He is the Fastest in the Blockchain World: Another Record from Solana!

Last updated: 18.05.2024 – 18:30

According to CoinGecko’s latest report, solana It is currently the fastest blockchain in the world. The network achieved significant success by processing more than 95 million transactions in a single day.

The CoinGecko report states that Solana has the highest average daily transaction speed (TPS) among blockchains, processing 1,053 transactions per second. The network is followed by Sui with 854 TPS, BSC with 378 TPS, Polygon with 190 TPS, TON with 175 TPS, Tron with 159 TPS, Near with 117 TPS and Avalanche with 89 TPS.

In comparison, Ethereum processes 22.8 transactions per second and Bitcoin processes 10.7 transactions per second. This shows that EVM-compatible blockchains are approximately four times slower on average than non-EVM-compatible ones.

Solana’s performance was particularly notable due to the increase in meme coin transactions on April 6, 2023, reaching 1,504 transactions per second. This performance is 46 times the TPS of Ethereum and more than five times the TPS of Polygon, the fastest among Ethereum scaling solutions.

However, despite these impressive numbers, Solana’s top TPS is only 1.6% of the 65,000 TPS he can theoretically achieve.

As an open-source blockchain platform, Solana prioritizes minimizing latency and maximizing efficiency, which means sacrificing some verifiability. This is achieved through features such as proof of date (PoH), a unique timestamp mechanism, block propagation protocol Turbine, and parallel transaction processing.

According to Solana founder Anatoly Yakovenko, Solana’s main design goal is not to achieve maximum efficiency. Solana aims to synchronize the situation around the world as quickly as physical laws allow.

Writer Hasan Hüseyin Lif about :

He is a ‘sociologist’ interested in politics, economy and migration. My interest in blockchain technology first led me to KoinFinans. I have been preparing articles about the industry, especially cryptocurrency news, for about three years.

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