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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.
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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.
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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.
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