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Our analysis of the situation
In the hyper-competitive arena of blockchain technology, the pursuit of faster transaction speeds has always been a hot topic. But in this high-stakes race, Solana has not just stolen the show; it has rewritten the rules, leaving its rivals in the dust.
According to a recent report by crypto data powerhouse, CoinGecko, Solana has firmly established itself as the undisputed champion in transaction processing speeds. The study delved deep into the practical transaction performance of major blockchain networks, scrutinizing both Ethereum-based and non-Ethereum Virtual Machine (EVM) protocols.
The findings speak volumes. Solana’s real-world transaction per second (TPS) average surged to a staggering 1,504 on April 6th, 2022, a mind-blowing 46 times faster than Ethereum, the runner-up in this high-octane game. With a TPS more than 5 times faster than Polygon (MATIC), which currently boasts the highest TPS among Ethereum scaling solutions, Solana has magnificently raised the bar for its peers.
This phenomenal performance underscores Solana’s unrivaled capacity to seamlessly handle a deluge of transactions, especially during wild market fluctuations, such as the recent Memecoin mania that soared within the Solana network.
While Solana’s prowess is a cause for celebration, the fact that it has achieved only 1.6% of its “theoretical maximum speed” of 65,000 TPS reveals that there is still ample room for growth. All eyes are now firmly fixed on the network's upcoming upgrades to see when it can shatter its own TPS records.
In this fast lane of blockchain speeds, the non-EVM protocol Sui surged to a real TPS of 854 in July 2023, closely following Solana’s trailblazing path. Other notable non-EVM performers include The Open Network (TON) with 175 TPS and Near Protocol (NEAR) at 118 TPS. A clear divide emerges as the average peak TPS of non-EVM blockchains (284) leaves the 17 largest EVM and EVM-compatible blockchains trailing behind at just 74 TPS.
Amidst this fervent competition, Binance Smart Chain (BSC) managed to secure its place as the fastest Ethereum-based blockchain, clocking 378 TPS on December 7th, 2023. Polygon, too, dazzled by recording 190 TPS on November 16th, 2023, showcasing that it’s the quickest among the largest Ethereum scaling solutions. Nevertheless, the leading non-EVM blockchains continue to outpace even these impressive speeds.
Amid the fireworks of these revelations, Solana's trading value surged to $168, marking a nearly 7% uptick in the last 24 hours and an astounding 720% gain year-to-date.
It's clear that Solana’s meteoric rise has set the pace for an electrifying revolution in the world of blockchain technology, shattering barriers and redefining the limits of what's possible. As the industry hurtles forward, Solana is not just leading the way; it's leaving a pulsating trail of innovation that is redefining what it means to set the gold standard. If speed is the name of the game, Solana is playing it while redefining it.
Featured image from DALL-E, chart from TradingView.com
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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