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.

AccessTimeIconAug 22, 2023 at 2:39 p.m. UTC
Updated Aug 23, 2023 at 3:08 p.m. UTC
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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.

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.

Edited by Stephen Alpher.

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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


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