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The most renowned trend in the Web3.0 ecosystem today is associated with Base, the Layer 2 scaling solution from American crypto exchange Coinbase Global Inc. The trend, dubbed Friend.tech, has been hinted as the core trigger behind the massive relative boost in the transactions per second (TPS) recorded by the Base protocol, according to CEO Brian Armstrong.
Vladislav SopovBrian Armstrong's affirmation of Base's growth came as a response to a tweet from Jesse Pollak, one of the top contributors to the Layer 2 protocol who noted that Base's TPS has exceeded that of Ethereum. The said TPS is pegged at 16, the majority of which Armstrong said is fueled by Friend.tech.
.@BuildOnBase hit 16 transactions per second yesterday
— Brian Armstrong 🛡️ (@brian_armstrong) August 22, 2023
lots due to @friendtech but still - incredible growth https://t.co/saHlb5cP7q
Base is a relatively new protocol that went live on the mainnet for the general public a few weeks ago, and per data from L2Beat, its TPS value is up by more than 75% over the past week.
The Base protocol is already making waves in comparison with other, more established competitors resident on Ethereum. The Base network has seen a lot of interesting new decentralized applications (dApps) make their way to the network, solidifying its foothold as a major L2 to watch out for.
Base advantage
Base might be new as an L2 on Ethereum. It, however, has a competitive advantage owing to its close association with Coinbase exchange and Optimism. These latter projects already have an established user base, funding depth and partners that are diligently helping to bootstrap their protocol now that it is in its early stages.
The positive start to the existence of Base is best appreciated when compared with Shibarium, a supposed competitor that was introduced by the meme coin Shiba Inu. Despite the massive hype that trailed the Shibarium mainnet launch last week, it recorded a hitch, with the protocol stopping block production.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov