Base throughput has increased to 300-400 transactions per second
Data cited by one of the network’s developers
10.04.2024 - 08:20
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What’s new? The Layer 2 (L2) Base network based on the Ethereum blockchain, created by US crypto exchange Coinbase, demonstrates high throughput. According to developer Jesse Pollak, the network can process 300-400 transactions per second (TPS) “with no issues.” However, according to Chainspect data, the maximum was 292 TPS, with real-time at 28 TPS.
What else is known? According to analytics platform 2L2Beat, the average TPS in Base peaked on April 8 at 37, which is significantly higher than the result of the main Ethereum blockchain (14 TPS).
In comments to Pollak’s post, users noted that the result presented by the developer provided it is accurate, allows Base to compete with the L1 blockchain Solana.
Thus, a user under the nickname @WazzCrypto noted that as of April 9, Solana demonstrated an average of 1000 user (Non-vote) transactions per second, with 60% of them failing. Thus, Solana’s actual TPS was also around 400. At the same time, according to the Solana explorer, as of April 10, the average total TPS is 2635. On April 4, the percentage of failed transactions in Solana reached a record of 77%.
Activity on both networks has skyrocketed recently due to the meme coin boom. According to DeFiLlama data, Base’s total value locked (TVL) has grown by 241% since the beginning of the year and hit a new record at $1,49 billion. TVL Solana saw a 209% increase to 4,373 billion, still half the record reached at the peak of the previous 2021 bull market in November.
Capitalization of Solana and Base-based meme tokens fell by 12% and 19% amid BTC depreciation
By now, the market is showing a recovery
Earlier, Coinbase announced that it will start storing more customer USDC balances in Base, which will allow customer funds to be managed and secured with lower fees and faster settlement, while not impacting the user experience.
VanEck predicts that the capitalization of Ethereum-based L2 networks will grow to $1 trillion by 2030
Analysts of the investment company expect the emergence of thousands of highly specialized Layer 2 blockchains
Following the Dencun upgrade on the Ethereum mainnet, which reduced fees on L2 networks by 60-90%, the daily number of transactions on Base has skyrocketed. On April 8, the record above 3,2 million was updated.
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