Solana and SUI Race to the Top of the Blockchain With Record-Breaking Transaction Speeds
In the constantly evolving realm of blockchain technology, the rate at which transactions are processed has become an essential component in determining how healthy platforms are performing. According to the most recent report from CoinGecko, there has been a notable increase in the speed at which transactions are processed on prominent blockchain platforms. Both the rise in popularity of meme coins and the increase in the amount of activity that occurs on the blockchain can be credited for this surge.
Solana Is the Leader of the Pack
Because it reached an impressive milestone of 1,504 transactions per second (TPS) on April 6, 2024, Solana has established itself as the blockchain that is the fastest among its competitors. The speed of Solana is significantly quicker than that of Ethereum by a staggering 46 times, and it is more rapid than Polygon, which is the leading scaling solution for Ethereum, by more than four times.
On the other hand, Solana has only managed to achieve 1.6% of its potential maximum speed of 65,000 TPS. Due to the fact that the platform is experiencing difficulties as a result of network congestion, there are high expectations for upcoming upgrades that have the potential to improve its TPS even further.
Non-EVM Blockchains Are Faster Than EVMs
Not only does Sui stand out from other blockchains that do not make use of EVM technology, but it also achieves an impressive peak transaction processing speed of 854. This accomplishment took place in July of 2023, which coincided with the rise in popularity of the on-chain game Sui 8192. TON, which has a throughput of 175 TPS, and Near Protocol, which has a throughput of 118 TPS, are two additional models that have demonstrated remarkable performance.
Non-EVM blockchains perform significantly better than EVM-based blockchains when it comes to speed. This difference is significant indeed. Non-EVM blockchains, on average, are nearly four times faster than EVM blockchains, with an average of 74 transactions per second (TPS).
Both BSC and Polygon Are the Leaders of Evm Blockchains
Polygon and Binance Smart Chain (BSC) have both achieved remarkable transaction speeds in comparison to other Ethereum virtual machine (EVM) blockchains. On December 7, 2023, BSC achieved an impressive 378 TPS as a result of a significant increase in the amount of activity that occurred on the blockchain.
On November 16, 2023, Polygon was able to achieve a respectable 190 frames per second using the same method. In spite of the fact that they have gained a lot, these platforms still need to be faster than Solana and Sui when it comes to the overall transaction speed.
Growing Activity on the Chain
The report highlights that almost all leading blockchains have achieved unprecedented levels of actual TPS in the last year. During this timeframe, 24 out of 25 platforms reached their peak TPS levels. A growing interest in meme coins and transactions powered by inscriptions has been the primary driver of recent activity growth.
Conclusion
In conclusion, thanks to the rapid development of blockchain technology, platforms such as Solana and Sui are revolutionizing the speed of transactions. And that’s just the beginning.
The forthcoming improvements are anticipated to strengthen TPS capabilities significantly despite obstacles such as network congestion. While this is going on, EVM-based blockchains are working hard to keep up with the competition, with BSC and Polygon currently leading the pack among Ethereum scaling solutions. The statistics presented in this article show a rapid increase in the speed of transactions on the blockchain due to technological advances and increased activity on the blockchain.
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