Base Sets New Record with 106 TPS as Total Value Locked Surpasses $10 Billion

Base, an Ethereum Layer-2 network, has reached a new milestone, achieving a record-breaking 106.26 transactions per second (TPS), solidifying its position as the fastest Ethereum Layer-2 solution. This achievement further distances Base from Taiko, its nearest competitor in TPS performance. Additionally, Base's total value locked (TVL) has crossed the $10 billion mark, underscoring the network's rapid growth since its launch in August 2023.

The latest TPS surge represents a nearly 28% increase from just a few days earlier on November 23. This is a significant leap from January, when Base was processing a mere 4 TPS, highlighting the network's impressive scalability and optimization.

Base’s TVL reached $10.68 billion as of November 15, according to data from L2BEAT. This positions Base as the second-largest Ethereum Layer-2 network by TVL, just behind Arbitrum One, which holds $18.3 billion. Base surpassed Optimism’s OP Mainnet in TVL earlier this year, marking a major milestone in its ascent within the Layer-2 ecosystem.

With these latest gains, the total TVL locked across Ethereum Layer-2 solutions now stands at $49.3 billion, as per L2BEAT data. This growth reflects the increasing demand for Layer-2 scaling solutions, with Base leading the charge in terms of transaction throughput.

Base’s Growth and Competition Among Layer-2 Solutions

Base’s rise in transaction speed and TVL positions it as a serious competitor in the race to challenge fast blockchains like Solana. Other Ethereum Layer-2 networks, like Starknet, are also intensifying their efforts. Starknet, for example, plans to quadruple its TPS to over 1,000 in the coming months while simultaneously reducing transaction fees by five times, according to StarkWare CEO Eli Ben Sasson.

Base's success is also reflected in its growing transaction volume, which recently surpassed 1 billion transactions. A significant portion of this activity is driven by the current memecoin craze, which has contributed to the network’s popularity during this bullish cycle.

However, Base’s association with memecoins has not been without its challenges. The network experienced a rise in phishing scams, with the value of funds stolen increasing 18-fold between January and March of this year. Despite these challenges, Base has been proactive in addressing security concerns.

Decentralization Efforts and Future Plans

In October, Base introduced fault proofs as part of its roadmap to decentralize the network further. These fault proofs are a crucial step in the transition from “Stage 0,” where the rollup operates with full centralization, to “Stage 1,” where decentralization begins with more autonomy and fewer “training wheels.” This move is part of Base’s broader plan to enhance the security and decentralization of its Ethereum Layer-2 solution as it scales.

Base’s impressive performance in both TPS and TVL, combined with its ongoing efforts toward decentralization, indicates that it is well on its way to becoming a dominant player in the Ethereum scaling ecosystem. As the network continues to grow, its ability to handle high transaction volumes and attract substantial TVL will likely make it a key contender in the evolving Layer-2 space.