- Solana achieves a remarkable feat by processing over 95 million transactions in a single day.
- CoinGecko research confirms Solana’s lead, with a daily transaction speed of 1,504 TPS.
- Solana’s peak TPS performance is 46 times higher than Ethereum, showcasing unmatched efficiency.
As to the most recent study by CoinGecko’s, Solana (SOL) has become the world’s fastest blockchain. The network shows off its amazing powers by processing over 95 million transactions in a single day. This accomplishment demonstrates Solana’s leadership in blockchain technology as it outperforms its rivals in terms of transaction efficiency and speed.
Based on the total value locked, CoinGecko research examined the top 30 blockchains’ processing speeds. Speed is measured using daily actual transactions per second (TPS) for standard comparison. CoinGecko notes that the highest TPS may differ from other calculations because it uses daily averages. TPS data is obtained from publicly available data that is supplied by Dune Analytics and relevant blockchain explorers.
Solana barely managed to attain 1.6% of its 65,000 TPS theoretical maximum speed. Network congestion results from the increase in transactions, therefore it will be interesting to observe how Solana responds to the rise in TPS following the update. The second fastest blockchain is Sui with the highest TPS of 854 in July 2023 as the popularity of Sui 8192 onchain games increases. Other non-EVM (Ethereum Virtual Machine) blockchains, such as TON and Near Protocol, recorded TPS of 175 and 118.
The eight large non-EVM blockchains have an average peak TPS of 284, making them 3.9 times faster than the largest EVM blockchain which averages 74 TPS. Among EVM blockchains, BNB Smart Chain (BSC) recorded 378 TPS in December 2023. BSC became the fastest EVM blockchain despite only achieving half the speed of Sui. In November 2023, Polygon achieved 190 TPS, which made it the quickest scaling solution for Ethereum and 8.4 times faster than Ethereum.
Ethereum and its ten largest scaling solutions recorded a total TPS of 500, faster than BSC but still slower than Solana and Sui. Nearly all 25 blockchains recorded their highest TPS in the past year, indicating increasing onchain activity.
These numbers show that non-EVM blockchains like Solana are nearly four times faster on average compared to their EVM-compatible counterparts. Solana’s peak performance was particularly notable, reaching 1,504 TPS on April 6, 2023, thanks to a spike in memecoin transactions. This peak performance is 46 times higher than Ethereum’s TPS and more than five times higher than Polygon, which is the fastest Ethereum scaling solution.
Despite these impressive numbers, Solana’s peak TPS is still only 1.6 percent of its theoretical maximum of 65,000 TPS. This difference highlights the huge potential for further scalability and performance improvements in the Solana network.
Solana is an open source blockchain platform that prioritizes minimizing latency and maximizing throughput, even at the expense of some verification. Solana achieves this through a unique set of features, including its innovative timestamp mechanism called proof of history (PoH), the Turbine block spreading protocol and parallel transaction processing.
Leading the next wave of innovation in the digital economy, Solana is well-positioned to maintain its leadership in transaction speed and overall blockchain performance with additional development and possible improvements. SOL price is also expected to enter a stronger bullish path thanks to this development.
