlier metrics earlier this year.
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According to Base founder Jesse Pollak, “It’s remarkable that we’ve jumped from just 4 TPS in January to over 106 TPS today,” highlighting the network’s growth.
Base, Ethereum’s prominent layer-2 network, hits record TPS of 106.26 while achieving a TVL of $10.68 billion, establishing itself among top crypto solutions.
Base Surpasses $10 Billion in Total Value Locked, Cementing Its Position Among Leading Ethereum Layer-2 Solutions
The recent growth of Base is underscored by its total value locked (TVL), which has surged to $10.68 billion as of November 15. This achievement makes Base the second-largest Ethereum layer-2 solution by TVL, trailing only behind Arbitrum One, which holds a TVL of $18.3 billion. The rapid growth signifies a confident market demand, especially as Base overtook OP Mainnet for the second position back in June. Currently, the cumulative value locked across various Ethereum layer-2 solutions stands at an impressive $49.3 billion, according to data sourced from L2BEAT.
Transaction Growth: A Testament to Base’s Enhanced Performance
Base’s rise in transactions per second (TPS) has been dramatic; recent figures indicate a near 28% increase in TPS from just weeks prior. This upward trajectory reflects strategic improvements and robust infrastructure being laid down post-launch in August of last year. Ethereum’s layer-2 landscape is becoming increasingly competitive, particularly against rapid contenders like Solana. However, unlike its peers, Base’s TPS hit a noticeable peak at 106.26, affirming its technical capabilities to handle the growing user base and transaction volume.
Competing in a Fast-Paced Landscape: Base vs. Other Blockchain Innovations
The competition among Ethereum layer-2 solutions is intensifying, with new entrants posing challenges based on speed and cost-efficiency. Projects like Starknet aim to enhance their TPS to over 1,000 while significantly lowering transaction fees—a direct challenge to Base’s newly achieved metrics. As proclaimed by StarkWare’s CEO Eli Ben Sasson, the aim is to quintuple performance and maintain affordability, which will be vital as users increasingly seek valuable alternatives to Ethereum’s base layer.
Memecoin Mania: A Double-Edged Sword for Base
Base has also garnered massive attention due to the memecoin craze during this bullish cycle. Recent data shows that the platform recently surpassed a total of 1 billion transactions, fueled largely by this popular trend. While this has positively contributed to visibility and usage metrics, it has attracted a wave of malicious attacks, leading to an alarming increase in phishing scams. Reports suggest that funds stolen through these scams rose 18-fold from January to March, necessitating robust security measures.