In the dynamic world of blockchain technology, transaction speeds have become a pivotal metric for measuring platform performance. CoinGecko’s latest report reveals a notable surge in transaction speeds across leading blockchain platforms, driven by a wave of on-chain activity and the rising popularity of meme coins.
Solana Leads the Pack
Solana has emerged as the fastest blockchain among large blockchains, achieving a record high of 1,504 transactions per second (TPS) on April 6, 2024. This places Solana 46 times faster than Ethereum and over 5 times faster than Polygon, the leading Ethereum scaling solution. Despite this, Solana has only realized 1.6% of its theoretical maximum speed of 65,000 TPS. The platform faces challenges related to network congestion, prompting anticipation for upcoming upgrades that could further increase its TPS.
Non-EVM Blockchains Outpace EVMs
Among non-EVM blockchains, Sui stands out with a peak TPS of 854, achieved in July 2023 during the popularity surge of the on-chain game Sui 8192. Other notable performers include TON at 175 TPS and Near Protocol at 118 TPS. In comparison, EVM-based blockchains average only 74 TPS, making non-EVM blockchains nearly 4 times faster on average.
BSC and Polygon Lead EVM Blockchains
Binance Smart Chain (BSC) and Polygon have recorded significant transaction speeds among EVM blockchains. BSC achieved 378 TPS on December 7, 2023, driven by a surge in on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite their achievements, these platforms still lag behind Solana and Sui in overall transaction speed.
Rising On-Chain Activity
The report notes that nearly all top blockchains set new records for real TPS within the past 12 months, with 24 out of 25 platforms achieving their highest TPS levels during this period. This surge in activity has been fueled by increased interest in meme coins and inscription-driven transactions. As blockchain technology continues to evolve, platforms like Solana and Sui are pushing the boundaries of transaction speed.
Despite challenges such as network congestion, the upcoming upgrades are expected to further enhance TPS capabilities. Meanwhile, EVM-based blockchains are striving to catch up, with BSC and Polygon leading the charge among Ethereum scaling solutions. These figures underscore the rapid advancements in blockchain transaction speeds, driven by technological innovations and growing on-chain activity.