According to CoinGecko research, Solana is the fastest large-scale blockchain. On April 6, 2023, when the meme coin craze took hold, its actual daily average transactions per second (TPS) hit a record high of 1,504.
Based on the above figures, Solana is approximately 46 times quicker than Ethereum and 5 times quicker than Polygon.
To analyze the fastest blockchains, a study was conducted on the processing speeds of the best 30 blockchains by DefiLlama based on their Total Value Locked (TVL). The actual or realized Transactions Per Second (TPS) metric was used to assess processing speed. It was computed as a daily average to ensure a standard comparison across the greatest number of blockchains.
CoinGecko asserts that the highest real TPS values provided in the study might differ from those from other calculations. The TPS data was obtained from publicly accessible data that was given by relevant blockchain explorers.
However, several blockchains such as Hyperliquid, PulseChain, Kava, Cardano, and Rootstock were not included in the study due to insufficient data.
Findings Of The Study
- Even though Solana has been ranked as the fastest blockchain, it has achieved only 1.6% of its theoretical maximum speed of 65,000 TPS.
- After Solana, in line is the non-EVM SUI which recorded its highest real TSP of 854 in July 2023.
Others on the list include-
- TON– 175 TPS
- Near Protocol– 118 TPS
- Among EVM Blockchains, BNB Smart Chain (BSC) achieved 378 TPS on December 7, 2023, which makes it the fastest blockchain among EVMs.
- BSC achieved this TPS as a result of the inscription craze which has also uplifted Polygon to record a TPS of 190 making it almost 8.4 times faster than Ethereum.
- On the other hand, Ethereum and its 10 largest scaling solutions have registered a total real TPS of 500. However, they are still behind Solana.
Conclusion –
The fact that nearly all 25 blockchains saw their greatest actual TPS in the past year suggests that on-chain activity has been rising recently, driven by meme coin speculation and inscriptions.
That’s all from us today!
We suggest you stay connected with our news channel ReadingCrypto where our team of crypto experts have their seat belts tightened to provide you with the best updates and happenings in the world of crypto.
Till then, Goodbye!
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
