📰 Table Of Contents
Solana Leads in Transaction Speed
Solana has emerged as the fastest blockchain, processing an impressive 91 million transactions in a single day. According to CoinGecko, on April 6, Solana achieved a record-breaking daily average of 1,504 transactions per second (TPS) during the memecoin frenzy. This speed surpasses Ethereum by 46 times and Polygon by over 5 times.
Solana’s Speed Achievement
Despite being the fastest, Solana has only reached 1.6% of its maximum speed of 65,000 TPS. The increased transactions have caused network congestion, raising concerns about how quickly Solana can enhance its real TPS after implementing upgrades.
Comparison with Other Blockchains
The report identifies Sui as the second-fastest blockchain, recording a peak TPS of 854. Notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On the lower end, Aptos had 49 TPS, Starknet 12 TPS, Bitcoin 11 TPS, and Thorchain 2 TPS.
Performance Against EVM Blockchains
Non-EVM blockchains outperformed EVM and EVM-compatible blockchains with an average peak TPS of 284 compared to just 74 TPS for the 17 largest EVM-based blockchains. Binance Smart Chain (BSC) led the EVM blockchains with a real TPS of 378.
Ethereum and Scaling Solutions
Ethereum scaling solutions and layer 2 solutions are yet to surpass other layer 1 blockchains in processing speed. Ethereum and its scaling solutions achieved a combined real TPS of 500, surpassing BSC but lagging behind Solana and Sui.
Market Trends and Activity
Over the past year, most blockchains experienced their highest real TPS due to increased on-chain activity driven by inscriptions and memecoin speculation. The market has seen over 1 million new tokens launched since April, with Ethereum and Solana leading the token frenzy.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
