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Solana is the fastest among large-scale blockchains: CoinGecko
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Research from CoinGecko says Solana is the fastest among large-scale blockchains, with its actual average daily transactions per second (TPS) hitting a record high of 1,504 on April 6, 2023 as the meme coin craze took off . This statistic makes Solana approximately 46 times faster than Ethereum and 5 times faster than Polygon.
To determine the fastest blockchains, CoinGecko study analyzed the processing speed of the top 30 blockchains based on the total value locked (TVL) ranking on DefiLlama as of May 15, 2024. Processing speed was measured using the actual or realized transactions per second (TPS) metric, calculated as a daily average to ensure a standardized comparison between as many blockchains as possible.
CoinGecko says the highest real TPS values reported in the study may differ from other calculations because they use daily averages. The TPS data comes from publicly available information provided by the respective blockchain explorers and Dune Analytics. However, some blockchains, including Hyperliquid, PulseChain, Kava, Cardano, and Rootstock, were excluded from the study due to a lack of sufficient data.
Results
Despite being classified as the fastest blockchain, Solana still only reached 1.6% of its theoretical maximum speed of 65,000 TPS, CoinGecko says. The increased number of transactions has caused network congestion, and it remains to be seen how quickly Solana will be able to post higher real TPS after its next updates.
The second fastest blockchain is another non-EVM, Sui, which recorded its highest real TPS of 854 in July 2023 as the onchain game Sui 8192 gained popularity. Other fast blockchains among non-EVMs include TON at 175 TPS and Near Protocol at 118 TPS. Overall, the 8 large non-EVM blockchains have an average peak TPS of 284, making them 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which averaged just 74 TPS.
Among EVM blockchains, BNB Smart Chain (BSC) reached 378 in real TPS on December 7, 2023, in the middle of increase in enrollments in the onchain business. This makes BSC the fastest blockchain among EVMs, despite only ranking third overall and achieving less than half the processing speed achieved by Sui.
Likewise, the subscription craze allowed Polygon to record 190 in real TPS on November 16, 2023, making it the fastest among Ethereum’s largest scaling solutions and 8.4 times faster than Ethereum itself.
Ethereum and its ten largest scaling solutions recorded a total real-world TPS of 500, placing their combined processing speed ahead of BSC but still slower than Solana and Sui.
Nearly all 25 blockchains recorded their highest real TPS over the past year, indicating that onchain activity has increased and reached higher levels in recent months, driven by signups and speculation on meme coins.
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