Solana Sets New Record for Transaction Speed among Blockchains

Solana Breaks Throughput Record in the Blockchain World

On April 6, 2024, Solana achieved a groundbreaking milestone by setting a new record for throughput among first and second layer blockchains (L1 and L2). According to analysts at CoinGecko, the average transactions per second (TPS) in the Solana network reached an impressive 1054, outperforming Ethereum by 46 times and Polygon by over 5 times. This achievement comes amidst a rising interest in meme tokens based on Solana, leading to a surge in network activity.

Solana Utilizes Only a Fraction of its Maximum Speed

Despite the remarkable speed achieved by Solana, it’s important to note that the network is currently utilizing only 1.6% of its theoretical maximum speed, which stands at a staggering 65,000 TPS. CoinGecko analysts highlight that the increase in transactions has caused network congestion, and it remains uncertain how quickly Solana will reach its full potential maximum speed with upcoming updates.

Blockchain Speed Rankings and Trends

An interesting observation made by analysts is that blockchains not utilizing the Ethereum Virtual Machine (EVM) operate nearly 4 times faster on average compared to their EVM-compatible counterparts. For instance, blockchains without EVM support demonstrate an average maximum throughput of 284 TPS, while EVM-compatible blockchains show only 74 TPS on average.

In the speed rankings, the Sui blockchain holds the second position, achieving 854 TPS in July of the previous year following the launch of the game Sui 8192, which resulted in increased network activity.

Summary of Blockchain TPS Records

Analysts examined 25 blockchains and found that 24 of them updated their TPS records in the past 12 months, with half achieving new highs last year and the other half this year. The lone exception is Thorchain, which set its record in May 2022.

The surge in network activity across various blockchains is attributed to the growing interest in meme tokens and emerging trends like Inscriptions, marking an exciting time in the blockchain world.