In the fast-paced realm of cryptocurrency, transaction speed is a crucial factor affecting the efficiency and adoption of blockchains. A recent analysis has identified the top-performing blockchains based on their speed, showcasing remarkable advancements in technology.
Solana has emerged as the quickest blockchain, having processed a staggering 91 million transactions in a single day on April 6, 2024. This achievement translates to an average of 1500 crypto transactions per second (TPS), making it 46 times faster than Ethereum and over 5 times faster than Polygon. Despite these impressive figures, Solana has utilized merely 1.6% of its potential maximum speed of 65,000 TPS.
Following Solana is Sui, a non-EVM blockchain, which achieved 854 crypto TPS in July 2023. Other notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On average, non-EVM blockchains are almost four times faster than EVM-compatible ones.
Among the EVM blockchains, Binance Smart Chain (BSC) leads with 378 TPS, and Polygon follows closely with 190 TPS. Nonetheless, when combined, Ethereum and its top ten scaling solutions only reach a total of 500 crypto TPS, placing them behind Solana and Sui.
The data suggests that non-EVM blockchains currently excel in processing crypto transactions swiftly. Possible reasons for this could be their more efficient architecture or less congestion due to a lower transaction volume on the chain. Notably, most real TPS records have been achieved in the last year, indicating a consistent enhancement in blockchain performance.
While Solana and Sui are front runners in speed, further advancements and updates will determine their ability to handle a higher volume of crypto transactions without compromising network stability. The landscape of blockchain technology is continually evolving, emphasizing that the quest for speed is ongoing.
