Solana is the quickest blockchain and the fastest large-scale blockchain—CoinGecko. According to CoinGecko’s research, Solana is the quickest. On April 6, 2023, when the meme currency fever was in full swing, its actual daily average transactions per second (TPS) hit a record high of 1,504. According to this figure, Solana is almost 46 times quicker than Ethereum and five times quicker than Polygon.
According to a study by CoinGecko, the top 30 blockchains by total value locked (TVL) ranking on DefiLlama as of May 15, 2024, were studied to establish their processing speed. Processing speed was found by taking a daily average of actual or genuine transactions per second (TPS) to compare all blockchains.
The study’s highest reported absolute TPS values may differ from other computations, according to CoinGecko, since they employ daily averages. Solana is the fastest blockchain: Dune Analytics and the individual blockchain explorers made their publicly available data sets available to compile the TPS. Unfortunately, the study did not include Hyperliquid, PulseChain, Kava, Cardano, and Rootstock blockchains because they had insufficient data.
Findings
Blockchain CoinGecko Solana
According to CoinGecko, Solana is now the fastest blockchain, but it has only reached 1.6% of its theoretical maximum speed of 65,000 TPS. The soaring quantity of transactions caused network congestion; how soon Solana will be the quickest blockchain to achieve greater actual TPS with its forthcoming enhancements is an open question.
Another non-EVM blockchain, Sui, is the second fastest; in July 2023, when the chain game Sui 8192 was popular, it reached its peak actual TPS of 854. Other non-EVM blockchains are fast, along with Near Protocol at 118 TPS and TON at 175 TPS. On average, the eight significant blockchains that do not use EVM achieved 284 TPS, 3.9 times quicker than the seventeen largest blockchains that used or were compatible with it, which achieved only 74 TPS.
Amid the on-chain activity increase led by inscriptions, BNB Smart Chain (BSC) reached 378 actual TPS on December 7, 2023. I am making it one of the EVM blockchains. Even though it ranks third overall and achieves less than half of Sui’s realized processing performance, BSC is the fastest blockchain among EVMs because of this. Polygon also achieved an actual TPS record 190 on November 16, 2023, because of the inscription’s mania. This made it 8.4 times quicker than Ethereum and the fastest of the significant scaling options for Ethereum.
The cumulative processing speed of Ethereum and its ten most considerable scaling solutions was 500 actual TPS, which was faster than BSC but slower than Sui, and Solana is the quickest blockchain. Nearly all 25 blockchains had their peak actual TPS in the past year, suggesting that on-chain activity has increased, with inscriptions and meme coin speculation driving the increase.
