Coinbase’s Base protocol, boosted by Friend.tech, achieves faster transactions than Ethereum, showcasing its potential in the Layer 2 ecosystem.
Key Points
- Coinbase’s Base, a Layer 2 scaling solution, gains attention in Web3.0.
- CEO Brian Armstrong credits Friend.tech for boosting transactions/sec (TPS).
- Base protocol surpasses Ethereum’s TPS with 16 TPS, supported by Coinbase and Optimism.
- Base emerges as a strong Layer 2 player, outpacing competitors like Shibarium, backed by Coinbase’s infrastructure.
In the Web3.0 ecosystem, one trend has been capturing attention recently: Base, the Layer 2 scaling solution developed by Coinbase Global Inc., the American cryptocurrency exchange.
This trend, known as Friend.tech, has been identified by Coinbase CEO Brian Armstrong as a key factor driving the significant increase in transactions per second (TPS) achieved by the Base protocol.
The announcement from Armstrong came in response to a tweet from Jesse Pollak, a top contributor to the Layer 2 protocol. Pollak highlighted that Base’s TPS has surpassed that of Ethereum, with a rate of 16 transactions per second.
Armstrong acknowledged that much of this growth can be attributed to the influence of Friend.tech.
.@BuildOnBase hit 16 transactions per second yesterday
lots due to @friendtech but still – incredible growth https://t.co/saHlb5cP7q
— Brian Armstrong 🛡️ (@brian_armstrong) August 22, 2023
Base Protocol Outpaces Competitors on Ethereum
Base is a relatively new protocol that recently launched on the Ethereum mainnet for public use. According to data from L2Beat, the TPS value of Base has increased by over 75% in the past week alone.
Compared to other established competitors on Ethereum, the Base protocol has already made a significant impact. The network has attracted several noteworthy decentralized applications (dApps), solidifying its position as a prominent Layer 2 solution to watch out for.
Base’s Competitive Advantage
Although Base is a newcomer among Ethereum’s Layer 2 solutions, it holds a competitive advantage due to its strong association with Coinbase exchange and Optimism, another prominent project.
These established projects provide Base with a user base, funding depth, and partnerships that contribute to the protocol’s growth in its early stages.
This advantage becomes evident when comparing Base to Shibarium, a competitor introduced by the meme coin Shiba Inu.
Despite the considerable hype surrounding the launch of Shibarium’s mainnet last week, the protocol encountered a setback, with block production coming to a halt.
The success of Base and its continuous growth in transactions per second demonstrate its potential to become a leading player in the Layer 2 ecosystem.
With the support of Coinbase and its existing infrastructure, Base is poised for further advancements in the Web3.0 space.
