Ethereum
Solana leads with 91 million daily transactions, overtakes Ethereum: CoinGecko report
Last updated: May 19, 2024 at 12:00 p.m. EDT | 2 minutes of reading
Solana has proven to be the fastest among major blockchains, processing an impressive 91 million transactions in a single day.
According to a recent update by CoinGeckoOn April 6, Solana hit a record daily average of 1,504 transactions per second (TPS) during the memecoin frenzy.
This makes the blockchain 46 times faster than Ethereum and over 5x faster than Polygon, which has the highest TPS among Ethereum scaling solutions.
Solana reaches 1.6% of her maximum speed
Despite being the fastest blockchain, Solana only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
The increase in the number of transactions has led to network congestion, raising questions about how quickly Solana will be able to achieve higher real TPS after implementing its next upgrades.
The second fastest blockchain identified in the report is Sui, another non-EVM (Ethereum Virtual Machine) platform.
Sui recorded its highest real TPS of 854 in July 2023, thanks to the popularity of the Sui 8192 chain game.
Other notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS.
On the lower end of the spectrum, Aptos recorded 49 TPS, Starknet recorded 12 TPS, Bitcoin reached 11 TPS, and Thorchain recorded 2 TPS.
Comparing non-EVM blockchains to EVM and EVM-enabled blockchains, the former outperformed the latter with an average peak TPS of 284, while the 17 largest EVM-based blockchains had an average of only 74 TPS.
Binance Smart Chain (BSC) stood out as the fastest among EVM blockchains, reaching a real TPS of 378 on December 7, 2023, thanks to increased on-chain activity.
Polygon, Ethereum’s primary scaling solution, reached 190 TPS on November 16, 2023, making it 8.4 times faster than Ethereum itself.
Ethereum Layer 2 solutions still need to surpass layer 1 blockchains
The report states that Ethereum scaling solutions and Layer 2 solutions have yet to surpass other Layer 1 blockchains in terms of actual processing speed.
This can be attributed to the lower number of on-chain transactions on Ethereum scaling solutions, resulting in slower TPS for these blockchains.
In total, Ethereum and its ten largest scaling solutions achieved a combined real TPS of 500, surpassing BSC but still lagging behind Solana and Sui.
Other scaling solutions that have surpassed Ethereum in terms of TPS include Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS).
Over the past year, 24 of the 25 blockchains analyzed experienced their highest real TPS, with activity levels reaching new highs.
This increase can be attributed to increased registrations and speculation on memecoins, which fueled increased on-chain activity.
As noted, the cryptocurrency market has attended the launch more than a million new tokens since the beginning of April.
Ethereum and Solana, in particular, have been at the forefront of this token frenzy, with Ethereum hosting over 370,000 new tokens and Solana boasting a staggering 640,000 new tokens, mostly made up of memecoins.