As a seasoned researcher with a keen interest in blockchain technology and its applications, I must admit that the recent achievements of Base on Ethereum layer-2 network have left me quite impressed. The record 106.26 transactions per second (TPS) and the impressive surge in total value locked (TVL) to $10.68 billion are clear signs of a rapidly growing, robust platform that’s gaining momentum.
The Ethereum layer-2 network Base has just achieved a new high of 106.26 transactions per second (TPS), placing it ahead of Taiko as the quickest Ethereum layer-2 option available. Notably, its total value locked (TVL) has also recently exceeded $10 billion.
The figure shows an approximately 28% rise in Transactions Per Second (TPS) compared to November 23rd. As per Base’s founder, Jesse Pollak, the average TPS was just around 4 back in January.
The value locked within Base’s platform has grown to reach approximately $10.68 billion, according to L2BEAT data, following its breakthrough of the $10 billion milestone on November 15. This places it as the second largest Ethereum layer 2 in terms of Total Value Locked (TVL), with Arbitrum One leading at around $18.3 billion. Base surpassed OP Mainnet for the second position back in June.
The combined worth of assets locked within Ethereum layer 2 solutions now stands at approximately $49.3 billion, as per L2BEAT’s latest data.
The growth in Transactions Per Second (TPS) at Base is notable, as Ethereum layer 2 solutions aim to compete with Solana, a swift blockchain.
As a researcher, I’m excited to share that one of the notable players in the field, Starknet, has expressed plans to significantly boost its Transactions Per Second (TPS) fourfold, reaching over 1,000 TPS within the next three months. Moreover, their CEO, Eli Ben Sasson, shared with CryptoMoon earlier this month that they aim to reduce their fees by a factor of five during this period as well. This promises an intriguing development for the blockchain landscape.
The total number of Base transactions also recently crossed the 1 billion milestone, which has largely come from the memecoin mania this bull cycle.
On the other hand, the rise in Base’s popularity among memecoins unfortunately brought in scammers as well. Consequently, there was a significant surge – approximately 18 times – in funds being pilfered from phishing schemes between January and March.
In late October, Base introduced robust error checks, which is a step towards their goal of gradually making the Ethereum layer 2 more distributed.
In simpler terms, Base said that “fault proofs” play a crucial role in transitioning from a stage where a rollup operates with ‘complete safety features,’ (Stage 0) to a stage with ‘some safety features removed,’ (Stage 1).
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2024-11-26 05:16