According to a recent CoinGecko report, Solana is the fastest blockchain in the world at the moment. In a single day, the network processed over 95 million transactions.
The report from CoinGecko revealed that Solana boasts the highest daily average transactions per second (TPS) among blockchains, clocking in at 1,053 TPS. Sui follows with 854 TPS, then BSC at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS and Avalanche at 89 TPS.
Source: CoinGecko
In contrast, Ethereum handles 22.8 TPS and Bitcoin manages 10.7 TPS, indicating that non-EVM blockchains are nearly four times faster on average compared to their EVM-compatible counterparts.
Solana's peak performance was particularly notable, reaching 1,504 TPS on April 6,2023, due to a surge in meme coin transactions. This performance is 46 times higher than Ethereum's TPS and over five times higher than Polygon's, the fastest among Ethereum scaling solutions.
However, despite these impressive figures, Solana's peak TPS is still only 1.6% of its theoretical maximum of 65,000 TPS.
Solana is an open-source blockchain platform that prioritizes minimizing latency and maximizing throughput, even at the expense of some verifiability. It achieves this through a unique set of features, including its novel timestamp mechanism called proof of history (PoH), the block propagation protocol Turbine and parallel transaction processing.
Solana isn’t even designed for maximum throughput. It’s designed to synchronize state to as many boxes around the world as fast as physics allow. https://t.co/lTfDJuG6mp— toly 🇺🇸| bip-420 (@aeyakovenko) May 17,2024
According toSolana's founder, Anatoly Yakovenko, the primary design goal of Solana was not to achieve maximum throughput. Instead, Solana aims to synchronize state across the globe as swiftly as physical laws permit.
The report from CoinGecko revealed that Solana boasts the highest daily average transactions per second (TPS) among blockchains, clocking in at 1,053 TPS. Sui follows with 854 TPS, then BSC at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS and Avalanche at 89 TPS.
Solana boasts a theoretical peak capacity of 65,000 transactions per second and has become one of the most highly used blockchains due to its speed and low transaction costs.
While both projects offer similar functionality, Solana is faster and cheaper, thanks to the underlying technology. Solana can process speeds of up to 29,000 transactions per second, while Ethereum can still only manage a maximum of around 45 transactions per second, even following several key upgrades.
SUI also utilizes parallel processing, which allows the system to achieve high throughput. Moreover, in real-world conditions, this coin is capable of processing around 120,000 transactions per second (TPS), which is nearly 2.5 times the capacity of Solana.
Solana is a Layer 1 blockchain and component of the Smart Contract Platforms Crypto Sector (Exhibit 1). Compared to Ethereum—the largest smart contract platform by market capitalization—Solana provides faster and cheaper transactions on a single-layer network, without relying on additional scaling layers.
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.
So, what enables Solana's industry-leading transaction speeds? It starts with the blockchain's unique Proof of History (PoH) consensus and the incredibly lightweight Proof of Stake (PoS) finality. It allows Solana to process over 50,000 transactions per second (TPS) with 400ms block times.
Both blockchains use Proof-of-Stake consensus mechanism to protect their platform. Therefore, they are equally secure. However, when it comes to speed, Solana is faster than Avalanche.
📊TON is officially the world's fastest blockchain On Octo | Glorypascal on Binance Square. On October 31, 2023, TON set a new world record by achieving an impressive peak of 104,715 transactions per second, completing a total of 107,652,545 transactions within 25 minutes during its first public performance test.
DAG-based ledgers' remarkable consensus mechanism results in a faster transaction speed. Since DAGs' nodes are developed simultaneously, transaction speeds are almost always faster than blockchain transactions.
Solana are usually about six times cheaper to send compared to XRP. In addition, SOL's transactions are about six times faster to confirm, i.e. reach acceptable certainty. Solana is about three times more decentralised, allowing SOL to probably be more trustworthy and possibly more secure.
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