Coinbase’s L2 Base Hits Impressive 400 TPS, Core Contributor Claims

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A key player at Coinbase’s Ethereum layer-2 Base project, Jesse Pollak, has announced recently that the network is managing an impressive transaction speed. Specifically, he mentioned in a recent post on the platform that the network is processing between 300 and 400 transactions every second. This news was met with enthusiasm from his over 98,000 followers on the platform.

Surprisingly, the Chainspect data revealed a current transaction per second (TPS) rate of 30.25, while the highest TPS ever recorded stood at 292 by the time of publication.

Users Compare Base to Solana

There’s no denying that the Base network is processing a significant number of transactions per second (TPS) at present. Notably, L2Beat, an analytics platform specializing in Layer-2 ecosystems, recently disclosed that the average TPS for Base reached an astounding 37 on April 8. This figure surpasses Ethereum‘s transaction throughput of 14 TPS by more than double.

According to recent data from Base, their transaction processing speed (TPS) is drawing attention and inviting comparisons to Solana’s network. Wazz, a perceptive onlooker, delved into Pollak’s report, implying that if the figures are accurate, then Base might have achieved parity with Solana in terms of TPS. In simpler words, Wazz suggested that Base could be matching or even surpassing Solana’s transaction processing speed based on the latest numbers.

“Correct me if I’m wrong but if true then Base is now doing the same TPS as Solana.”

According to Wazz’s estimation, even though Solana allegedly reached a transaction per second (TPS) rate of 1,000, approximately 60% of those transactions reportedly failed. In simpler terms for the anonymous trader, this means that Solana likely processed around 400 successful transactions per second.

In a similar vein, critics of Pollak’s claims about Solana’s Base performance are raising doubts. The CEO of Helius Labs, which operates on the Solana network, Mert Mumtaz, asserts that Pollak failed to account for transactions that did not go through in his data. Mumtaz pointed out that the largest Base block had approximately 84% unsuccessful transactions. If these were taken into account, the true transactions per second (TPS) for Base would be around 41 instead of the reported figures.

Amidst growing interest in Ethereum’s layer-2 scaling options, debates have emerged over their merit. Simultaneously, Solana supporters persist in asserting their solution’s supremacy, even in the face of recent network challenges.

In total, there has been a significant increase in activity on the Base network recently, leading to an all-time high TVL (Total Value Locked) of $1.5 billion on Tuesday, based on data from DeFiLlama. This represents a 235% increase since the beginning of 2024 and is evidence of the current memecoin craze.

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2024-04-10 12:39