As a researcher with a background in blockchain technology, I find Solana’s recent achievement of processing over 95 million transactions in a single day and having the highest daily average transactions per second among blockchains to be truly impressive. The network’s peak performance of 1,504 TPS is an astounding figure that puts it far ahead of its competitors, including Ethereum and Bitcoin.
As a researcher examining current blockchain trends, I’ve come across an intriguing finding from the latest CoinGecko report. Solana currently holds the title of the fastest blockchain in terms of transaction processing speed. In just one day, this network managed to handle over 95 million transactions.
As a data analyst, I’ve examined the latest report from CoinGecko and found that Solana processes the most daily average transactions per second (TPS) among all blockchains, with an impressive figure of 1,053 TPS. Sui comes in second place with 854 TPS, followed by BSC at 378 TPS, Polygon recording 190 TPS, and TON handling 175 TPS. Tron manages 159 TPS, Near records 117 TPS, and Avalanche processes 89 TPS on a daily basis.
Instead of “In contrast,” you could say “Notably, the transaction processing speeds differ significantly between Ethereum and Bitcoin. Ethereum processes approximately 22.8 transactions per second (TPS), while Bitcoin manages around 10.7 TPS. This implies that non-EVM blockchains typically handle transactions nearly four times faster on average than their EVM-compatible counterparts.”
On April 6, 2023, Solana demonstrated exceptional prowess with a peak transaction throughput (TPS) of 1,504, a significant increase driven by meme coin transactions. This TPS mark is nearly 46 times faster than Ethereum’s current capabilities and more than five times quicker than Polygon‘s, making Solana the fastest Ethereum scaling alternative available.
Despite the impressive numbers, Solana’s peak transaction throughput (TPS) currently represents just 1.6% of its potential capacity of handling up to 65,000 transactions per second.
Solana is an open-source platform for building decentralized applications with a focus on reducing latency and increasing transaction processing speed, although this comes at some cost to verifiability. Key features contributing to its efficiency include:
Solana isn’t even designed for maximum throughput. It’s designed to synchronize state to as many boxes around the world as fast as physics allow.
— toly 🇺🇸| bip-420 (@aeyakovenko) May 17, 2024
In contrast to what some may believe, the main objective of Solana’s creation, as stated by its founder Anatoly Yakovenko, wasn’t solely focused on achieving the highest possible throughput. Instead, Solana is designed with a primary focus on synchronizing the blockchain state quickly across the globe, in line with the fastest physical limitations.
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2024-05-18 16:06