Solana has emerged as the frontrunner among major blockchains, demonstrating remarkable speed by handling an astounding 91 million transactions within a single day.
As per a recent report from CoinGecko, Solana reached a groundbreaking milestone on April 6th, registering a record-breaking daily average of 1,504 transactions per second (TPS) amidst the memecoin craze.
This remarkable feat positions Solana as an exceptionally fast blockchain, outpacing Ethereum by a staggering 46 times and Polygon, the leading Ethereum scaling solution, by over 5 times in terms of TPS.
Solana Reaches 1.6% of The 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.
In July 2023, Sui reached its highest real transactions per second (TPS) of 854, primarily fueled by the popularity of the on-chain game Sui 8192. Among other noteworthy non-Ethereum Virtual Machine (EVM) blockchains are TON with 175 TPS and Near Protocol with 118 TPS.
On the lower end of the TPS spectrum, Aptos recorded 49 TPS, Starknet had 12 TPS, Bitcoin achieved 11 TPS, and Thorchain registered 2 TPS.
When contrasting non-EVM blockchains with EVM and EVM-compatible ones, the former showcased superior performance, boasting an average peak TPS of 284. In contrast, the 17 largest EVM-based blockchains exhibited an average of just 74 TPS.
Binance Smart Chain (BSC) emerged as the swiftest among the EVM blockchains, achieving a real TPS of 378 on December 7, 2023, propelled by heightened on-chain activity.
Polygon, positioned as the foremost Ethereum scaling solution, attained 190 TPS on November 16, 2023, making it 8.4 times faster than Ethereum itself.
Layer 2 Ethereum Solutions Have Not Yet Beaten Layer 1 Blockchains
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.
In the past year, 24 out of the 25 blockchains scrutinized have witnessed their highest real transactions per second (TPS), signaling a surge in activity levels to unprecedented heights.
This upswing can be attributed to the surge in registrations and speculation surrounding memecoins, which have driven a significant increase in on-chain activity.
Reports indicate that the cryptocurrency market has seen the introduction of over 1 million new tokens since the beginning of April alone.
Ethereum and Solana have notably been leading the charge in this token frenzy, with Ethereum hosting more than 370,000 new tokens and Solana boasting an impressive 640,000 new tokens, predominantly comprising memecoins.
May 2024, Cryptoniteuae
