The Ethereum layer-2 network, Base, has reached an impressive milestone with a record of 106.26 transactions per second (TPS), solidifying its status as the fastest layer-2 solution on the Ethereum network. This achievement is a significant jump from the 83 TPS recorded on November 23, representing an increase of nearly 28%. For context, Base was only averaging 4 TPS back in January, according to the network’s founder.
The total value locked (TVL) in Base has also seen remarkable growth, now exceeding $10.68 billion, following its rise past the $10 billion threshold on November 15. This places Base as the second-largest Ethereum layer 2 in terms of TVL, closely following Arbitrum One, which has a TVL of $18.3 billion. Base originally overtook OP Mainnet for this position in June, contributing to the overall $49.3 billion locked in Ethereum layer 2 solutions.
Base’s rapid increase in TPS is particularly noteworthy as layer 2 solutions strive to compete with faster platforms like Solana . One of these competitors, Starknet, has announced ambitious plans to quadruple its TPS to exceed 1,000 while simultaneously lowering fees.
As of recently, the total number of transactions on Base has surpassed 1 billion, heavily influenced by the ongoing memecoin craze that characterizes the current market cycle. Nonetheless, the surge in popularity has also attracted malicious actors, resulting in an 18-fold increase in funds stolen from phishing scams during the first quarter.
In an effort to enhance its security and community trust, Base introduced fault proofs in late October. This upgrade represents a critical step in the blockchain’s roadmap toward decentralization, transitioning from initial stages of operation to more autonomous functions.
