As an experienced analyst, I find Solana’s emergence as the fastest blockchain network on CoinGecko’s list quite intriguing. With an average daily TPS of 1,053.7 and a record high of 1,504, Solana is significantly faster than Ethereum and other major players in the crypto space.
Based on the total value locked on DeFiLlama and the real-world transaction speeds, CoinGecko identified the fastest blockchain networks in terms of transactions per second (TPS).
As an analyst, I’ve examined the data from the latest report and discovered that Solana has taken the front seat, with Sui coming in second. Notably, Ethereum and Bitcoin didn’t make it into the top 15 rankings.
Solana’s World
In spite of experiencing multiple interruptions in recent years, Solana’s blockchain currently holds the title of fastest on CoinGecko’s chart. The daily average transactions per second (TPS) is approximately 1,053.7. On April 6 alone, the network recorded a remarkable high of over 1,500 TPS.
Based on the data from the report, Solana’s speed places it well ahead of Ethereum, with a transaction throughput roughly 46 times greater. Similarly, it surpasses Polygon, currently the fastest Ethereum scaling solution, by over fivefold in this regard.
Despite CoinGecko’s report, Solana’s current transaction per second (TPS) rate falls significantly short of the alleged 65,000 TPS maximum capacity declared by its creators.
1/ Which blockchains are the fastest?
As a crypto investor, I’ve closely monitored the performance of various blockchains, and my analysis reveals that Solana has consistently outpaced others in terms of speed. In fact, on an extraordinary day like April 6, Solana managed an impressive average of 1,504 transactions per second (TPS) – a new record for the platform.
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— CoinGecko (@coingecko) May 17, 2024
Solana’s quickness and affordable transaction costs have made it an attractive destination for several new meme coins that emerged during this market cycle. Some of these include WIF, BONK, BOME, POPCAT, and MEW.
As a data analyst, I’ve examined the latest rankings from CoinGecko, and I can tell you that two non-ETH Virtual Machine (EVM) networks, Sui and Binance Smart Chain (BSC), have made it to the top 3 list. According to recent research, non-EVM blockchains tend to be approximately four times faster than their EVM counterparts on average.
Polygon 8x Faster Than Ethereum
As a data analyst, I’ve observed that although Ethereum completed its shift from proof of work to proof of stake towards the end of 2022, it hasn’t managed to secure a spot among the top 15 cryptocurrencies on CoinGecko. Currently occupying the 17th position, Ethereum averages around 22.7 transactions per second (TPS). In comparison, Polygon, the leading layer 2 solution on Ethereum, processes approximately 190 TPS.
“At present, Polygon outperforms other major Ethereum scalability options with a speed that is 8.4 times greater than Ethereum’s own, despite being slightly slower than the top 3 fastest blockchain platforms.”
Bitcoin, with its proof-of-work consensus mechanism, typically ranks lower in terms of transactions per second (TPS), as indicated by CoinGecko’s data, placing it at the 20th position. Surprisingly, networks like Blast, Merlin, Mode, zkLink Nova, and Thorchain have a slower average TPS than Bitcoin.
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2024-05-19 09:57