- Base layer 2 blockchain has achieved 2090 transactions per second in 180 days, overtaking blockchains like Abitrum and Solana.
- Base Network currently faces stiff competition from the zkSync Era Bridge, a network that already processes 14 times the transactions of Base.
Base is a layer 2 blockchain that was founded by one of the most prominent crypto exchanges, Coinbase. It was launched less than two months ago, but their layer 2 protocol is proving to become the favorite of crypto enthusiasts.
Base layer 2 blockchain was built using the Optimistic Rollup technology, and it has already onboarded many crypto services to its platform. One of the facts we can't deny about the Base Network is that it is growing rapidly. In fact, we recorded this network as one of the best layer 2 networks to keep an eye on in 2023.
From the TVL to the number of transactions per second of the Base blockchain, it surpasses many other networks that have existed before it. One of the metrics that is on the increase is the number of transactions going on in this blockchain.
According to data from DefiLlama, the number of transactions at Base blockchain per second is currently bigger than that of Arbitrum. So, Arbitrum was launched before Base. This layer 2 protocol was able to achieve this in less than 180 days of running in the crypto industry.
The data from DefiLlama was dated to September 21st. According to the data posted on this date, Base has around 2090 transactions per second. However, this is more than many other blockchains operating in the crypto industry. Ethereum—Arbitrum and Polygon zkEVM bridges have fewer transactions than the Base layer 2 blockchain within the same period. These two other networks have around 1,642 and 860 transactions per second, respectively.
This is quite massive from the Base Network, considering the time frame in which it went live. However, it might not be surprising for many, considering how well Coinbase took to plan this network. Another way to look at this is that Coinbase has a very vast user base, and they can easily convert them into Base users.
Despite the Massive Increase, There's Another Network Larger than Base
There are many positives regarding the recent increase in transaction speeds for the Base Network. Apparently, the rise in transaction fees isn't the only thing increasing in this network. There's also a massive increase in total value locked, according to data from DefiLlama.
The data shows Base currently has a bigger TVL than popular blockchains like Solana. Nevertheless, Base isn't the network that has the most transactions. There's another network called Stargate, which has been doing incredibly well in the number of transactions going on. zkSync Era Bridge is another network that is doing well, too.
The zkSync Era Bridge protocol is solely connected to Ethereum and has already processed over 29,970 transactions. In comparison to the Base Network, there is a significant difference between the two.
Within the same time frame, the number of transactions on zkSync Era Bridge is over 14 times larger than the Base Network. On the other hand, Stargate acts as a bridge to connect other blockchains and layer 2 networks to the Ethereum blockchain.
This network connects to various blockchains, including Arbitrum, Solana, Polygon, Avalanche, and BNB Chain. Stargate is surpassing not only the Base Network but also other blockchains, with a current transaction rate of over 118,000 transactions.