Blockchain
Solana Surpasses Ethereum and Polygon as the Fastest Blockchain ⋆ ZyCrypto
Solana has emerged as a leader in the competitive landscape of blockchain technology, surpassing established giants such as Ethereum and Bitcoin in average daily transactions per second (TPS).
Solana’s impressive performance demonstrates its technological superiority and growing importance in the cryptocurrency sphere.
Solana’s average daily TPS of 1,053 surpasses Ethereum’s 22.8 TPS and Bitcoin’s 10.7 TPS, underscoring its efficiency and scalability. This significant advantage positions Solana as the fastest blockchain network currently available, setting a new standard for transaction processing speed in the industry.
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Solana isn’t even designed for maximum productivity. It is designed to synchronize the state of as many boxes around the world as fast as physics allows. https://t.co/lTfDJuG6mp
— toly 🇺🇸| beep-420 (@aeyakovenko) May 17, 2024
The recent analysis follows a series of congestion issues that hit the Solana network in April. As a result, SOL’s value fell below $150 after briefly approaching $200 earlier in the month. To address these issues, the Solana team promptly introduced several updates.
Solana beats Ehereum and its L2 polygon solution
According to recent analysis by CoinGecko, Solana has firmly established itself as the fastest blockchain, with a remarkable record of average daily transactions per second (TPS) of 1,504, achieved on April 6.
This result puts Solana Leagues ahead of Ethereum, which only manages 22.8 TPS, and even Polygon, the fastest of the Ethereum scaling solutions, with 190 TPS. Despite this impressive lead, Solana only utilized a fraction of its potential, reaching just 1.6% of its theoretical top speed of 65,000 TPS.
Sui is the second fastest blockchain, after Solana, boasting a peak speed of 854 TPS, largely driven by the popularity of the Sui 8192 on-chain game, behind Sui, BSC, Polygon and TON clocked at 378 TPS, 190 TPS. and 175 TPS, respectively.
The meme craze and technological advances
Solana’s speed increase was partly fueled by the memecoin frenzy which flooded the network in April, demonstrating its ability to handle significant transaction volumes. This performance solidifies Solana’s status as a leader in the blockchain industry and highlights its potential for continued growth and innovation.
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Since April 2024, over 1 million new crypto tokens have been launched.
Nearly half of the million new tokens launched since April 1 are memecoins created on the Solana network. pic.twitter.com/VP1n21hRAd
— Jason A. Williams (@GoingParabolic) May 18, 2024
Solana’s success can also be attributed to its innovative approach to blockchain architecture. The platform leverages unique features, including the Proof of History (PoH) timestamp mechanism, the efficient Turbine block propagation protocol, and parallel transaction processing capabilities. These features allow Solana to achieve unprecedented speed and efficiency, making it an attractive choice for developers and users.
Meanwhile, the analysis indicated that, on average, non-EVM blockchains demonstrated nearly four times faster speed than EVM-capable chains. The eight non-EVM networks achieved an average peak TPS of 284.
The report highlights that nearly all major blockchains have set new records for real transactions per second (TPS) over the past year, with 24 out of 25 platforms reaching peak TPS levels over this time frame. Growing interest in meme coins and subscription-based transactions primarily drives this increase in activity. As blockchain technology advances, platforms like Solana and Sui continually push the limits of transaction speed.