Base and zkSync Era Outshine Ethereum Mainnet Amidst Bear Market Blues

Ethereum’s layer-2 solutions are outperforming the blockchain they were designed to bolster. Both Base and zkSync Era have shown remarkable performance so far despite the incessant bear market.

For the first time in history, Base and zkSync Era surpassed Ethereum’s Transactions Per Second (TPS) rate of 10.18 on September 17th.

• According to data compiled by L2Beat, the Coinbase-incubated layer-2 network achieved a TPS of 12.93, marking an impressive 49.76% increase within just one week.
• Meanwhile, Matter Labs’ zero-knowledge (zk) rollup tech-powered scaling solution closely followed with a TPS of 12.62.
• Over the past month, Base has undergone a tremendous surge in terms of activity thanks to the decentralized social media platform Friend.tech. It recently recorded nearly $19 million in trading volume, further pushing network activity on the layer-2 blockchain.
• So far, Base has attracted approximately $380 million in total assets locked while recording a trading volume of more than $20 million in the past week.
• Its daily transaction count also hit an all-time high above $1.88 million last week. During the same period, Base saw a decline in average transaction size which displayed an increasing retail adoption and smart contract interactions.
• Base even entered the top 10 this week, eclipsing the prominent layer-1 network, Solana.
• Meanwhile, zkSync Era became the first zkEVM to be made publicly available in March after four years in development, facilitating faster and cheaper transactions. Since then, its TVL has increased to $419 million.