- Solana has dispelled all other blockchains.
- This network has proven to be able to compete with Ethereum and Polygon in terms of speed.
- At the same time, non-EVM chains have proven to be 4x faster than EVM networks.
On Friday, Solana proved to be the fastest of the large-scale blockchains, processing up to 91 million transactions per day, CoinGecko said.
The analysis comes after the Solana network faced prolonged congestion issues throughout April. This caused SOL to rise north of $200 on the 1st of each month before falling below $150. The Solana team has since released several updates to help resolve this issue.
Solana blockchain surpasses Polygon and Ethereum
As of May 17, Solana has established itself as the fastest blockchain in the industry, according to an analysis by CoinGecko. The network’s actual daily average transactions per second (TPS) hit an all-time high of 1,504 on April 6.
“This makes Solana 46 times faster than Ethereum, and more than 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions,” CoinGecko said.
However, despite Solana being ranked as the fastest blockchain, the memecoin craze in April saw the network only achieve 1.6% of its theoretical maximum speed of 65,000 TPS.
Sui emerged as the second-fastest blockchain, hitting its highest ever transaction speed of 854 TPS in July 2023, as the on-chain game Sui 8192 gained popularity. BSC, Polygon, and TON followed Sui with 378TPS, 190TPS, and 175TPS, respectively.
Meanwhile, our analysis shows that non-EVM blockchains have proven to be, on average, nearly four times faster than EVMs, with eight non-EVM networks recording an average maximum TPS of 284.
Read this article to learn how to solve Solana’s congestion problem:
Will the Solana update solve the congestion? Here’s what it depends on:
Stay up to date on Robinhood’s Solana staking product:
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