In the ever-evolving realm of blockchain technology, transaction speeds have become a crucial gauge of platform performance. A recent report from CoinGecko highlights a significant increase in transaction speeds across prominent blockchain platforms, propelled by a surge in on-chain activity and the growing popularity of meme coins.
Leading the way is Solana, which has emerged as the fastest blockchain among its peers, achieving an impressive 1,504 transactions per second (TPS) on April 6, 2024. This milestone places Solana 46 times ahead of Ethereum and more than 5 times faster than Polygon, the top Ethereum scaling solution. Despite this achievement, Solana has only reached 1.6% of its maximum theoretical speed of 65,000 TPS, facing challenges like network congestion. Anticipation is high for upcoming upgrades that could further boost its TPS capabilities.
In the realm of non-EVM blockchains, Sui stands out with a peak TPS of 854, attained in July 2023 during the surge in popularity of the on-chain game Sui 8192. Other standout performers include TON with 175 TPS and Near Protocol with 118 TPS. In comparison, EVM-based blockchains have an average TPS of only 74, making non-EVM blockchains nearly four times faster on average.
Among EVM blockchains, Binance Smart Chain (BSC) and Polygon lead the pack in transaction speeds. BSC hit 378 TPS on December 7, 2023, driven by increased on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite their accomplishments, these platforms still trail behind Solana and Sui in overall transaction speed.
The report highlights a trend of new TPS records being set by most top blockchains within the past year, with 24 out of 25 platforms achieving their highest TPS levels during this period. This surge in activity is fueled by growing interest in meme coins and inscription-driven transactions. Platforms like Solana and Sui are at the forefront of pushing the boundaries of transaction speed as blockchain technology continues to advance.
Despite challenges like network congestion, upcoming upgrades are expected to enhance TPS capabilities further. Meanwhile, EVM-based blockchains are striving to catch up, with BSC and Polygon leading the way among Ethereum scaling solutions. These developments underscore the rapid progress in blockchain transaction speeds, driven by technological innovations and increasing on-chain activity.