Ethereum layer-2 network Base hit a record 106.26 transactions per second (TPS), distancing it from Taiko as the fastest Ethereum layer-2 solution, while its total value locked (TVL) recently surpassed $10 billion.
It marked an almost 28% increase in TPS from Nov. 23. In January, Base was averaging only 4 TPS, according to Base founder Jesse Pollak.
Change in TPS on Base over the last 30 days. Source: L2BEAT
Base’s TVL has increased to $10.7 billion after crossing the $10 billion mark on Nov. 15, L2BEAT data shows, making it the second-largest Ethereum layer 2 in TVL, trailing only Arbitrum One at $18.3 billion, after overtaking OP Mainnet for second place in June.
This brings the total value locked on Ethereum layer-2 solutions to $49.3 billion, according to L2BEAT.
Change in total value locked on Base over the last 30 days. Source: L2BEAT
Base’s rise in TPS comes as Ethereum layer 2s look to challenge Solana, one of the fastest blockchains.
One of those competitors is Starknet, which plans to increase its TPS fourfold to over 1,000 TPS, while reducing its fees fivefold over the next three months, StarkWare’s CEO Eli Ben Sasson told Cointelegraph earlier this month.
Related: Blockchains like Solana brag about ‘speed’ — but it’s misleading
The total number of Base transactions recently crossed the 1 billion milestone, largely from the memecoin mania this bull cycle.
Base’s popularity with memecoins has also attracted scammers, and as a result, the network saw an 18-fold increase in funds stolen from phishing scams from January to March.
Meanwhile, Base implemented fault proofs in late October as part of the blockchain firm’s plans to progressively decentralize the Ethereum layer 2.
“Fault proofs are an essential component of going from Stage 0, in which a rollup has ‘full training wheels,’ to Stage 1, which has ‘limited training wheels,’” Base said.
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