- With a daily processing capacity of an astounding 91 million transactions, Solana has established itself as the quickest large-scale blockchain.
- A new report from CoinGecko states that during the memecoin frenzy on April 6, Solana set a record-breaking daily average of 1,504 transactions per second (TPS).
With the greatest TPS among Ethereum scaling solutions, Polygon, is over 5 times slower than Polygon, and the blockchain is now an astounding 46 times quicker than Ethereum.
Solana Reaches 1.6% of Her Maximum Velocity
Solana, the fastest blockchain, has only reached 1.6% of its theoretical maximum speed of 65,000 TPS, which still remains unrealized.
Due to network congestion caused by the spike in transactions, it is unclear how soon Solana will be able to reach greater real TPS following the implementation of its planned enhancements.
According to the research, Sui, a different non-EVM (Ethereum Virtual Machine) platform, is the second-fastest blockchain.
July 2023 saw Sui reach its highest real TPS of 854, fueled by the success of the on-chain game Sui 8192.
Notable non-EVM blockchains are Near Protocol, which has 118 TPS, and TON, which has 175 TPS.
At the other extreme, Aptos recorded 49 TPS, Starknet recorded 12, Bitcoin recorded 11, and Thorchain recorded 2.
The EVM and EVM-compatible blockchains performed better than the non-EVM blockchains, with an average peak TPS of 284 compared to just 74 for the 17 largest EVM-based blockchains.
With a genuine TPS of 378 on December 7, 2023, Binance Smart Chain (BSC) distinguished itself as the fastest EVM blockchain due to increased on-chain activity.
On November 16, 2023, Polygon, the top Ethereum scaling solution, reached 190 TPS, which is 8.4 times faster than Ethereum.
Blockchains at Layer 1 Still Not Superseded by Ethereum Layer 2 Solutions
According to the analysis, in terms of actual processing performance, layer 2 and scaling solutions for Ethereum have not yet surpassed those of other layer 1 blockchains.
This could be explained by the fact that Ethereum scaling solutions have fewer on-chain transactions, which causes these blockchains’ realized TPS to be slower.
With 10 of its largest scaling solutions combined, Ethereum and its true TPS reached 500, which was higher than BSC but still below than Solana and Sui.
In terms of TPS, Base (37 TPS), Mantle (25 TPS), Linea (56 TPS), Arbitrum (59 TPS), and Base (37 TPS) are some scaling options that beat Ethereum.
Of the 25 blockchains examined, 24 saw their greatest actual TPS over the previous year, with activity levels reaching all-time highs.
This spike in activity can be linked to the growth of memecoin speculation and inscriptions, which have stimulated more on-chain activity.
Over a million new tokens have been introduced to the cryptocurrency market since the beginning of April, according to reports.
Leading this token fever have been Ethereum and Solana, respectively, with over 370,000 new tokens on Ethereum and an astounding 640,000 new tokens (mainly memecoins) on Solana.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
