The race to achieve the fastest blockchain transaction processing
speeds is heating up, Solana (SOL) is in the spotlight as a new
report from crypto data aggregator CoinGecko reveals some
surprising findings. The study analyzes the real-world
transaction per second (TPS) performance of a range of large
blockchain networks, both Ethereum-based and non-Ethereum (ETH)
Virtual Machine (EVM) protocols. Solana Emerges As The Undisputed
Speed Champion According to the findings, Solana has proven to be
the fastest among large blockchains, with its actual daily average
transactions per second (TPS) reaching a record high of 1,504 on
April 6th, 202. Notably, this figure makes Solana 46 times faster
than Ethereum, the second-largest cryptocurrency by market
capitalization. Furthermore, Solana’s TPS is more than 5 times
faster than Polygonm (MATIC), which currently holds the highest TPS
among Ethereum scaling solutions. Related Reading: Expert Sets
Timeline For When Ethereum Price Will Begin Rally To $10,000
According to CoinGecko, this demonstrates the superior processing
power of the non-EVM blockchain and its ability to handle a large
influx of transactions, especially during periods of heightened
market activity, such as the recent Memecoin mania, specifically
within the Solana network. However, it’s important to note that
despite Solana’s performance, the blockchain has only achieved 1.6%
of its “theoretical maximum speed” of 65,000 TPS. This suggests
that there is still significant room for improvement, and the
network’s upcoming upgrades will be closely watched to see how
quickly it can record even higher real TPS. Ethereum Scaling
Solutions Lag Behind Non-EVM Blockchains The second-fastest
blockchain in the study is another non-EVM protocol, Sui (SUI),
which recorded its highest real TPS of 854 in July 2023 as the
on-chain game Sui 8192 gained popularity. Other fast blockchains
among the non-EVMs include The Open Network (TON) at 175 TPS and
Near Protocol (NEAR) at 118 TPS. In contrast, the non-EVM
blockchains that have recorded relatively lower real processing
speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and
Thorchain (2 TPS). Collectively, the 8 non-EVM large
blockchains have an average peak TPS of 284, which is 3.9 times
faster than the 17 largest EVM and EVM-compatible blockchains,
which have an average of just 74 TPS. Related Reading: Bitcoin To
$100,000: Infamous Head And Shoulders Pattern Appears To Signal The
Start Of Another Rally The EVM-compatible blockchain that has
achieved the fastest real TPS is BNB Smart Chain (BSC), which
recorded 378 TPS on December 7th, 2023, amid the surge in on-chain
activity driven by the inscriptions craze. This performance places
BSC as the fastest Ethereum-based blockchain, though it still lags
behind the top non-EVM protocols. Similarly, the surge driven by
inscriptions allowed Polygon to record 190 TPS on November 16th,
2023, making it the fastest among the largest Ethereum scaling
solutions and 8.4 times faster than Ethereum itself. However, the
leading non-EVM blockchains still outpacing even Polygon’s
impressive speed. At press time, SOL was trading at $168, up nearly
7% in the last 24 hours and registering an impressive 720% gain
year-to-date. Featured image from DALL-E, chart from
TradingView.com
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