• Coinbase’s Ethereum layer-2 network Base is experiencing high transaction throughput, reaching 300–400 transactions per second (TPS) without issues, according to Jesse Pollak, head of protocols.
  • Despite Pollak’s claims, Chaininspect reports Base’s real-time TPS at 26.8, with a maximum recorded TPS of 292, while L2Beat shows a peak of 37 TPS on April 8, surpassing Ethereum’s 14 TPS.
  • There’s a debate over Base’s TPS figures, with pseudonymous trader Wazz suggesting it could rival Solana’s TPS if accurate, while Helius Labs CEO Mert Mumtaz questions the inclusion of failed transactions, indicating Base’s real TPS might be lower.

Impressive TPS figures are being shared by Base proponents, but critics say they may be skewed unfairly in the network’s favour by including failed transactions.

The surging throughput of Base is under scepticism

In the dynamic landscape of blockchain technology, Coinbase’s Ethereum layer-2 network, Base, is making waves with its reported surge in transaction throughput. In an April 9 post to X, Pollak, the firm’s head of protocols, reported seeing throughput as high as 300–400 TPS, which he said was being achieved “with no issues.”

However, the Coinbase-backed layer-2 blockchain has a real-time TPS of 26.8 and a maximum recorded TPS of 292, according to Chainspect. Meanwhile, scepticism arises from Solana-based Helius Labs CEO Mert Mumtaz, who questions the accuracy of Pollak’s TPS figures, emphasizing the exclusion of failed transactions in Base’s metrics.

In a response to Pollak’s original post on X, pseudonymous trader Wazz claimed that if Pollak’s observations were accurate, then the network could be achieving a similar TPS to the Solana network.

“Correct me if I’m wrong but if true then Base is now doing the same TPS as Solana,” said Wazz.

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Crisis of confidence in memecoins

Base has witnessed a sharp uptick in network activity in recent months, largely driven by an escalating memecoin frenzy.

The total value locked (TVL) on the Base network skyrocketed to $1.5 billion on April 9, marking a staggering 235% increase since the beginning of the year. However, amidst the frenzy, concerns loom over the security vulnerabilities plaguing new memecoins, with over 90% found to have at least one vulnerability, and 17% identified as outright scams.