As the popularity of meme coins skyrocketed on April 6, the average daily transaction processing speed (TPS) on the Solana network hit a new record high of 1504, making it the fastest major blockchain by far. According to the CoinGecko report, this is stated.
Aside from having the highest transaction processing speed (TPS) among scaling solutions, this makes Solana 46 times faster than Ethereum and over five times faster than Polygon, according to the researchers.
Solana may be the fastest blockchain, but according to CoinGecko, it only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
With an all-time high of 854 TPS in July 2023, another non-EVM network, Sui, took second place.
Near Protocol (118 TPS) and TON (175 TPS) are two relatively fast blockchains that do not work with the Ethereum virtual machine. Thorchain (2 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Aptos (49 TPS) all moved at a slower pace.
The experts have observed that, on average, blockchains that do not support EVM are nearly four times slower than ones that do.
According to CoinGecko’s speed comparison, the fastest blockchain is…
May 17th, 2024 Transaction mixer, Vasily Smirnov, #coingecko, #blockchain, #reports
As the popularity of meme coins skyrocketed on April 6, the average daily transaction processing speed (TPS) on the Solana network hit a new record high of 1504, making it the fastest major blockchain by far. According to the CoinGecko report, this is stated.
Swiftest: CoinGecko ranked blockchains according to their transaction processing speeds. Information sourced: CoinGecko.
Aside from having the highest transaction processing speed (TPS) among scaling solutions, this makes Solana 46 times faster than Ethereum and over five times faster than Polygon, according to the researchers.
Solana may be the fastest blockchain, but according to CoinGecko, it only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
With an all-time high of 854 TPS in July 2023, another non-EVM network, Sui, took second place.
Near Protocol (118 TPS) and TON (175 TPS) are two relatively fast blockchains that do not work with the Ethereum virtual machine. Thorchain (2 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Aptos (49 TPS) all moved at a slower pace.
The experts have observed that, on average, blockchains that do not support EVM are nearly four times slower than ones that do.
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Among EVM blockchains, BNB Chain has 378 TPS, while Polygon comes in second with 190 TPS. In comparison to Ethereum, whose transaction speed reaches 22.7 per second, the latter is 8.4 times faster.
No scaling solution, including Ethereum itself, has been able to go beyond layer 1 networks just yet. The report speculated that this could be because fewer transactions are taking place on the blockchain, which would lead to a slower implementation of TPS.
In the last twelve months, nearly every TPS record has been broken. Twelve networks reached their zenith in 2023, and twelve more in 2024. Thorchain, the slowest on the list, reached its maximum speed in 2022.
According to CoinGecko, these signs point to a rise in on-chain activity, which is attributed to “inscriptions” and speculation in meme coins.
You may remember that the Sonic update was announced in March by the decentralized Fantom protocol. With its help, the network’s throughput can be increased to 2000 TPS.