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Base Achieves 400 TPS, But Raises Questions in Expert Community

Conflicting reports on Base's transaction throughput

Base, Coinbase's Ethereum layer-2 network, has been making waves with its reported high transaction throughput, but critics are questioning the accuracy of these figures.

Key takeaways:

  1. Base's Head of Protocols, Jesse Pollak, reported throughput of 300-400 TPS, but critics argue the figures may include failed transactions.
  2. The network's TVL has surged to $1.5 billion, largely driven by the ongoing memecoin frenzy on the platform.

Coinbase's Head of Protocols, Jesse Pollak, recently shared impressive transaction per second (TPS) figures for Base, claiming the network has been hitting 300-400 TPS "with no issues." However, according to Chainspect, Base has a real-time TPS of 26.8 and a maximum recorded TPS of 292.

The conflicting reports have sparked a debate between Base proponents and advocates of the Solana network, with some claiming that Base's TPS figures may be similar to Solana's if the reports are accurate. Pseudonymous trader Wazz noted that around 60% of Solana's reported 1,000 TPS were failed transactions, resulting in an actual TPS closer to 400.

Mert Mumtaz, CEO of Solana-based Helius Labs, questioned Pollak's TPS figures, arguing that failed transactions were not included in the Base figures. Mumtaz pointed out that the biggest Base block in the provided data had a 94% failure rate, resulting in a real TPS of 41.

Memecoin frenzy drives Base's TVL to all-time high

Despite the ongoing debate about Base's transaction throughput, the network has witnessed a sharp uptick in activity, largely driven by the escalating memecoin frenzy. According to DeFiLlama data, the total value locked (TVL) on the Base network surged to an all-time high of $1.5 billion on April 9, representing a 235% increase since the beginning of the year.

As memecoin enthusiasts flock to the network in search of the latest trends, concerns have been raised about the security and legitimacy of these new tokens. An in-depth analysis of new memecoins on Base found that over 90% had at least one security vulnerability, while 17% were scams.

The rising tensions between proponents of Ethereum layer-2 scaling solutions and advocates of the Solana network have been further fueled by Solana's recent issues, including degraded user experience, failing transactions, and other reliability problems. However, Mumtaz maintains that Solana's current challenges are not due to a fundamental design flaw but rather a specific implementation bug in the networking protocol.