In the grand theater of blockchain, where the actors are but mere lines of code, Coinbase’s layer-2 marvel, Base, has momentarily flirted with the dizzying heights of 1,000 transactions per second (TPS). Ah, how it yearned to bask in the limelight alongside the illustrious Solana, the layer-1 titan!
On the fateful day of May 29, the creator of Base, Jesse Pollak, took to the digital stage of X, proclaiming that Base had, for a fleeting moment, sustained a near-mythical 1,000 TPS during a launch on the agentic artificial intelligence platform known as Virtuals. A spectacle indeed! 🎭
Yet, as the curtain fell, the reality of Base’s performance revealed itself: a maximum of 959 TPS, with a theoretical cap of 1,429 TPS, as per the ever-watchful Chainspect. But lo! The real-time TPS languished at a mere 156, a number that fluctuated like the whims of a capricious audience, driven by the chaotic launches of tokens or the frenzied trading of memecoins. Basescan, the diligent scribe, reported a current TPS of 137 for the network. 📉
In a curious twist of fate, Solana, that steadfast competitor, boasted a throughput of 1,039 TPS, as Chainspect stripped away the superfluous data, leaving only the essence of true performance. Solscan echoed this sentiment, reporting a “true TPS” of 1,029. How the mighty have remained consistent while Base danced on the edge of chaos!
This week, the Virtuals AI platform unveiled its latest creation: an “emotionally intelligent, voice-native AI companion” named Solace. A name that evokes both comfort and confusion! According to DeFillama, the Virtuals Protocol raked in over $60,000 in fees on Base on May 28, while Solana could only muster a paltry $4,000. Oh, the irony! 💸
Despite a spike in Base fees on May 29, the average remained a modest 4 cents, as reported by Dune Analytics. A bargain for those brave enough to venture into this digital bazaar!
Base now stands as the largest rollup-based layer-2 network, with a staggering $15.3 billion locked on-chain, according to L2beat. It has eclipsed both Arbitrum One and the OP mainnet, claiming nearly 34% of the market share. A true David among Goliaths!
Solana: The Unrivaled Monarch of DeFi TVL
Both Base and Solana have carved their niches as platforms primarily for minting and trading memecoins, deriving their fortunes from the whims of the market. Yet, Base’s total value locked in decentralized finance stands at $3.75 billion, tantalizingly close to its all-time high, as per DefiLlama.
In contrast, Solana boasts a robust $9 billion locked in DeFi protocols, though it has seen an 18% decline from its January all-time high of $11 billion, a figure inflated by the memecoin mania. The irony of fortunes lost and gained in this digital realm is not lost on the astute observer!
And let us not forget Ethereum, the reigning monarch of DeFi, with nearly $63 billion in total value locked. Yet, its transaction throughput is but a shadow of its competitors, and its fees soar higher than the aspirations of a hopeful trader.
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2025-05-30 08:33