Solana has emerged as the quickest among major blockchains, handling an impressive 91 million transactions in a day.
CoinGecko’s recent update on April 6 revealed that Solana hit a remarkable daily average of 1,504 transactions per second (TPS) during the memecoin craze. With this speed, Solana outpaces Ethereum by 46 times and Polygon, the leading Ethereum scaling solution, by over 5 times in terms of transactions per second. Its efficiency marks a significant advancement in blockchain technology.
Solana Hits 1.6% of Maximum Speed
Although recognized as the fastest blockchain, Solana has attained only 1.6% of its theoretical maximum speed of 65,000 transactions per second (TPS). The recent surge in transactions has resulted in network congestion, prompting concerns about the timeline for Solana to achieve higher real TPS following its forthcoming upgrades.
In the report, Sui is highlighted as the second-fastest blockchain, and it’s also a non-EVM (Ethereum Virtual Machine) platform. In July 2023, Sui hit its peak real transactions per second (TPS) of 854, boosted by the success of the on-chain game Sui 8192. Other noteworthy non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS.
On the slower side, Aptos managed 49 TPS, Starknet had 12 TPS, Bitcoin reached 11 TPS, and Thorchain recorded 2 TPS. When comparing non-EVM blockchains to EVM and EVM-compatible ones, the former outperformed the latter with an average peak TPS of 284. Meanwhile, the 17 largest EVM-based blockchains averaged just 74 TPS.
Among EVM blockchains, Binance Smart Chain (BSC) emerged as the fastest, hitting a real TPS of 378 on December 7, 2023, due to increased on-chain activity. On November 16, 2023, Polygon, the leading Ethereum scaling solution, reached a speed of 190 TPS, making it 8.4 times faster than Ethereum.
Ethereum Layer 2 (L2) Solutions Yet to Exceed Layer 1 (L1) Blockchains
According to the report, Ethereum’s layer 2 solutions are yet to outpace layer 1 blockchains in processing speed. This is due to fewer on-chain transactions, which result in slower TPS for these solutions. Ethereum and its top ten scaling solutions achieved a combined real TPS of 500, BSC, but still lagging behind Solana and Sui.
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Other solutions like Arbitrum, Linea, Base, and Mantle also surpassed Ethereum in TPS. The past year saw a surge in real TPS across 24 out of 25 analyzed blockchains, driven by activities like inscriptions and memecoin speculation. Reportedly, the cryptocurrency market has introduced over 1 million new tokens since the start of April.
