Mon 20 May 2024 ▪3min of reading ▪ byEddy S.
In the dynamic world of crypto, transaction speed is a key factor that influences the adoption and efficiency of blockchains. Recently, an analysis highlighted the fastest blockchains at the moment, revealing impressive performances and significant technological advancements.
Solana: The fastest blockchain in the crypto world!
Solana stands out as the fastest blockchain, with a record number of 91 million transactions processed in a single day, on April 6, 2024. This feat represents an average rate of 1500 crypto transactions per second (TPS), which is 46 times faster than Ethereum and more than 5 times faster than Polygon. Despite these impressive numbers, Solana has only exploited 1.6% of its theoretical maximum speed of 65,000 TPS.
In second place, we find Sui, another non-EVM blockchain, which reached 854 crypto TPS in July 2023. Other fast non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On average, non-EVM blockchains are almost 4 times faster than those compatible with EVM.
Are EVM blockchains less efficient?
Among the EVM blockchains, BNB Smart Chain (BSC) leads the race with 378 TPS, followed by Polygon with 190 TPS. However, even combined, Ethereum and its top ten scaling solutions reach a total of 500 crypto TPS. This places them ahead of BSC but still behind Solana and Sui.
This data shows that non-EVM blockchains currently dominate in terms of crypto transaction processing speed. This could be attributed to a more efficient architecture! Or to less congestion due to a lower number of transactions on the chain. Nevertheless, it is important to note that almost all real TPS records were set in the last 12 months. This indicates a trend towards continuous improvement in blockchain performance.
While Solana and Sui lead the charge as the fastest blockchains, it remains to be seen how future improvements and planned updates will affect their ability to handle an even higher volume of crypto transactions without compromising network stability. With the constant evolution of blockchain technology, the race for speed is far from over.
Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
FAQs
Solana a non-EVM blockchain takes the first spot as the fastest blockchain followed by Sui another non-EVM blockchain, going by this list the fastest EVM-compatible blockchain is BNB Smart Chain (BSC). See: What is an Ethereum Virtual Machine (EVM)?
Which crypto is fastest? ›
Solana (SOL)
Solana offers the fastest blockchain transactions per second. It can handle up to 65,000 transactions per second (TPS). Its architecture allows parallel processing of multiple transactions, enhancing throughput and scalability.
Which is the fastest blockchain measured in TPS? ›
Solana leads as the fastest blockchain with a record 1,504 TPS, per CoinGecko's study. Despite its potential for 64,000 TPS, Solana's highest recorded is much lower, at only 1.6% of this figure.
Is Solana the fastest blockchain? ›
According to a recent CoinGecko report, Solana is the fastest blockchain in the world at the moment. In a single day, the network processed over 95 million transactions.
What is the number 1 blockchain? ›
In 2021, the total number of transactions on Ethereum surpassed the number of Bitcoin transactions for the first time. Because Ethereum is the foundation network for so many cryptocurrencies – and for most NFTs as well – it is reasonable to identify Ethereum as the world's most popular blockchain network.
What crypto has the most potential? ›
Long-term investors will view Bitcoin as the best crypto with the most potential. While it's already a trillion-dollar project, Bitcoin's long-term growth trajectory is uncapped. It's the most important crypto in the blockchain ecosystem; its value determines how the broader market performs.
Which is faster, Solana or XRP? ›
XRP revolutionizes cross-border payments with speed and low cost, despite facing regulatory hurdles. Solana provides a robust platform for DApps and DeFi with unparalleled throughput and low latency but struggles with network stability.
What is the best performance blockchain? ›
One notable contender is Solana, a high-performance blockchain known for its impressive transaction speeds and low fees. Solana utilizes a unique consensus mechanism called Proof of History (PoH) in combination with Proof of Stake (PoS), allowing it to achieve a throughput of over 65,000 transactions per second (TPS).
What is faster than blockchain? ›
DAG offers high scalability, making it suitable for networks with significant transaction volumes. Transactions in DAG networks are faster compared to traditional blockchains. Transaction costs are minimal, making it cost-effective for users. DAG eliminates mining, reducing energy consumption.
Which coin has the fastest blockchain? ›
Solana, Sui and Binance Smart Chain have recorded the highest real transactions per second among blockchain networks. Solana ranks first with 1,053 daily average TPS per the CoinGecko report.
This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, the highest TPS solution in Ethereum's scalability solutions. Despite being the fastest blockchain, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
How fast is Polygon TPS? ›
Polygon allows up to 65,000 transactions per second.
Is Sei faster than Solana? ›
According to data from Chainspect, in the last 30 days, Solana and Hedera were the top two chains for actual TPS, with Sei coming in sixth. However, of the chains in the top ten by TPS, Sei is clearly the fastest for TTF at 0.38 seconds with the next closest chain at 6 seconds.
Is AptOS the fastest blockchain? ›
As the graph above shows, Aptos is the fastest blockchain to consistently achieve sub-second E2E latency for all transaction types. It's worth noting that even though the above benchmark was run in Asia, Aptos achieves sub-second latency across all other tested regions as well.
