In the ever-changing realm of blockchain technology, the speed of transactions has become a crucial measure of platform performance. According to the latest report from CoinGecko, there has been a significant increase in transaction speeds across leading blockchain platforms, thanks to a surge in on-chain activity and the growing popularity of meme coins.
Leading the way is Solana, which has emerged as the fastest blockchain among its peers. On April 6, 2024, Solana achieved a record-breaking 1,504 transactions per second (TPS). This puts Solana a staggering 46 times faster than Ethereum and over 5 times faster than Polygon, the leading scaling solution for Ethereum. However, despite this impressive feat, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS. The platform is faced with challenges related to network congestion, but there is anticipation for upcoming upgrades that could further boost its TPS.
When it comes to non-EVM blockchains, Sui stands out with its peak TPS of 854, which was achieved in July 2023 during the surge in popularity of the on-chain game Sui 8192. Other notable performers in this category include TON with 175 TPS and Near Protocol with 118 TPS. In comparison, EVM-based blockchains have an average TPS of only 74, making non-EVM blockchains nearly 4 times faster on average.
Among the EVM blockchains, Binance Smart Chain (BSC) and Polygon have recorded impressive transaction speeds. BSC achieved 378 TPS on December 7, 2023, driven by increased on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite these achievements, these platforms still lag behind Solana and Sui in terms of overall transaction speed.
The report highlights that almost all of the top blockchains have set new records for real TPS in the past year, with 24 out of 25 platforms achieving their highest TPS levels during this period. This surge in activity has been fueled by the growing interest in meme coins and inscription-driven transactions. As blockchain technology continues to evolve, platforms like Solana and Sui are pushing the boundaries of transaction speed.
Despite challenges such as network congestion, upcoming upgrades are expected to further enhance the TPS capabilities of these platforms. Meanwhile, EVM-based blockchains are striving to catch up, with BSC and Polygon leading the way among Ethereum scaling solutions. These figures highlight the rapid advancements in blockchain transaction speeds, driven by technological innovations and the increasing on-chain activity.
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