Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric

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Solana

The race to achieve the fastest blockchain transaction processing speeds is heating up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals some surprising findings. 

The study analyzes the real-world transaction per second (TPS) performance of a range of large blockchain networks, both Ethereum-based and non-Ethereum (ETH) Virtual Machine (EVM) protocols.

Solana Emerges As The Undisputed Speed Champion

According to the findings, Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th, 202. Notably, this figure makes Solana 46 times faster than Ethereum, the second-largest cryptocurrency by market capitalization.

Furthermore, Solana’s TPS is more than 5 times faster than Polygonm (MATIC), which currently holds the highest TPS among Ethereum scaling solutions.

Solana
Top 10 blockchains recording the highest TPS. Source: CoinGecko

According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of heightened market activity, such as the recent Memecoin mania, specifically within the Solana network.

However, it’s important to note that despite Solana’s performance, the blockchain has only achieved 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement, and the network’s upcoming upgrades will be closely watched to see how quickly it can record even higher real TPS.

Ethereum Scaling Solutions Lag Behind Non-EVM Blockchains

The second-fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the on-chain game Sui 8192 gained popularity. Other fast blockchains among the non-EVMs include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.

In contrast, the non-EVM blockchains that have recorded relatively lower real processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS). 

Collectively, the 8 non-EVM large blockchains have an average peak TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which have an average of just 74 TPS.

The EVM-compatible blockchain that has achieved the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7th, 2023, amid the surge in on-chain activity driven by the inscriptions craze. This performance places BSC as the fastest Ethereum-based blockchain, though it still lags behind the top non-EVM protocols.

Similarly, the surge driven by inscriptions allowed Polygon to record 190 TPS on November 16th, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself. However, the leading non-EVM blockchains still outpacing even Polygon’s impressive speed.

Solana
The 1-D chart shows SOL’s price trending upwards. Source: SOLUSD on TradingView.com

At press time, SOL was trading at $168, up nearly 7% in the last 24 hours and registering an impressive 720% gain year-to-date. 

Featured image from DALL-E, chart from TradingView.com 

Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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