In the ever-changing world of blockchain technology, the speed at which transactions are processed has become a crucial measure of platform performance. According to CoinGecko’s latest report, there has been a significant increase in transaction speeds across leading blockchain platforms, driven by a surge in on-chain activity and the growing popularity of meme coins.
Leading the pack is Solana, which has emerged as the fastest blockchain among large blockchains. On April 6, 2024, Solana achieved a record high of 1,504 transactions per second (TPS). This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, which is the leading Ethereum scaling solution. Despite this impressive feat, Solana has only realized 1.6% of its theoretical maximum speed of 65,000 TPS. The platform faces challenges related to network congestion, but there is anticipation for upcoming upgrades that could further increase its TPS.
Among non-EVM blockchains, Sui stands out with a peak TPS of 854, which was achieved in July 2023 during the popularity surge of the on-chain game Sui 8192. Other notable performers include TON with 175 TPS and Near Protocol with 118 TPS. In comparison, EVM-based blockchains have an average TPS of only 74, making non-EVM blockchains nearly 4 times faster on average.
In the realm of EVM blockchains, Binance Smart Chain (BSC) and Polygon have recorded significant transaction speeds. BSC achieved 378 TPS on December 7, 2023, driven by a surge in on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite their achievements, these platforms still fall behind Solana and Sui in terms of overall transaction speed.
The report highlights that almost all top blockchains have set new records for real TPS within the past 12 months, with 24 out of 25 platforms reaching their highest TPS levels during this period. This surge in activity can be attributed to the increased interest in meme coins and inscription-driven transactions. As blockchain technology continues to evolve, platforms like Solana and Sui are pushing the boundaries of transaction speed.
Despite challenges such as network congestion, the upcoming upgrades are expected to further enhance TPS capabilities. Meanwhile, EVM-based blockchains are striving to catch up, with BSC and Polygon leading the charge among Ethereum scaling solutions. These figures underscore the rapid advancements in blockchain transaction speeds, driven by technological innovations and the growing on-chain activity.
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