LONDON, Monday, May 27, 2024 – Solana has emerged as the leader in daily transaction processing, according to a recent report by CoinGecko. The blockchain platform recorded a staggering 91 million transactions in a single day, surpassing Ethereum, the previous frontrunner.
The report dated Friday, May 17, 2024, can be seen here.
The CoinGecko report, published in May 2024, highlights Solana’s peak daily average transactions per second (TPS) of 1,504 on April 6, 2024. This surge was attributed, in part, to the “memecoin frenzy” within the cryptocurrency market.
Solana’s performance places it at a significant advantage. Compared to Ethereum, it boasts a 46-fold increase in transaction speed. Additionally, it outpaces Polygon, the leading Ethereum scaling solution, by a factor of more than five.
While impressive, it is important to note that Solana has only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.
This raises questions about the network’s ability to handle even higher transaction volumes in the future, particularly as upgrades are implemented.
The report also explores the performance of other blockchains.
Sui, another non-Ethereum Virtual Machine (EVM) platform, reached a peak TPS of 854 in July 2023, fueled by the popularity of the on-chain game Sui 8192. Overall, non-EVM blockchains displayed an average peak TPS of 284, compared to just 74 for the 17 largest EVM-based blockchains.
Binance Smart Chain (BSC) stood out among EVM blockchains, achieving a real TPS of 378 on December 7, 2023, likely due to increased on-chain activity. Polygon, the Ethereum scaling solution, reached 190 TPS on November 16, 2023, making it roughly eight times faster than Ethereum itself.
The report underscores the ongoing competition within the blockchain landscape, with various platforms vying for dominance in transaction speed and scalability. It also highlights the challenges faced by Ethereum scaling solutions in surpassing the capabilities of some non-EVM blockchains.
