30s Summary
Base, an Ethereum layer-2 network, set a new record of processing 106.26 transactions per second, making it faster than any other Ethereum layer-2 solutions. The network recently had over $10 billion in locked-up value (TVL), making it the second-largest Ethereum layer-2 solution, superseded only by Arbitrum One. Base’s transaction rates increase has made it a significant contender amongst Ethereum layer-2 solutions. The network has recently crossed one billion total transactions mainly due to memecoins’ rising popularity, but this success has also led to an 18-fold increase in funds stolen due to phishing scams.
Full Article
Base, an Ethereum layer-2 network, just crushed its previous record, reaching a cool 106.26 transactions every second! This makes it speedier than any other Ethereum layer-2 solution, surpassing even Taiko. Also, Base recently had over $10 billion in locked-up value (TVL), a measure of how much money folks have invested in this network.
It’s an impressive growth of around 28% in the number of transactions it’s handling each second since November 23. Even more impressive when you consider that back in January, Base could only handle about 4 transactions per second, as Base’s founder Jesse Pollak mentioned.
The value locked in Base has also grown tremendously, going up to a whopping $10.68 billion. It first crossed the $10 billion line on November 15. According to data from L2BEAT, this makes Base the second largest Ethereum layer 2 when it comes to locked-in value, beaten only by Arbitrum One with $18.3 billion. This means that across all Ethereum layer-2 solutions, there’s a whopping $49.3 billion of investment locked in.
As Base is speeding up its transaction rates, it’s becoming a serious contender amongst Ethereum layer 2s, looking to give fast blockchains like Solana a run for their money. Another contender is Starknet, planning to quadruple its transaction rates to over 1,000 transactions per second and reduce its fees fivefold in the next three months.
Another big win for Base is that it recently crossed the milestone of 1 billion total transactions – largely driven by the surge in popularity of memecoins. But with this success, Base also attracted some unwanted attention, seeing an 18-fold increase in funds stolen due to phishing scams from January to March.
Base isn’t kicking back, though. They recently added fault proofs back in October – this is a step in making the Ethereum layer 2 more decentralized. They say that fault proofs are an essential part of moving from a stage with ‘full training wheels’ to one with ‘limited training wheels.’