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

• 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.