Solana Takes the Lead as the Fastest Blockchain According to CoinGecko
The most recent research from CoinGecko has unveiled compelling insights into the transaction processing speed of various blockchains. According to their analysis, Solana has emerged as the fastest among large-scale blockchains, achieving an average of 1,504 transactions per second (TPS) on April 6, 2023. This figure positions Solana as approximately 46 times quicker than Ethereum and 5 times faster than Polygon.
CoinGecko’s study focused on analyzing the processing speed of the top 30 blockchains based on their total value locked (TVL) ranking on DefiLlama as of May 15, 2024. The study utilized the actual or realized transactions per second (TPS) metric to ensure a standardized comparison across various blockchains.
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Overview of the Findings
Despite being the fastest blockchain, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS, as outlined by CoinGecko. The surge in transactions has resulted in network congestion, prompting questions about how quickly Solana can achieve higher real TPS after its upcoming upgrades.
The study also highlighted Sui as the second-fastest blockchain, with a recorded real TPS of 854 in July 2023. Furthermore, the findings indicated that non-EVM large blockchains are, on average, 3.9 times faster than the largest EVM and EVM-compatible blockchains.
Additionally, Binance Smart Chain (BSC) achieved 378 real TPS on December 7, 2023, solidifying its position as the fastest blockchain among EVMs. Similarly, Polygon recorded 190 real TPS on November 16, 2023, establishing it as the fastest among the largest Ethereum scaling solutions.
The research also revealed that most blockchains observed their highest real TPS over the last year, reflecting a significant surge in on-chain activity driven by inscriptions and meme coin speculation.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
