Coinbase’s Layer 2 blockchain, Base, shattered records by achieving an unprecedented average of 15.88 transactions per second [TPS] within the last 24 hours. This surge has propelled the L-2 beyond its rivals, most notably Ethereum and other prominent Layer 2 solutions like Arbitrum and Optimism, according to data analysis conducted by L2Beat.
Moreover, the rapid ascent of Base’s TPS comes hand in hand with an astounding growth rate of 157% over the course of just one week. This staggering progression is primarily tied to the immense popularity of the brand-new social application, Friend.Tech, which has so far attracted over 100,000 individuals within days of its launch.
As earlier reported by TronWeekly, Friend.Tech has taken the crypto world by storm, serving as a virtual marketplace where enthusiasts can buy and sell fractional ownership in their favorite celebrities. It has recently scored a new milestone by reaching the top 3 protocols, surpassing both the Uniswap and Bitcoin networks, and ranking second only to the Ethereum and Lido protocols in terms of generated revenue.
Built on OP Stack in collaboration with Optimism, the synergy between the two has undoubtedly unleashed a revolution, redefining the scope of what blockchain and social interaction can achieve together. In the midst of a broader crypto market decline, Base has managed to defy expectations.
Base’s Ascent Beckons A New Era For L-2 Blockchains
As indicated by DefiLlama, the Base’s Total Value Locked [TVL] has surged impressively in the same period. The driving forces behind this remarkable achievement are the decentralized exchange “BaseSwap” and the cross-chain bridge “Stargate.” These components have played a pivotal role in propelling the TVL to an impressive $188 million mark, a testament to the trust and engagement the community places in layer 2.
It is not only investors who are captivated by Base’s allure; other prominent protocols are looking for ways to leverage it. Among these is Synthetix, a derivatives liquidity protocol, which is actively considering the protocol for its deployment strategy. The significance of the L-2’s achievements has been solidified by on-chain analytics firm Arkham Intelligence, which recently announced its support for the Ethereum L2 chain.
As Base continues its upward trajectory, its rise to prominence signifies a new era, one where Layer 2 solutions stand at the forefront of blockchain innovation, forging a new path of engagement with technology and finance.