Solana (SOL) Ranked Fastest Blockchain: Details

Using only about 1% of its capacity, Solana is 46 times faster than Ethereum

According to a recent CoinGecko report, Solana is the fastest blockchain in the world at the moment. In a single day, the network processed over 95 million transactions.

The report from CoinGecko revealed that Solana boasts the highest daily average transactions per second (TPS) among blockchains, clocking in at 1,053 TPS. Sui follows with 854 TPS, then BSC at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS and Avalanche at 89 TPS.

In contrast, Ethereum handles 22.8 TPS and Bitcoin manages 10.7 TPS, indicating that non-EVM blockchains are nearly four times faster on average compared to their EVM-compatible counterparts.

Solana’s peak performance was particularly notable, reaching 1,504 TPS on April 6, 2023, due to a surge in meme coin transactions. This performance is 46 times higher than Ethereum’s TPS and over five times higher than Polygon’s, the fastest among Ethereum scaling solutions.

However, despite these impressive figures, Solana’s peak TPS is still only 1.6% of its theoretical maximum of 65,000 TPS.

Solana is an open-source blockchain platform that prioritizes minimizing latency and maximizing throughput, even at the expense of some verifiability. It achieves this through a unique set of features, including its novel timestamp mechanism called proof of history (PoH), the block propagation protocol Turbine and parallel transaction processing.

According to Solana’s founder, Anatoly Yakovenko, the primary design goal of Solana was not to achieve maximum throughput. Instead, Solana aims to synchronize state across the globe as swiftly as physical laws permit.

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Dan Burgin