Solana leads as the fastest blockchain with a record 1,504 TPS, per CoinGecko’s study.
Despite its potential for 64,000 TPS, Solana’s highest recorded is much lower, at only 1.6% of this figure.
Sui ranks second with 854 TPS, while major blockchains like Bitcoin and ThorChain are much slower.
Which blockchain out there is the fastest? That was the question on the mind of researchers at crypto platform CoinGecko. Lo and behold, they found that Solana is actually the fastest of all blockchains right now, closely followed by Sui.
According to CoinGecko, the Solana blockchain reached a whopping real TPS (transactions per second) of 1,504 on 6 April 2024 – that’s a record in the blockchain world. Yet, the officially claimed TPS of Solana is more like 64,000, a number it has never reached in real-world use.
CoinGecko states that the record TPS reached is only 1.6% of the potential speed of the blockchain. They said this makes Solana 46 times faster than Ethereum and five times faster than Polygon.
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Other well-known blockchains that land in the top ten for speed are TON, Tron, NEAR and Avalanche.
Sui scored second place with a TPS of 854, while Bitcoin (10.7 TPS) and ThorChain (2.1 TPS) landed at the bottom of the list.
Cardano, PulseChain Excluded Due to Lack of Data
CoinGecko said the study assessed the processing speeds of the largest blockchains by examining the top 30 based on their total value locked as listed by DefiLlama on 15 May 2024. It measured processing speed using actual transactions per second, calculated as daily averages from data sourced from blockchain explorers and Dune Analytics.
This method aimed to standardise TPS across different chains, noting that the highest TPS might vary from other findings. Chains lacking sufficient data, including Cardano, Kava, PulseChain, Hyperliquid, and Rootstock, were omitted from the study.
TPS Comparison May Lack Relevance
When comparing blockchains people often focus on transaction speed, measured in TPS – however, there is a variety of opinions on its importance.
Proponents see high TPS as crucial for handling large volumes efficiently, enhancing scalability, and reducing delays and costs, which is vital during high transaction periods and makes the blockchain appealing to enterprises needing robust solutions.
However, some critics argue that TPS alone doesn’t fully determine a blockchain’s effectiveness. High TPS might compromise important qualities like decentralisation and security – as some systems might boost TPS by centralising more control, in effect undermining the core benefits of blockchain technology.
flexing TPS is like saying rice is the best food because you eat 10,000 per meal
According to CoinGecko, the Solana blockchain reached a whopping real TPS (transactions per second) of 1,504 on 6 April 2024 – that's a record in the blockchain world.
PoH timestamps each transaction, speeding up validation, while PoS relies on validators ("stakers") to verify transactions. Solana offers the fastest blockchain transactions per second.
The Hedera network can process up to 10,000 TPS, which makes it one of the fastest blockchain platforms in the market. In addition to its high transaction speed, Hedera Hashgraph offers a number of other benefits, including low latency, high throughput, and increased security and stability.
But it is equally true that the Ethereum blockchain is the most popular. How big is the Ethereum blockchain? It depends how you measure it. In 2021, the total number of transactions on Ethereum surpassed the number of Bitcoin transactions for the first time.
It is open to a global audience of entrepreneurs, developers, and innovators. The competition is structured to foster innovation through mentorship, education, and competition, bridging the gap between innovative concepts and market-ready blockchain solutions.
The top 5 stable coins in 2024 may vary depending on market conditions, but some of the most popular ones currently include Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). Tether (USDT) is the most widely used stablecoin and is pegged to the U.S. dollar.
Aptos' ability to process over 4,000 transactions per second demonstrates that high-performance blockchain networks are achievable, setting a new benchmark for the industry. This accomplishment also underscores the importance of infrastructure improvements in meeting the demands of modern blockchain applications.
With the ability to validate up to 20 shards per block and the potential to grow to 100 shards, Polkadot boasts a transaction speed of approximately 1 million transactions per second (TPS) with asynchronous backing, compared to Ethereum 2.0's throughput of 100,000 TPS.
For example, the Ethereum block size is 30 million gas, the block time is 12 seconds, and the transfer of Ether takes 21,000 of gas. It means each block can contain 30 million / 21,000 = 1428 transactions. So, the maximum theoretical TPS is 1428 transactions / 12s = 119 transactions per second.
August 6: Sui's mainnet was successfully upgraded to Mysticeti, after launching it on the testnet in May, making it officially faster than Solana in theory (65,000 TPS vs. Sui's 297,000 TPS).
With the ability to validate up to 20 shards per block and the potential to grow to 100 shards, Polkadot boasts a transaction speed of approximately 1 million transactions per second (TPS) with asynchronous backing, compared to Ethereum 2.0's throughput of 100,000 TPS.
Summary: Researchers have sent data at a record rate of 402 terabits per second using commercially available optical fiber. This beats their previous record, announced in March 2024, of 301 terabits or 301,000,000 megabits per second using a single, standard optical fiber.
Introduction: My name is Tyson Zemlak, I am a excited, light, sparkling, super, open, fair, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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