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Coinbase Ethereum Layer-2 Network’s Base showcasing a record-breaking performance, hit over 400 transactions per second (TPS).
Remarkable TPS figures shared by Base supporters filled the crypto community with joy and amazement. According to reports, Solana’s competitor Base, showcased an outstanding performance, hitting 400 TPS, including both successful and failed transactions.
Coinbase Ethereum Layer-2 Network’s Base Performance
Jesse Pollak, The head of protocols at Coinbase, has observed the company’s Ethereum layer-2 solution, Base, processing transactions at an impressive rate.
On April 9, he noted that the network managed between 300 and 400 transactions per second without any complications. Pollak announced the same on X.
just saw a few minutes of ~300-400 tps on @base with no issues pic.twitter.com/9O2IrEqX6c
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) April 9, 2024
According to Chainspect’s data, Base’s live transaction rate stands at 26.8 TPS, with a historical peak of 292 TPS. Furthermore, L2Beat, an analytics service for layer-2 ecosystems, recorded Base’s average TPS at 37 on April 8, surpassing Ethereum’s rate of 14 TPS.
Recently, Base has seen a significant upsurge in network usage, mainly due to a surge in meme coin trading.
One of the anonymous traders Wazz responded to Pollak’s tweet. “Correct me if I’m wrong but if true then Base is now doing the same TPS as Solana.”, Wazz responded.
According to him, over 60% of Solana’s reported 1,000 TPS are considered failed transactions, indicating the actual TPS was near 400.
Interestingly, Mert Mumtaz, Solana-based Helius Labs CEO pointed out Pollak’s TPS figures and mentioned that failed transactions were not involved in the Base figures. As per Mumtaz’s perspective, Base block data had over 94% failed transactions which leads to the real TPS value to 41.
As per DefiLlama’s statistics, On April 9, Base’s total locked-in value hit a record of $1.5 Billion, marking a 235% hike since the year’s start, as traders tracking meme coin trends have increased towards the platform.
However, a detailed examination of the newly minted meme coins on Base has uncovered that more than 90% contain security issues, and 17% are classified as fraudulent schemes.
The analysis and findings come amid tension between the Ethereum layer-2 scaling solutions and the Solana network. The biggest competitor of Bitcoin and Ethereum has been troubled by complaints of declined user experiences as well as other reliability challenges.
Solana At A Glimpse
Solana is a blockchain holding similar properties and functionalities to Ethereum and was introduced in 2020 by Anatoly Yakovenko. The network offers a wide range of solutions including smart contract development, decentralized exchanges, dApp development, blockchain consulting and gaming.
SOL, the native token of the blockchain is trading at $165.29, after a drop of 5.99% in the past 1 day. It has a market cap of $73,644,037,827 and a 24-hour volume of $3,046,076,587. The token has a total supply of 573,657,411 and a circulating supply of 445,686,586.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
