As an experienced blockchain analyst, I’ve closely followed the development of various large-scale blockchain networks over the years. The latest report from CoinGecko revealing the real-world transaction processing speeds of these networks has once again brought Solana (SOL) to the forefront as a true speed champion.
As a data analyst, I’ve been closely monitoring the competition among blockchain platforms to process transactions at the fastest speeds. Recently, I came across intriguing insights from a new report by CoinGecko, a renowned crypto data aggregator. According to their findings, Solana (SOL) has emerged as a notable contender in this race.
This research examines the actual transaction processing speed per second (TPS) in real-life situations for various large-scale blockchain systems, including those based on Ethereum and non-Ethereum Virtual Machines (EVMs).
Solana Emerges As The Undisputed Speed Champion
As a crypto investor, I’ve been keeping a close eye on blockchain performance, and based on recent data, Solana has truly stood out among its larger counterparts. Reaching an impressive daily average of 1,504 transactions per second (TPS) on April 6th, 2021, Solana has set a new benchmark in speed. It’s important to note that this figure is a significant leap ahead of Ethereum, the second-largest cryptocurrency by market capitalization, which only manages an average of approximately 32 transactions per second. This means that Solana processes transactions at a rate that is 46 times faster than Ethereum.
As a Solana analyst, I can confirm that its transaction processing speed (TPS) surpasses Polygon‘s (MATIC) by a significant margin of over fivefold. Currently, Polygon boasts the highest TPS among Ethereum scaling solutions.
Based on CoinGecko’s data, this illustrates the stronger computational capabilities of the non-EVM blockchain and its capacity to manage a significant volume of transactions, particularly during busy market conditions like the current Memecoin craze, specifically inside the Solana ecosystem.
As an analyst, I’d like to point out that although Solana has shown impressive results, it has only managed to reach 1.6% of its supposed maximum transaction throughput (TPS) of 65,000 transactions per second (TPS). This implies that there is a substantial potential for enhancement and the upcoming network upgrades are eagerly anticipated to assess their impact on boosting real-world TPS figures.
Ethereum Scaling Solutions Lag Behind Non-EVM Blockchains
In the examination of various blockchains, Sui (SUI), a non-EVM protocol, ranks as the second quickest with a peak real transactions per second (TPS) of 854, achieved in July 2023, following the surge in popularity of the on-chain game, Sui 8192. Among other swiftly operating non-EVM blockchains, The Open Network (TON) boasts a TPS of 175, while Near Protocol (NEAR) processes transactions at a rate of 118 TPS.
While Ethereum Virtual Machine (EVM) based blockchains such as Ethereum and others have demonstrated higher processing speeds, it’s important to note that non-EVM blockchains like Aptos (49 transactions per second or TPS), Starknet (12 TPS), Bitcoin (around 11 TPS), and Thorchain (approximately 2 TPS) have comparatively lower processing speeds.
The combined capacity of the 8 major non-EVM blockchains reaches an average peak transaction per second (TPS) rate of 284, representing a significant leap of nearly fourfold over the 17 largest Ethereum Virtual Machine (EVM) and EVM-compatible blockchains. These latter platforms average only 74 TPS.
The blockchain that has recorded the swiftest real transactions per second (TPS) among Ethereum Virtual Machine (EVM)-compatible networks is currently BNB Smart Chain (BSC). On December 7, 2023, it achieved an impressive mark of 378 TPS during a surge in on-chain activity due to the popularity of inscriptions. Despite this accomplishment, BSC remains behind the leading non-EVM protocols in terms of speed.
On November 16, 2023, Polygon achieved an astonishing transaction throughput of 190 transactions per second (TPS) due to the surge in inscriptions. This marked a significant milestone for Polygon as the fastest Ethereum scaling solution among the largest projects and nearly nine times faster than Ethereum itself. Nevertheless, non-EVM blockchains continue to surpass even Polygon’s remarkable speed.
As of now, Solana’s price stood at approximately $168 on the market, representing a noteworthy increase of almost 7% over the past day. This surge added to its remarkable 720% growth throughout the current year.
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2024-05-18 02:10