Base, an Ethereum Layer-2 solution, reached a record transaction speed of 107.77 transactions per second (TPS) on Nov. 25, showing over 28% increase from Nov. 23, according to L2Beat Data.
This milestone places Base ahead of Taiko as the fastest Ethereum Layer-2 network. According to its founder, Jesse Pollak, the blockchain recorded just 4 TPS in January.
wild to see @base cruising at ~70 TPS
in january, we were averaging 4 TPS pic.twitter.com/j5NkWf5EZR
— jesse.base.eth (@jessepollak) October 10, 2024
The network’s total number of transactions has surpassed 9 million, driven largely by the activity surrounding memecoins during the ongoing market cycle.
Nonetheless, this transaction surge has coincided with challenges, including an 18-fold increase in phishing-related thefts from January to March.
To enhance its decentralization strategy, the blockchain implemented fault proofs in October. These are intended to transition the network from a “full training wheels” system to one with “limited training wheels.” Base stated, “Fault proofs are essential to moving forward with decentralization.”
Base TPS. Source: L2Beat
Base Expands TVL but Faces Stablecoin Supply Challenges
Base’s total value locked (TVL) has also grown to $10.4 billion, crossing the $10 billion mark on Nov 15, according to L2BEAT data. This increase marks a 67% growth since September when its TVL dipped below $6 billion.
The network is now the second-largest Ethereum Layer-2 in TVL, trailing only Arbitrum One, which holds $17.55 billion.
Much of the increase has been attributed to activity on Aerodome Finance, showcasing the blockchain’s dominance in memecoin trading in the crypto market.
Base becomes the second-largest Ethereum Layer-2 in TVL. Source: L2Beat
Despite its TVL growth, Base has experienced fluctuations in stablecoin activity. On Oct.26, the cryptocurrency briefly became the leading blockchain for stablecoin volume, holding over a 30% market share, surpassing Solana, Ethereum, and Tron.
However, by Nov. 23, the network’s stablecoin supply had decreased by 6.6%. It now ranks as the third-largest blockchain for stablecoin volume, behind Solana and Ethereum.
Arbitrum, by comparison, recorded a 19% growth in total stablecoins on its network over the same period, while Base and Optimism saw reductions of 6.6% and 1%, respectively, according to Artemis Terminal data.
Last month, Base increased the block gas target from 10 to 13 Mgas/s to handle the growing user activity. This change slowly enhances the network’s capacity and boosts the transaction rate per block.
The updates are implemented weekly, with a goal set at 1 Ggas/s. Regarding decentralization, the blockchain remains in its initial phases, currently classified as a stage 0 rollup, referred to as the “training wheels” phase.