According to a report by CoinGecko, Solana has proven to be the fastest among the major blockchains.
Amid the meme coin boom on Solana, the average daily transactions per second (TPS) hit an all-time high of 1,504 on April 6, according to the report.
“This makes Solana more than 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions, and 46 times faster than Ethereum.”
CoinGecko Report
Despite being considered the fastest blockchain, Solana only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.
BNB Chain and Polygon are the fastest EVM blockchains, with 378 TPS and 190 TPS respectively. The latter is 8.4 times faster than Ethereum, with a speed of 22.7 transactions per second.
Almost all TPS records were set in the past 12 months. Twelve networks peaked in 2023, and another twelve networks peaked in 2024. The exception is Thorchain, which is the slowest on the list. Thorchain’s pace will peak in 2022. CoinGecko claims that this indicator shows an increase in activity on-chain due to speculation about inscriptions and memes. coin.
However, Solana’s speed did not protect the network from the growth of fraudulent tokens. A cryptocurrency detective using the pseudonym ZachXBT identified 12 meme coin projects issued on the Solana blockchain, which were abandoned by their founders shortly after the preliminary sale of the assets. The 27 meme coin projects based on Solana have attracted approximately $112 million in investor assets.