Coinbase’s Ethereum layer-2 network, Base, has been experiencing a significant increase in transaction throughput, reaching as high as 300-400 transactions per second (TPS) with no issues, according to Jesse Pollak, the Head of Protocols at Base. However, Chainspect reports that the real-time TPS for Base is 26.8, with a maximum recorded TPS of 292. On April 8, Base reached a peak of 37 transactions per second, more than double Ethereum’s 14 TPS, as reported by L2Beat, a layer-2 ecosystem analytics platform.
In response to Pollak’s observations, a pseudonymous trader named Wazz claimed that if the figures were accurate, Base could achieve a similar TPS to the Solana network. Wazz mentioned that around 60% of Solana’s reported 1,000 TPS were failed transactions, indicating that the actual TPS was closer to 400. Mert Mumtaz, the CEO of Solana-based Helius Labs, questioned Pollak’s TPS figures, stating that failed transactions were not included in the Base data. He also pointed out that the largest Base block in the data provided had a 94% failure rate, resulting in a real TPS of 41.
These findings come at a time when tensions are rising between proponents of Ethereum layer-2 scaling solutions and advocates of the Solana network. Solana has recently faced complaints about degraded user experience, failing transactions, and other reliability issues. Mumtaz previously stated that Solana’s issues were not due to a fundamental design flaw but rather a specific implementation bug in the networking protocol. Cointelegraph reported on April 9 that several Solana project launches had been delayed due to ongoing network congestion.
Base has seen a significant increase in network activity, driven by the growing frenzy around memecoins. The total value locked (TVL) on the Base network reached a record high of $1.5 billion on April 9, marking a 235% increase since the beginning of the year as memecoin enthusiasts flocked to the network. However, an in-depth analysis of new memecoins on Base revealed that over 90% had at least one security vulnerability, and 17% were confirmed scams.
Overall, Base’s transaction throughput has shown promising numbers, but there are differing opinions regarding the accuracy of the reported TPS figures. Additionally, the rise of memecoins on Base has attracted attention, but the security vulnerabilities and scams associated with these coins raise concerns about the network’s integrity.