CoinGecko Report: Solana Leads with 91 Million Daily Transactions, Surpasses Ethereum
Solana has established itself as the fastest among major blockchains, processing an astounding 91 million transactions in a single day.
According to CoinGecko’s recent update, on April 6, during a meme coin frenzy, Solana set a record with an average of 1,504 transactions per second (TPS) daily. This speed is 46 times faster than Ethereum and more than five times quicker than Polygon, which has the highest TPS among Ethereum scaling solutions.
Solana’s Performance and Potential
Despite being the fastest blockchain, Solana only reached 1.6% of its theoretical maximum speed of 65,000 TPS. The surge in transaction volume led to network congestion, raising questions about how much faster Solana could perform after upcoming upgrades.
Second Fastest Blockchain: Sui
Sui, another non-EVM (Ethereum Virtual Machine) platform, was confirmed as the second fastest blockchain. In July 2023, Sui recorded a peak TPS of 854 due to the popularity of the on-chain game Sui 8192.
Other notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On the lower end of the speed spectrum, Aptos recorded 49 TPS, Starknet 12 TPS, Bitcoin 11 TPS, and Thorchain 2 TPS.
Comparing Non-EVM and EVM Blockchains
When comparing non-EVM blockchains with EVM and EVM-compatible blockchains, the former had an average peak TPS of 284, while the 17 largest EVM blockchains averaged only 74 TPS. Binance Smart Chain (BSC) stood out among EVM blockchains, achieving 378 TPS on December 7, 2023, driven by increased on-chain activity. As a leading Ethereum scaling solution, Polygon reached 190 TPS on November 16, 2023, making it 8.4 times faster than Ethereum itself.
Ethereum Layer 2 Solutions Lagging
The report indicates that Ethereum’s scaling and layer 2 solutions have yet to surpass other layer 1 blockchains in terms of actual processing speed. This lag is attributed to fewer on-chain transactions on Ethereum scaling solutions, resulting in lower actual TPS.
Overall, Ethereum and its top ten scaling solutions combined reached an actual TPS of 500, surpassing BSC but still lagging behind Solana and Sui. Other scaling solutions exceeding Ethereum in TPS include Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS).
Surge in Blockchain Activity
In the past year, 24 out of the 25 analyzed blockchains experienced their highest actual TPS, reaching new activity levels. This surge is linked to the rise of inscriptions and meme coin speculation, which have driven increased on-chain activity.
Since early April, the cryptocurrency market has launched over one million new tokens. Ethereum and Solana have been at the forefront of this token boom, with Ethereum hosting over 370,000 new tokens and Solana an impressive 640,000 new tokens, most of which are meme coins.
