Solana once again proved that it is the fastest major blockchain with 91 million transactions processed in one day. According to CoinGecko's latest update on April 6, Solana broke a daily record with 1,504 transactions per second during the memecoin craze.
This achievement shows that Solana is 46x faster than Ethereum and 5x faster than Polygon, one of the fastest Ethereum scaling solutions.
Solana Reached 1.6% of Maximum Capacity
Despite being the fastest blockchain, Solana was only able to use 1.6% of its theoretical maximum capacity of 65,000 TPS.
This increase in transaction volume led to network congestion and raised questions about how quickly future updates could achieve high TPS values.
The second fastest blockchain mentioned in the report is Sui, a platform without an Ethereum Virtual Machine (EVM).
Sui peaked at 854 TPS in July 2023, thanks to the popular on-chain game Sui 8192.
Other notable non-EVM blockchains include TON at 175 TPS and Near Protocol at 118 TPS, while Aptos is at 49 TPS, Starknet at 12 TPS, Bitcoin at 11 TPS, and Thorchain at 2 TPS.
Non-EVM blockchains outperformed EVM-compatible ones, with an average speed of 284 TPS, while the average speed of the 17 largest EVM-based blockchains was only 74 TPS.
Binance Smart Chain (BSC) reached 378 real TPS with increased activity on December 7, 2023, becoming the fastest among EVM blockchains.
Polygon, the leader of the Ethereum scaling solution, performed 8.4 times faster than Ethereum with 190 TPS on November 16, 2023.
Ethereum Layer 2 Solutions Have Not Yet Surpassed Layer 1 Blockchains
The report notes that Ethereum scaling solutions and layer 2 solutions fail to surpass other layer 1 blockchains in terms of actual transaction speeds.
This is attributed to fewer on-chain transactions made in Ethereum scaling solutions, leading to lower real-time TPS rates.
The total real TPS of Ethereum and the top ten scaling solutions reached 500, exceeding the BSC, but still lagging behind Solana and Sui.
Other scaling solutions that offer higher TPS rates than Ethereum include Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS).
Last year, 24 of the 25 blockchains studied reached their highest real TPS values, with activity levels reaching new highs.
This increase is attributed to the rise of scripts and memecoin speculation, leading to increased on-chain activity.
The cryptocurrency market has witnessed the launch of over 1 million new tokens since the beginning of April.
Ethereum and Solana in particular are at the forefront of this token boom; While Ethereum hosts more than 370,000 new tokens, Solana stands out with 640,000 new tokens, the majority of which are memecoins.
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