Solana has emerged as a frontrunner in the competitive landscape of blockchain technology, surpassing established giants like Ethereum and Bitcoin in daily average transactions per second (TPS).
Solana’s impressive performance showcases its technological superiority and growing prominence in the cryptocurrency sphere.
Solana’s daily average TPS of 1,053 outshines Ethereum’s 22.8 TPS and Bitcoin’s 10.7 TPS, underscoring its efficiency and scalability. This significant lead positions Solana as the fastest blockchain network currently available, setting a new standard for transaction processing speed in the industry.
Solana isn’t even designed for maximum throughput. It’s designed to synchronize state to as many boxes around the world as fast as physics allow. https://t.co/lTfDJuG6mp
— toly
| bip-420 (@aeyakovenko) May 17, 2024
The recent analysis follows a string of congestion problems that affected the Solana network in April. As a result, the value of SOL dropped below $150 after briefly approaching $200 earlier in the month. To address these issues, the Solana team promptly introduced several updates.
Solana Beats Ehereum and its L2 Solution Polygon
According to CoinGecko’s recent analysis, Solana has firmly established itself as the fastest blockchain, with a remarkable daily average transactions per second (TPS) record of 1,504, achieved on April 6.
This achievement puts Solana leagues ahead of Ethereum, which only manages 22.8 TPS, and even Polygon, the fastest among Ethereum scaling solutions, at 190 TPS. Despite this impressive lead, Solana has only tapped into a fraction of its potential, reaching just 1.6% of its theoretical maximum speed of 65,000 TPS.
Sui is the second-fastest blockchain, following Solana, boasting a peak speed of 854 TPS, largely driven by the popularity of the on-chain game Sui 8192, behind Sui, BSC, Polygon, and TON clock in at 378 TPS, 190 TPS, and 175 TPS, respectively.
Meme Craze Drives and Technological Advancements
Solana’s speed surge was partly fueled by the memecoin frenzy that swept the network in April, showcasing its ability to handle significant transaction volumes. This performance cements Solana’s status as a frontrunner in the blockchain industry and highlights its potential for continued growth and innovation.
Solana’s success can also be attributed to its innovative approach to blockchain architecture. The platform leverages unique features, including its proof of history (PoH) timestamp mechanism, efficient block propagation protocol Turbine, and parallel transaction processing capabilities. These features enable Solana to achieve unparalleled speed and efficiency, making it an attractive choice for developers and users.
Meanwhile, the analysis indicated that, on average, non-EVM blockchains have demonstrated nearly four times the speed of EVM-compatible chains. The eight non-EVM networks achieved an average peak TPS of 284.
The report highlights that almost all leading blockchains have set new records for real transactions per second (TPS) over the past year, with 24 out of 25 platforms reaching their peak TPS levels within this timeframe. The growing interest in meme coins and inscription-based transactions primarily drives this surge in activity. As blockchain technology advances, platforms such as Solana and Sui are continuously pushing transaction speed limits.