Solana has proven to be the fastest among large blockchains, processing a staggering 91 million transactions in a single day.
According to a recent update by CoinGecko, on April 6, Solana achieved a record-breaking daily average of 1,504 transactions per second (TPS) during the memecoin frenzy.
This makes the blockchain an impressive 46 times faster than Ethereum and over 5 times faster than Polygon, which boasts the highest TPS among Ethereum scaling solutions.
Solana Achieves 1.6% of Maximum Speed
Despite its position as the fastest blockchain, Solana has only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.
The surge in the number of transactions has led to network congestion, raising questions about how quickly Solana can achieve higher real TPS after implementing its upcoming upgrades.
The second-fastest blockchain identified in the report is Sui, another non-EVM (Ethereum Virtual Machine) platform.
Sui recorded its highest real TPS of 854 in July 2023, driven by the popularity of the on-chain game Sui 8192.
Other notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS.
On the lower end of the spectrum, Aptos registered 49 TPS, Starknet had 12 TPS, Bitcoin achieved 11 TPS, and Thorchain recorded 2 TPS.
When comparing the non-EVM blockchains to the EVM and EVM-compatible blockchains, the former outperformed the latter with an average peak TPS of 284, while the 17 largest EVM-based blockchains had an average of just 74 TPS.
Binance Smart Chain (BSC) stood out as the fastest among the EVM blockchains, reaching a real TPS of 378 on December 7, 2023, driven by increased on-chain activity.
Polygon, the leading Ethereum scaling solution, achieved 190 TPS on November 16, 2023, making it 8.4 times faster than Ethereum itself.
Ethereum Layer 2 Solutions Yet to Exceed Layer 1 Blockchains
The report indicates that Ethereum scaling solutions and layer 2 solutions have yet to surpass other layer 1 blockchains in terms of real processing speed.
This may be attributed to the lower number of on-chain transactions on Ethereum scaling solutions, resulting in slower realized TPS for these blockchains.
In total, Ethereum and its ten largest scaling solutions achieved a combined real TPS of 500, surpassing BSC but still trailing behind Solana and Sui.
Other scaling solutions that outpaced Ethereum in terms of TPS include Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS).
Over the past year, 24 out of the 25 blockchains analyzed experienced their highest real TPS, with activity levels reaching new heights.
This surge can be attributed to the rise of inscriptions and memecoin speculation, which have fueled increased on-chain activity.
As reported, the cryptocurrency market has witnessed the launch of over 1 million new tokens since the beginning of April.
Ethereum and Solana, in particular, have been at the forefront of this token frenzy, with Ethereum hosting over 370,000 new tokens and Solana boasting an impressive 640,000 new tokens, mostly consisting of memecoins.
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