Comparing the Processing Speed of Top Blockchain Networks: Solana Leads the Way
Solana Emerges as the Fastest Blockchain Network According to CoinGecko Report
In a recent report by CoinGecko, the processing speed of the largest blockchain networks in terms of total value locked on DeFiLlama was examined, and the results may surprise many in the crypto community. The report outlined the fastest blockchain networks based on the actual and realized transactions-per-speed (TPS) metric, with Solana leading the way.
Despite experiencing several outages in recent years, Solana has emerged as the fastest blockchain network on CoinGecko’s list. With an average daily TPS of 1,053.7 and a record of over 1,500 TPS on April 6, Solana has proven to be 46 times faster than Ethereum and more than 5 times faster than Polygon, the highest TPS among Ethereum scaling solutions.
The report also highlighted the fact that Ethereum and Bitcoin did not even make it into the top 15 fastest blockchain networks. Ethereum, which transitioned from proof of work to proof of stake in late 2022, sits at the 17th spot with an average TPS of 22.7, while Polygon, the largest layer 2 network on Ethereum, posted 190 TPS, making it 8.4 times faster than Ethereum itself.
Interestingly, non-EVM networks like Sui and the Binance Smart Chain also made it to the top 3 list, with CoinGecko noting that non-EVM blockchains are, on average, 4 times faster than their EVM counterparts.
With its speed and relatively low transaction fees, Solana has become the home to numerous meme coins that have gained popularity during this cycle. The report also highlighted other fast blockchain networks like Blast, Merlin, Mode, zkLink Nova, and Thorchain, which ranked behind Bitcoin in terms of TPS.
Overall, the CoinGecko report sheds light on the evolving landscape of blockchain networks and the importance of speed and efficiency in the world of decentralized finance. Solana’s dominance in terms of processing speed signals a shift in the industry towards faster and more scalable blockchain solutions.
