Solana ranks the fastest blockchain in the world, surpassing Ethereum, Polygon ⋆ ZyCrypto

“Ethereum killer” Solana has taken the blockchain ecosystem by storm after becoming the fastest blockchain in the world with record transaction speed. CoinGecko research shows that the network processed a staggering 95 million transactions in a single day. This achievement is not only a technological feat, but also marks a huge milestone in the blockchain and cryptocurrency industry.

Solana wins the speed crown

Solana has emerged as the cheetah of the cryptosphere thanks to her lightning speed.

According to a recent research report according to crypto data aggregator CoinGecko, Solana leads with the highest average daily transactions per second (TPS), with a value of 1,053 TPS. This remarkable speed achievement solidifies Solana’s status as the so-called “Ethereum killer”, which has long been called into question due to ongoing network outages.

Sui comes second with 854 TPS, followed by Binance Smart Chain (BSC) with 378 TPS, Polygon with 190 TPS, TON with 175 TPS, Tron with 159 TPS, Near with 117 TPS, and Avalanche with 89 TPS.

Meanwhile, established networks like Bitcoin (BTC) and Ethereum (ETH) have long struggled with transaction speed limitations. Ethereum recorded an average peak TPS of 22.8, while the world’s largest blockchain, Bitcoin, processed just 10.7 transactions per second.

CoinGecko analyzed the processing speed of the top 30 blockchains based on the Total Value Locked (TVL) ranking on DefiLlama as of May 15, 2024, to ascertain the fastest blockchains. Processing speed was calculated using the actual or realized TPS metric, measured as a daily average, to ensure a consistent comparison across multiple blockchains.

Solana’s peak performance was impressive, reaching 1,504 TPS on April 6, 2023, due to a surge in meme coin transactions. This performance makes Solana approximately 46 times faster than Ethereum and 5 times faster than Polygon, the fastest of the Ethereum scaling solutions.

CoinGecko’s study found that despite ranking as the fastest blockchain, Solana only reached 1.6% of its theoretical maximum TPS of 65,000.

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Solana’s exceptional speed has not gone unnoticed in the cryptocurrency market. As of this writing, SOL changed hands at $173, representing a gain of 2.7% on the day and an increase of 18.2% on the weekly chart. This performance underlines the market’s confidence in Solana’s potential to revolutionize the digital transaction landscape.

Is Solana really an “Ethereum killer?”

Solana began its operations on the mainnet in March 2020, with a reported throughput of 50,000 transactions per second (TPS). The network sought to improve Ethereum’s scalability inefficiencies.

Unlike Ethereum, which relies on layer 2 scaling solutions to improve scalability, Solana offers scalable solutions for a decentralized ecosystem. But Solana’s technique has been widely criticized following his repeated previous interruptions. In early April, the surge in demand for meme coins caused strong consequences 76% of Solana transactions will fail.

Before that, block production on Solana stopped for about five hours before developers and validators could create and test a version that contained fixes.

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