NEW YORK, Tuesday, May 28, 2024 – A new report by cryptocurrency data aggregator CoinGecko sheds light on the transaction processing speeds of the largest blockchain networks.1
The study, released in May 2024, reveals a surprising trend: established giants Bitcoin and Ethereum fall outside the top 15 fastest blockchains.
CoinGecko’s analysis examined the actual and realized transactions per second (TPS) metric to determine network processing speed.
The leader of the pack, according to the report, is Solana, boasting an average daily TPS of 1,053.7. Solana’s record high, reached on April 6, 2024, surpassed 1,500 TPS.
This performance places Solana “46 times faster than Ethereum and more than 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions,” the report states.
However, it also acknowledges that Solana’s average TPS remains far below the theoretical maximum speed of 65,000 TPS claimed by its developers.
Following Solana are Sui and the Binance Smart Chain (BSC) in the top three fastest blockchains.
The report highlights a potential advantage for non-Ethereum Virtual Machine (EVM) networks, suggesting they may be inherently faster on average. CoinGecko’s data indicates non-EVM blockchains are, on average, four times faster than their EVM counterparts.
Ethereum, which transitioned to a proof-of-stake consensus mechanism in late 2022, only managed to secure the 17th spot on the list, with an average TPS of 22.7. This stands in stark contrast to Polygon, the most popular Ethereum scaling solution, which clocks in at 190 TPS.
- Bitcoin and Ethereum in Dust: https://www.coingecko.com/research/publications/fastest-blockchains[↩]
