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Analysis from CoinGecko says that Solana is the quickest amongst large-scale blockchains, with its precise each day common transactions per second (TPS) reaching a report excessive of 1,504 on April 6, 2023 because the meme coin mania took off. Such a statistic makes Solana roughly 46 occasions sooner than Ethereum, and 5 occasions sooner than Polygon.
To find out the quickest blockchains, CoinGecko’s examine analyzed the processing pace of the highest 30 blockchains primarily based on their whole worth locked (TVL) rating on DefiLlama as of Might 15, 2024. Processing pace was measured utilizing the precise or realized transactions per second (TPS) metric, calculated as a each day common to make sure a standardized comparability throughout as many blockchains as potential.
CoinGecko claims the very best actual TPS values reported within the examine could differ from different calculations as a result of these use each day averages. The TPS knowledge was sourced from publicly accessible info offered by the respective blockchain explorers and Dune Analytics. Nevertheless, some blockchains, together with Hyperliquid, PulseChain, Kava, Cardano, and Rootstock, have been excluded from the examine because of a scarcity of ample knowledge.
Findings
Regardless of rating because the quickest blockchain, Solana has nonetheless solely achieved 1.6% of its theoretical most pace of 65,000 TPS, CoinGecko claims. The surging variety of transactions resulted in community congestion, and it stays to be seen how shortly Solana can report larger actual TPS after its upcoming upgrades.
The second-fastest blockchain is one other non-EVM, Sui, which recorded its highest actual TPS of 854 in July 2023 as onchain recreation Sui 8192 gained reputation. Different quick blockchains among the many non-EVMs embody TON at 175 TPS and Close to Protocol at 118 TPS. Altogether, the 8 non-EVM giant blockchains have a mean peak TPS of 284, making them 3.9 occasions sooner than the 17 largest EVM and EVM-compatible blockchains, which realized a mean of simply 74 TPS.
Among the many EVM blockchains, BNB Sensible Chain (BSC) achieved 378 in actual TPS on December 7, 2023, amid the inscriptions-driven surge in onchain exercise. This makes BSC the quickest blockchain amongst EVMs, regardless of solely rating third general and reaching lower than half of Sui’s realized processing pace.
Equally, the inscriptions craze allowed Polygon to report 190 in actual TPS on November 16, 2023, making it the quickest among the many largest Ethereum scaling options and eight.4 occasions sooner than Ethereum itself.
Ethereum and its ten largest scaling options registered a complete actual TPS of 500, inserting their mixed processing pace forward of BSC however nonetheless slower than Solana and Sui.
Virtually all the 25 blockchains skilled their highest actual TPS over the past one yr, pointing to onchain exercise growing and reaching larger ranges in current months, led by inscriptions and meme coin hypothesis.
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