Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric

Source Newsbtc
May 17, 2024 23:00

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.

Solana

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.

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.

Solana

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 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
GMX whales are not hiding anymore, here’s what swing traders can do nextGMX, a Decentralized perpetual exchange, seems to be making waves as many speculate that the exchange might have something big planned.
Source  Fxstreet
GMX, a Decentralized perpetual exchange, seems to be making waves as many speculate that the exchange might have something big planned.
placeholder
High staking yield may prevent a Mantle sell-offEthereum Layer 2 Mantle (MNT) investors are holding onto their tokens despite the increase in the percentage of coins in profit after rising nearly 4% on Thursday.
Source  Fxstreet
Ethereum Layer 2 Mantle (MNT) investors are holding onto their tokens despite the increase in the percentage of coins in profit after rising nearly 4% on Thursday.
placeholder
BNB rallies as CZ begins jail termBNB's price warmed up nicely on Monday to Changpeng Zhao (CZ) beginning his jail term as it's looking toward setting a new all-time high.
Source  Fxstreet
BNB's price warmed up nicely on Monday to Changpeng Zhao (CZ) beginning his jail term as it's looking toward setting a new all-time high.
goTop
quote