Ethereum
CoinGecko Ranks It Best, Leaving Ethereum Behind in a Key Metric – TradingView News
The race to achieve the fastest blockchain transaction processing speeds heats up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals surprising findings.
The study analyzes the real-world transactions per second (TPS) performance of a range of large blockchain networks, both based on Ethereum and with non-Ethereum (ETH) virtual machine (EVM) protocols.
Solana appears as the undisputed champion of speed
According to the results, Solana was found to be the fastest among large blockchains, with its average daily transactions per second (TPS) reaching an all-time high of 1,504 on April 6, 202. Notably, this figure makes Solana 46 times faster than ‘Ethereum. , the second largest cryptocurrency by market capitalization.
Additionally, Solana’s TPS is over 5x faster than Polygonm (MATIC), which currently has the highest TPS among Ethereum scaling solutions.
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According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of increased market activity, such as the recent Memecoin mania, especially within the Solana network.
However, it is important to note that despite Solana’s performance, the blockchain only achieved 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement and that future network upgrades will be closely monitored to see how quickly it can record even higher real-world TPS.
Ethereum scaling solutions lag behind non-EVM blockchains
The second fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the Sui 8192 blockchain game grew in popularity. Other fast blockchains among non-EVMs include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.
In contrast, non-EVM blockchains that recorded relatively lower real-world processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
Collectively, the 8 largest non-EVM blockchains have an average peak TPS of 284, which is 3.9x faster than the 17 largest EVM and EVM-enabled blockchains, which have an average of only 74 TPS.
The EVM-enabled blockchain that reached the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7, 2023, amid the increase in on-chain activity driven by the craze for inscriptions. This performance places BSC as the fastest Ethereum-based blockchain, although it still lags behind major non-EVM protocols.
Similarly, the surge driven by registrations helped Polygon record 190 TPS on November 16, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4x faster than Ethereum itself. However, major non-EVM blockchains still exceed Polygon’s impressive speed.
At press time, SOL was trading at $168, up nearly 7% in the past 24 hours and recording an impressive 720% year-to-date gain.
Featured image of DALL-E, chart by TradingView.com