This achievement highlights how far Base has come since January when it averaged only 4 TPS. Base’s founder, Jesse Pollak, emphasized that TPS has increased by 28% since November 23.

According to L2BEAT data, Base now holds $10.68 billion in TVL, ranking second among Ethereum layer-2 solutions. It trails only Arbitrum One, which has $18.3 billion in TVL. Base secured this position in June after overtaking OP Mainnet.

The total TVL across Ethereum layer-2 networks currently stands at $49.3 billion.

Base has also reached a significant milestone in transaction volume. The network surpassed 1 billion transactions, driven largely by the memecoin frenzy during this bull cycle. However, the surge in memecoin activity has also attracted scammers. Between January and March, losses from phishing attacks on the network increased 18-fold.

While addressing these challenges, Base is making strides toward decentralization. In October, the implementation of fault proofs marked an important step in making the network more decentralized.

Base’s rise is seen as a challenge to fast blockchain solutions like Solana. StarkWare CEO Eli Ben Sasson noted that solutions like Base will increase competition, predicting significant TPS improvements in the coming months.

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