Solana Emerges As Fastest Among Major Blockchains, Surpassing Ethereum And Polygon

According to PANews, a recent report by CoinGecko has revealed that Solana has proven to be the fastest among major blockchains. It reached a historical high of 1,504 transactions per second (TPS) on April 6 this year, amidst the Meme coin craze. This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, the highest TPS solution in Ethereum's scalability solutions. Despite being the fastest blockchain, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS. The surge in transaction volume has led to network congestion, and how quickly Solana can reach a higher actual TPS after its upcoming upgrade remains to be seen. The report also stated that the average speed of non-EVM blockchains is almost four times that of EVMs. The second fastest blockchain is another non-EVM, Sui, which reached a peak real TPS of 854 in July 2023, thanks to the popularity of the on-chain game Sui 8192. Other fast blockchains in the non-EVM category include TON with 175 TPS and Near Protocol with 118 TPS. In contrast, the blockchains with relatively low actual processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS). The average peak TPS of the eight major non-EVM blockchains is 284, compared to just 74 for the 17 largest EVM and EVM-compatible blockchains, making non-EVM blockchains 3.9 times faster. Furthermore, the report indicated that BSC and Polygon have become the fastest EVM blockchains. Amid a surge in inscription-driven on-chain activity, BSC's actual TPS reached 378 on December 7, 2023, making it the fastest blockchain in the EVM, although it only ranks third overall and its processing speed is less than half of Sui's. Similarly, the inscription craze led Polygon's actual TPS to reach 190 on November 16, 2023. Therefore, Polygon is currently the fastest in the largest Ethereum scalability solutions, 8.4 times faster than Ethereum itself, although Polygon is further behind the top three fastest blockchains. In other words, individual Ethereum scalability solutions and Layer 2 have not yet been able to surpass other Layer 1s in terms of actual processing speed. This may be partly due to the fewer on-chain transactions on Ethereum's scalability solutions, resulting in slower TPS achieved by these blockchains. The total actual TPS of Ethereum and its top ten scalability solutions is 500, leading BSC in combined processing speed, but still slower than Solana and Sui. Apart from Polygon, the other four scalability solutions have been proven to be faster than Ethereum (23 TPS), including Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS). The report also mentioned that almost all real TPS records of various blockchains were set in the past 12 months.