Base’s TPS claim may be inflated by counting failed transactions

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Coinbase’s layer 2 network, Base, has been making headlines for its high transaction-per-second throughput compared to Solana.

On the 9th of April, Jesse Pollak, who leads Base’s protocol team, announced that the platform had managed a stable transaction speed between 300 and 450 transactions per second, without encountering any problems.

Although Chainspect’s real-time data reveals a network transaction per second (TPS) rate of 26.8, reaching a high of 292, it’s worth noting that L2Beat, an analytics platform for layer-2 ecosystems, indicated that Base experienced a much higher average TPS of 37 on April 8. This figure surpassed Ethereum‘s TPS of 14 remarkably.

Within the crypto community, there’s been much debate about Base’s performance recently. In response to Pollak’s comments, a trader named Wazz brought up an interesting point: Base’s transaction per second (TPS) rate is comparable to that of Solana – a network renowned for its fast TPS but also infamous for its high number of failed transactions.

If my assumption holds, @base is currently processing the same number of transactions per second (TPS) as Solana. However, it’s important to note that Solana experiences approximately 1,000 non-vote transactions per second, but only around 40% of them are successful and included in blocks. Therefore, its effective TPS is closer to 400. Consequently, if this information is accurate, Ethereum already surpasses Solana’s processing speed. That’s quite an achievement!

— Wazz (@WazzCrypto) April 9, 2024

Mert Mumtaz, CEO of Helius Labs, challenged Pollak’s numbers, highlighting that Base’s data did not account for failed transactions. Notably, the largest Block on Base had a failure rate of 94%, which meant the true Transactions Per Second (TPS) figure was actually around 41.

In the larger discussion, the dialogue takes place as proponents of Ethereum’s second-layer solutions square off against Solana’s (SOL) network. Solana has encountered difficulties in dealing with network congestion and dependability concerns.

Simultaneously, the value locked in Base has surged past the $2 billion mark due to the meme coin craze. Yet, it was uncovered that over 90% of recently introduced meme coins on Base contained security weaknesses, and approximately one out of every five were deemed fraudulent.

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2024-04-10 17:58