Friend.Tech Hype Sees Base Surpass Rival Layer 2 Blockchains in Average Transactions per Second
Average daily TPS on Base has risen by 156% in the past week.
Updated Aug 23, 2023, 3:08 p.m. Published Aug 22, 2023, 2:39 p.m.
Base, the layer 2 blockchain backed by Coinbase (COIN), averaged a record high of 15.88 transactions per second (TPS) over the past 24-hours, beating Ethereum and rival layer 2 blockchains Arbitrum and Optimism, according to l2beat.
The 15.88 TPS figure marks a 156% rise over the past weeks as investors flock to Base to gain access to friend.tech, a social market that allows users to buy and sell shares in public figures. Friend.tech has more than 100,000 users just days after its release.
Total value locked (TVL) on Base has also seen an uptick this week despite a wider market plunge, rising to $188 million with decentralized exchange BaseSwap and cross-chain bridge Stargate scooping up the majority of traffic, according to DefiLlama.
Several other protocols are turning their attention to Base, including derivatives liquidity protocol Synthetix which concluded a governance vote that will see it deploy on the layer 2, and on-chain analytics firm Arkham Intelligence, which today announced that it has added support for the newly-launched blockchain.
More than 11.5 million transactions have taken place on Base since its mainnet went live one month ago.
Oliver Knight
Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.
