When examining the processing speed of the largest blockchain networks in terms of total value locked in DeFiLlama, CoinGecko described the fastest based on the actual and completed transactions per speed (TPS) metric.
The report concluded that Solana leads the way, followed by Sui and Binance Smart Chain. Interestingly, ethereum and bitcoin are not even in the top 15.
Solana's world
Despite its several outages in recent years, the Solana blockchain has become the fastest on CoinGecko's list. The average daily TPS stands at 1,053.7, while the network set a record on April 6 when it stood at just over 1,500.
According to the report, this makes Solana “46 times faster than ethereum and more than 5 times faster than Polygon, which has the highest TPS among ethereum scaling solutions.”
Still, CoinGecko said Solana's average TPS is still far from the developers' claimed theoretical maximum speed of 65,000 TPS.
<blockquote class="twitter-tweet”>
1/ Which blockchains are the fastest?
Our study shows that twitter.com/solana?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@solarium has proven to be the fastest blockchain, with its daily average transactions per second (TPS) reaching a record high of 1,504 on April 6.
Read the full study: https://t.co/YNXbOBmsz7 pic.twitter.com/h7HXBbZavu
– CoinGecko (@coingecko) twitter.com/coingecko/status/1791406159376904511?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>May 17, 2024
Perhaps due to its speed and relatively low transaction fees, Solana became home to numerous meme coins that emerged during this cycle, such as WIF, BONK, BOME, POPCAT, MEW, and others.
CoinGecko's top 3 list is concluded by two other non-EVM networks: Sui and BSC. The paper says that non-EVM blockchains are, on average, 4 times faster than their EVM counterparts.
Polygon 8 times faster than ethereum
ethereum moved from proof-of-work to proof-of-stake at the end of 2022, but still can't find a place in the top 15 on CoinGecko's list. It ranks 17th with an average TPS of 22.7. In contrast, Polygon, the largest layer 2 network on ethereum, recorded 190 TPS.
“Therefore, Polygon is currently the fastest among the largest ethereum scaling solutions and 8.4 times faster than ethereum itself, even as Polygon is even further behind the top 3 fastest blockchains.”
It is expected that bitcoin, being among the few networks that still have proof of work, will not be in the top positions either. The average TPS of the world's largest blockchain was 10.73, according to CoinGecko, which ranked it 20th. Interestingly, however, Blast, Merlin, Mode, zkLink Nova, and Thorchain ranked behind bitcoin.
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