The race to achieve the fastest blockchain transaction processing speeds is heating up, with Solana (SOL) in the spotlight as a new report from cryptocurrency data aggregator CoinGecko reveals some surprising results.
The study analyzes the performance of real-world transactions per second (TPS) for a wide range of Blockchain networks,Ethereum-based and non-Ethereum virtual machine (EVM) ,protocols.
Solana emerges as the undisputed speed champion
According to According to the results, Solana proved to be the fastest among large blockchains, with its average daily actual transactions per second (TPS) reaching a record high of 1,504 on April 6, 2020. Notably, this number makes Solana 46 times faster than Ethereum. The second largest cryptocurrency by market capitalization.
Furthermore, Solana's TPS is more than 5 times faster than Polygonm (MATIC), which currently holds the highest TPS among Ethereum scaling solutions.
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According to CoinGecko, this demonstrates the superior processing power of Blockchain is EVM And its ability to handle a large flow of transactions, especially during periods of heightened market activity, such as the recent Memecoin mania, specifically within the Solana network.
However, it is important to note that despite Solana's performance, the blockchain only achieved 1.6% of the “theoretical maximum speed” of 65,000 TPS. This indicates that there is still a lot of room for improvement, and that the network is coming Promotions It will be closely monitored to see how quickly the higher true TPS is recorded.
Ethereum scaling solutions lag behind non-EVM blockchains
The second fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the Sui 8192 on-chain game gained popularity. Other fast non-EVM blockchains include the Open Network (TON) at 175 TPS and the Nearby Protocol (NEAR) at 118 TPS.
In contrast, the non-EVM blockchains that recorded relatively lower real-world processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
Collectively, the eight largest non-EVM blockchains have an average peak TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which average just 74 TPS.
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The EVM-compliant blockchain that achieved the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7, 2023, amid a surge in on-chain activity driven by… Crazy inscriptions. This performance positions BSC as the fastest Ethereum-based blockchain, although it still lags behind the best non-EVM protocols.
Likewise, the pattern-driven surge allowed Polygon to record 190 TPS on November 16, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself. However, leading non-EVM blockchains still beat even Polygon's impressive speed.
At press time, SOL was trading at $168, up nearly 7% over the past 24 hours and posting a staggering 720% year-to-date gain.
Featured image of DALL-E, chart from TradingView.com
