The Solana network turned out to be the fastest among large blockchains — on April 6, the average daily number of transactions per second (TPS) reached a record high of 1,504 against the background of the memcoin boom. This is stated in the CoinGecko report.
The rating of blockchains by TPS. Data: CoinGecko."This makes Solana 46 times faster than Ethereum and more than 5 times faster than Polygon, which has the highest TPS among scaling solutions," the researchers noted.
Despite the fact that Solana is considered the fastest blockchain, it has reached only 1.6% of its theoretical maximum speed of 65,000 TPS, CoinGecko stressed.
The second place went to another non-EVM network — Sui — with a record 854 TPS in July 2023.
Among the relatively fast blockchains that do not support the Ethereum virtual machine are TON (175 TPS) and Near Protocol (118 TPS). Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS) and Thorchain (2 TPS) were slower.
"On average, blockchains without EVM support are almost four times faster than EVM-compatible ones," experts noted.
BNB Chain and Polygon are the leaders as the fastest EVM blockchains with indicators of 378 TPS and 190 TPS, respectively. The latter is 8.4 times faster than Ethereum, whose speed reaches 22.7 transactions per second.
"Separate Ethereum and L2 scaling solutions have not yet been able to surpass the first-tier networks. This may partly be due to fewer on-chain transactions, which leads to slower TPS implementation," the report says.
Almost all TPS records have been set in the last 12 months. 12 networks recorded a maximum in 2023, and the other 12 in 2024. The exception is the slowest Thorchain on the list, whose speed peaked in 2022.
These indicators indicate an increase in on-chain activity, which is due to "inscriptions" and speculation of meme coins, according to CoinGecko.
Recall that in March, the decentralized Fantom protocol announced the Sonic update. It is designed to increase the network bandwidth to 2000 TPS.