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The 25 Fastest Blockchain Networks Revealed, Bitcoin and Ethereum Not in the Top 15: CoinGecko
Examining the processing speed of the largest blockchain networks in terms of total value locked on DeFiLlama, CoinGecko outlined the fastest based on actual and realized TPS (transactions per speed) metric.
The report concludes that Solana is in the lead, followed by Sui and Binance Smart Chain. Interestingly, Ethereum and Bitcoin are not even in the top 15.
Solana’s world
Despite his several interruptions In recent years, the Solana blockchain has emerged as the fastest on CoinGecko’s list. The average daily TPS is 1,053.7, while the network set a record on April 6 with just over 1,500.
According to the report, this makes Solana “46 times faster than Ethereum and more than 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.”
However, CoinGecko said that Solana’s average TPS is still far from the developers’ claimed theoretical maximum speed of 65,000 TPS.
Perhaps due to its speed and relatively low transaction fees, Solana has become home to numerous meme coins that appeared during this cycle, such as WIF, BONKBOME, POPCATMEW and others.
CoinGecko’s top 3 is completed by two other non-EVM networks: Sui and BSC. The paper states that non-EVM blockchains are, on average, 4x faster than their EVM counterparts.
Polygon 8x faster than Ethereum
Ethereum transition from proof of work to proof of stake in late 2022, but still fails to find a place in the top 15 on CoinGecko’s list. He ranks 17th with an average TPS of 22.7. In contrast, Polygon, the largest layer 2 network on Ethereum, recorded 190 TPS.
“Polygon is therefore currently the fastest of the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself, although Polygon lags further behind the top 3 fastest blockchains.”
Even Bitcoin, being among the few networks still in the testing phase, is not even in the top positions. According to CoinGecko, the average TPS of the world’s largest blockchain was 10.73, placing it in 20th place. Interestingly, though, Blast, Merlin, Mode, zkLink Nova, and Thorchain ranked behind Bitcoin.