The race to achieve the fastest blockchain transaction processing speeds is heating up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals some surprising findings.
The study analyzes the real-world transactions per second (TPS) performance of a variety of large blockchain networksvirtual machine (EVM) protocols both based on ethereum and non-ethereum (eth).
Solana emerges as undisputed speed champion
According According to the findings, Solana has proven to be the fastest among large blockchains, with its daily average transactions per second (TPS) reaching a record of 1,504 on April 6, 2020. Notably, this figure makes Solana 46 times faster than ethereum. the second largest cryptocurrency by market capitalization.
Additionally, Solana's TPS is more than 5x faster than Polygonm (MATIC), which currently has the highest TPS among ethereum scaling solutions.
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According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of increased 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 has only reached 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement, and upcoming network advancements updates It will be watched closely to see how quickly it can register an even higher actual TPS.
ethereum Scaling Solutions Lag Non-EVM Blockchains
The second fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest actual TPS of 854 in July 2023 when the Sui 8192 chain game gained popularity. Other fast non-EVM blockchains include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.
In contrast, non-EVM blockchains that have recorded relatively lower actual processing speeds are Aptos (49 TPS), Starknet (12 TPS), bitcoin (11 TPS) and Thorchain (2 TPS).
Collectively, the 8 large non-EVM blockchains have an average maximum TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which have an average of just 74 TPS.
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The EVM-compatible blockchain that has achieved the fastest actual TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7, 2023, amid increased on-chain activity driven by the registration madness. This performance places BSC as the fastest ethereum-based blockchain, although it still lags behind leading non-EVM protocols.
Similarly, the sign-up-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. ethereum. However, major non-EVM blockchains continue to outperform even Polygon's impressive speed.
At the time of publication, SOL was trading at $168, up nearly 7% in the last 24 hours and posting an impressive 720% year-to-date gain.
Featured image of DALL-E, chart from TradingView.com
