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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, <a data-ct-non-breakable="null" href="https://x.com/jessepollak/status/1844397550754988177" rel="null" target="null" text="null" title="null">according</a> to Base founder Jesse Pollak.&nbsp;
<figure>
 <img alt="Coinbase, Transactions, Base" src="https://s3.cointelegraph.com/uploads/2024-11/0193661e-8f76-715b-a25b-132b635a0eb1" title="">
 <figcaption style="text-align: center;">
 Change in TPS on Base over the last 30 days. Source: L2BEAT
 </figcaption>
</figure>
Base’s TVL has increased to $10.7 billion after crossing the $10 billion mark on Nov. 15, L2BEAT <a data-ct-non-breakable="null" href="https://l2beat.com/scaling/projects/base" rel="null" target="null" text="null" title="null">data</a> shows, making it the second-largest Ethereum layer 2 in TVL, trailing only Arbitrum One at $18.3 billion, after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-layer-2-base-total-value-locked-passes-8-billion" rel="null" target="null" text="null" title="null">overtaking OP Mainnet </a>for second place in June.
This brings the total <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="null" target="null" text="null" title="null">value locked</a> on Ethereum layer-2 solutions to <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="null" target="null" text="null" title="null">$49.3 billion</a>, according to L2BEAT.
<figure>
 <img alt="Coinbase, Transactions, Base" src="https://s3.cointelegraph.com/uploads/2024-11/0193661d-fd18-7a37-bb2d-01890b4ba7e9" title="">
 <figcaption style="text-align: center;">
 Change in total value locked on Base over the last 30 days. Source: L2BEAT
 </figcaption>
</figure>
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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/starknet-to-increase-tps-as-fees-fall-within-3-months" rel="null" target="null" text="null" title="null">increase its TPS fourfold</a> 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: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blockchains-like-solana-brag-about-tps-but-it-s-misleading" rel="null" target="null" text="null" title="null">Blockchains like Solana brag about ‘speed’ — but it’s misleading</a>
The total number of Base transactions recently <a data-ct-non-breakable="null" href="https://base.blockscout.com/stats" rel="null" target="null" text="null" title="null">crossed</a> the 1 billion milestone, largely from the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-retail-mania-could-go-way-ico-nft" rel="null" target="null" text="null" title="null">memecoin mania</a> this bull cycle.
Base’s popularity with memecoins has also attracted scammers, and as a result, the network saw<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/phishing-scams-layer-2-base-up-1900-percent-since-january" rel="null" target="null" text="null" title="null"> an 18-fold increase</a> in funds stolen from phishing scams from January to March.
Meanwhile, Base <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-fault-proof-base-decentralization" rel="null" target="null" text="null" title="null">implemented fault proofs</a> 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.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/" rel="null" target="null" text="null" title="null">Is measuring blockchain transactions per second (TPS) stupid in 2024?</a>

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

Cointelegraph

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