Coinbase Ethereum Layer-2 Network, Base, Achieves High Transactions Amid Rising Memecoin Interest
Summary:
Jesse Pollak, Head of Protocols at Coinbase, has reported the Ethereum layer-2 network, Base, is achieving 300-400 transactions per second (TPS). However, Chainspect claims that Base only has a real-time TPS of 26.8 and a maximum recorded TPS of 292. Despite some discrepancies regarding the actual figures, Base's increased activity seems to be driven by a rise in memecoin interest, with its total value locked surging to $1.5 billion on April 9th according to DeFiLlama. The credibility of memecoins on Base has been questioned, as more than 90% exhibit at least one security vulnerability, and 17% were found to be scams.
According to Jesse Pollak, Coinbase's Head of Protocols, the Ethereum layer-2 network known as Base has reported an impressive rate of transaction throughput. In a recent statement made on April 9th on X, Pollak highlighted that Base is achieving astounding 300-400 transactions per second (TPS) seamlessly. Despite this, Chainspect, a real-time source of blockchain data, reports that Base's current TPS stands at 26.8, with a highest recorded TPS of 292. L2Beat, a platform that analyses layer-2 ecosystem, also recorded a peak average of 37 TPS for Base on April 8th, which outperforms Ethereum’s 14 TPS. Wazz, an anonymous trader, responded to Pollak's X post suggesting that if these observations hold true, Base's TPS must be comparable to that of the Solana network. He noted that roughly 60% of Solana's claimed 1,000 TPS constitute failed transactions, bringing the actual TPS closer to 400. Mert Mumtaz, CEO of Solana-based Helius Labs, contested Pollak's TPS numbers, claiming that failed transactions weren't accounted for in Base's figures. He pointed out that the largest Base block data presented a 94% failure rate, yielding an actual TPS of 41. As criticisms over Solana's degraded user experience, failing transactions and reliability issues amplify, Mumtaz insists that these complications stem from a specific implementation bug in the networking protocol, rather than a fundamental design flaw. Cointelegraph recently reported that the launch of several Solana projects has been postponed due to persistent network congestion. Base has been recording a boost in network activity recently, majorly fueled by a surge in memecoin interest. As per DeFiLlama data, the Base network's total value locked (TVL) climbed to an all-time high of $1.5 billion on April 9th. This indicates a 235% increase since the year's start as memecoin enthusiasts flocked to the network. An in-depth examination of new memecoins on Base revealed that over 90% had at least one security flaw, while 17% were sheer scams.
Published At
4/10/2024 8:41:45 AM
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