The Ethereum layer-2 network Base, affiliated with the crypto exchange Coinbase, has achieved a significant milestone by exceeding $10 billion in total value locked (TVL) and reaching an impressive transaction speed of 106.26 transactions per second (TPS). These achievements show Base’s growing influence in the decentralized finance (DeFi) and Web3 ecosystems.
The network’s founder, Jesse Pollak, noted that Base represents nearly a 28% increase in TPS compared to November 23. Back in January, Base was averaging just 4 TPS.
Base’s TVL Hit $10.7B
Data from L2BEAT revealed that Base’s TVL climbed to $10.7 billion after surpassing the $10 billion threshold on November 15. This achievement positions Base as the second-largest Ethereum Layer 2 by TVL, following Arbitrum One, which holds $18.3 billion. Base secured its spot ahead of OP Mainnet in June.
L2BEAT also reported that Ethereum layer-2 solutions now hold a combined total value locked of $49.3 billion.
Base’s increase in TPS reflects the growing competition among Ethereum layer 2s, which aim to rival Solana, one of the fastest blockchains.
Starknet, one of these competitors, also aims to boost its TPS by four times to exceed 1,000 TPS while cutting fees by 80% over the next three months.
Base Surpasses 1B Transactions
Base recently surpassed 1 billion transactions, driven primarily by the memecoin frenzy in this bull cycle. However, the network’s popularity with memecoins has also drawn scammers, leading to an 18-fold rise in funds stolen through phishing scams from January to March.
Meanwhile, in late October, Base introduced fault proofs as part of its plan to gradually decentralize Ethereum layer 2. Base explained that fault proofs are crucial in transitioning from Stage 0, where a rollup operates with complete training wheels, to Stage 1, which uses limited training wheels.
Following Base’s recent milestone, the layer-2 blockchain recorded explosive growth, with 2 million daily active addresses. This remarkable growth puts Base above other layer-2 solutions like Arbitrum and Optimism combined by 40%.
