In the dynamic world of blockchain technology, transaction speeds have become a crucial metric for measuring platform performance. CoinGecko’s latest report reveals a notable increase in transaction speeds on leading blockchain platforms, driven by a surge in on-chain activity and the rising popularity of meme coins.
Solana leads the pack
Solana has become the fastest blockchain among the major blockchains, reaching a record high of 1,504 transactions per second (TPS) on April 6, 2024. This makes Solana 46 times faster than Ethereum and over 5 times faster than Polygon, the leading scaling solution of Ethereum. . Despite this, Solana only achieved 1.6% of its theoretical maximum speed of 65,000 TPS. The platform faces challenges related to network congestion, prompting anticipation of upcoming upgrades that could further increase TPS.
Non-EVM blockchains are outpacing EVMs
Among non-EVM blockchains, Sui stands out with a peak TPS of 854, reached in July 2023 during the popularity wave of the on-chain game Sui 8192. Other notable performers include TON with 175 TPS and Near Protocol with 118 TPS. In comparison, EVM-based blockchains average only 74 TPS, making non-EVM blockchains almost four times faster on average.
BSC and Polygon lead EVM blockchains
Binance Smart Chain (BSC) and Polygon have recorded significant transaction speeds between EVM blockchains. BSC reached 378 TPS on December 7, 2023, driven by a surge in on-chain activity, while Polygon reached 190 TPS on November 16, 2023. Despite their performance, these platforms still lag behind Solana and Sui in overall transaction speed.
Increasing activity in the chain
The report notes that almost all top blockchains set new records for real TPS over the past twelve months, with 24 of the 25 platforms reaching their highest TPS levels during this period. This increase in activity is fueled by increased interest in meme coins and inscription-based 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, the upcoming upgrades are expected to further enhance TPS capabilities. Meanwhile, EVM-based blockchains are aiming to catch up, with BSC and Polygon leading the way among Ethereum scaling solutions. These numbers underscore the rapid progress in blockchain transaction speeds, driven by technological innovations and growing on-chain activity.