News
Blockchain platforms see an increase in transaction speed
In the ever-evolving world of blockchain technology, transaction speed has become a key metric for evaluating platform performance. CoinGecko’s latest report highlights a significant increase in transaction speed across major blockchain platforms, fueled by a surge in on-chain activity and the growing popularity of meme coins.
Solana’s unprecedented speed
Solana has stood out as the fastest blockchain among major platforms, reaching an impressive 1,504 transactions per second (TPS) on April 6, 2024. This performance makes Solana 46 times faster than Ethereum and more than five times faster than Polygon, the leading Ethereum scaling solution. Despite this impressive speed, Solana used only 1.6% of its theoretical maximum capacity of 65,000 TPS. The platform continues to face challenges related to network congestion, leading to high expectations for upcoming updates that could further enhance its TPS.
Non-EVM Blockchain Performance
Among non-Ethereum Virtual Machine (EVM) blockchains, Sui made a notable impact with a peak TPS of 854, reached in July 2023 during the peak popularity of the Sui 8192 on-chain game. Other notable performers include TON with 175 TPS and Close Protocol with 118 TPS. In contrast, EVM-based blockchains have an average TPS of just 74, making non-EVM blockchains about four times faster on average.
EVM-based blockchain results
Binance Smart Chain (BSC) and Polygon have also recorded noteworthy transaction speeds among EVM-based blockchains. BSC reached 378 TPS on December 7, 2023, driven by an increase in on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite these results, both platforms still lag Solana and Sui in terms of speed total number of transactions.
Record performance across the board
The report indicates that nearly all major blockchains have set new records for real-world TPS over the past year, with 24 out of 25 platforms reaching their highest TPS levels during this period. This increase in activity has been driven by growing interest in meme coins and subscription-driven transactions. As blockchain technology continues to advance, platforms like Solana and Sui are pushing the limits of transaction speed.
Expected updates and future prospects
Despite network congestion challenges, upcoming upgrades are expected to further improve TPS capabilities for platforms like Solana. Meanwhile, EVM-based blockchains are looking to improve their speed, with BSC and Polygon leading the efforts among Ethereum scaling solutions. These figures highlight rapid advances in the speed of blockchain transactions, driven by technological innovations and the growing volume of on-chain activity.
In summary, CoinGecko’s report highlights the impressive progress made by various blockchain platforms in increasing transaction speed. Solana’s record-breaking performance represents a high benchmark, while non-EVM blockchains like Sui demonstrate significant potential. EVM-based blockchains, despite lagging behind, continue to make great strides in improving their transaction capabilities. As the blockchain landscape evolves, the competition to achieve higher TPS is likely to intensify, promising further innovation and improvements in the industry.