Layer 2 rivals Base and zkSync Era blaze a trail in transaction speeds

Post­ed: Sep­tem­ber 19, 2023

• Base and zkSync Era post­ed 12.93 and 12.62 TPS, respec­tive­ly, in the past 24 hours.
• How­ev­er, Ethereum still dom­i­nat­ed the vol­ume metric. 

The L2 com­pe­ti­tion is heat­ing up, as evi­dent from the recent trans­ac­tions per sec­ond (TPS) report­ed by Base and zkSync Era. But how have these Lay­er 2 solu­tions per­formed beyond their recent TPS achievements?

Base and zkSync Era top transaction speed

Base and zkSync Era recent­ly demon­strat­ed impres­sive trans­ac­tion speeds, as evi­denced by data from the L2 track­ing plat­form, L2 Beats. Accord­ing to L2 Beats, Base achieved the high­est trans­ac­tion per sec­ond (TPS) with a remark­able 12.93 TPS. Notably, the data revealed a near­ly 50% increase in TPS over the past sev­en days. This made it the most sig­nif­i­cant improve­ment with­in this timeframe.

Addi­tion­al­ly, zkSync also per­formed admirably, record­ing 12.62 TPS in the last 24 hours.  This secured its posi­tion as the sec­ond-high­est TPS Lay­er 2 solu­tion. It is worth high­light­ing that both plat­forms out­per­formed Ethereum in terms of TPS, with Ethereum reg­is­ter­ing 10.18 TPS.

How­ev­er, when con­sid­er­ing the 30-day count, Ethereum took the lead with approx­i­mate­ly 30.63 mil­lion trans­ac­tions. Both plat­forms report­ed 21.18 mil­lion and 30.17 mil­lion trans­ac­tions, respec­tive­ly, dur­ing the same period.

Comparing the Base and zkSync Era volumes

Although both Base and zkSync Era exhib­it­ed sim­i­lar trans­ac­tion per sec­ond (TPS) per­for­mances, their vol­ume trends dif­fered sig­nif­i­cant­ly, per DefiLla­ma. Accord­ing to DefiLla­ma, the Base network’s vol­ume remained rel­a­tive­ly sta­ble in recent days. Thus, hov­er­ing around $21.3 mil­lion at the time of writing.

Source: DefiLla­ma

In con­trast, the vol­ume of zkSync Era showed a notable uptrend over the past few months, as high­light­ed by DefiLlama’s data. As of this writ­ing, its vol­ume had sur­passed $92 mil­lion, indi­cat­ing increased activ­i­ty and growth in com­par­i­son to Base.

Source: DefiLla­ma

TVL market share remains below 5%

Despite the con­trast in trad­ing vol­umes, the Total Val­ue Locked (TVL) data from L2 Beats revealed that both plat­forms held less than 5% of the mar­ket share. As of the cur­rent data, zkSync Era’s TVL amount­ed to approx­i­mate­ly $415 mil­lion, equat­ing to a mar­ket share of around 4.30%. In com­par­i­son, Base’s TVL stood at rough­ly $382 mil­lion, con­sti­tut­ing approx­i­mate­ly 4% of the mar­ket share.

It’s worth not­ing that Arbi­trum con­tin­ued to dom­i­nate the mar­ket with the largest share, account­ing for over 54%. Mean­while, Opti­mism held approx­i­mate­ly 26% of the mar­ket share, rein­forc­ing its posi­tion as a promi­nent Lay­er 2 solu­tion in the space.

Despite achiev­ing high­er trans­ac­tion per sec­ond (TPS) rates than Ethereum in the past 24 hours, it’s note­wor­thy that Ethereum main­tained a sub­stan­tial lead in terms of trad­ing vol­ume. Accord­ing to data from DefiLla­ma, Ethereum’s trad­ing vol­ume at the time of writ­ing exceed­ed $382 mil­lion, sur­pass­ing the com­bined trad­ing vol­umes of both Base and zkSync Era.