Competition for the title of the fastest blockchain transaction processing speeds is intensifying, with Solana (SOL) emerging as a frontrunner according to a recent report by crypto data aggregator CoinGecko. The report delves into the real-world transaction per second (TPS) performance of various major blockchain networks, including both Ethereum-based and non-Ethereum Virtual Machine (EVM) protocols.
The Undisputed Speed Champion Is Solana
Based on the results, Solana has shown itself to be the fastest big blockchain. On April 6, 2022, its actual daily average transactions per second (TPS) hit a record high of 1,504. Notably, Solana is now 46 times faster than Ethereum, which is the second-largest cryptocurrency by market capitalization, because to this figure.
Moreover, Polygonm (MATIC), the Ethereum scaling solution with the highest TPS at the moment, is more than five times slower than Solana's TPS.
As per CoinGecko, this indicates that the non-EVM blockchain has more processing power than other blockchains and can manage a high volume of transactions, particularly in times of market turbulence like the recent Memecoin frenzy, at least in the Solana network.
Nevertheless, it's crucial to acknowledge that despite Solana's impressive performance, the blockchain has only reached 1.6% of its "theoretical maximum speed" of 65,000 TPS. This indicates that there is considerable potential for improvement, and the network's forthcoming upgrades will be closely monitored to gauge how rapidly it can achieve even higher real TPS.
Scaling Solutions for Ethereum Trail Non-EVM Blockchains
Another non-EVM protocol, Sui (SUI), which reached its peak real TPS of 854 in July 2023 as the on-chain game Sui 8192 gained traction, is the second-fastest blockchain according to the study. Among the non-EVM fast blockchains are The Open Network (TON) with 175 TPS and Near Protocol (NEAR) with 118 TPS.
As an example, the non-EVM blockchains Starknet (12 TPS), Bitcoin (11 TPS), Thorchain (2 TPS), and Aptos (49 TPS) have all reported comparatively lower real processing speeds.
The average peak TPS of the eight large non-EVM blockchains is 284 TPS, which is 3.9 times quicker than the average of merely 74 TPS for the 17 largest EVM and EVM-compatible blockchains.
BNB Smart Chain (BSC), an EVM-compatible blockchain, has registered the fastest real TPS at 378 TPS on December 7th, 2023, during a spike in on-chain activity brought on by the inscriptions mania. BSC is now the fastest Ethereum-based blockchain thanks to this performance, but it still lags behind the leading non-EVM protocols.
Similarly, on November 16, 2023, Polygon recorded 190 TPS, making it the quickest among the major Ethereum scaling solutions and 8.4 times quicker than Ethereum itself, thanks to the surge caused by inscriptions. The top non-EVM blockchains are still surpassing Polygon's remarkable speed, though.
As of the time of publication, SOL was trading at $168, up about 7% in the previous day and showing a remarkable 720% increase so far this year.
May 2024, Cryptoniteuae