Base sees record 106 TPS as total value locked crosses $10B

Ethereum layer-2 network Base has just hit a record 106.26 transactions per second (TPS), furthering it from Taiko as the fastest Ethereum layer-2 solution, while its total value locked (TVL) recently surpassed $10 billion.

It marks a near 28% increase in TPS from Nov. 23. It was only in January when Base was averaging only 4 TPS, according to Base founder Jesse Pollak. 

Base’s TVL has also increased to $10.68 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.

Base’s rise in TPS comes as Ethereum layer 2s look to challenge Solana, one of the fastest blockchains.

Starknet is one of those competitors, 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 also recently crossed the 1 billion milestone, which has largely come from the memecoin mania this bull cycle.

However, Base’s popularity with memecoins 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 explained.

Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024?