Solana outperforms Ethereum and Polygon in transaction speed

A recent report from CoinGecko confirms Solana's dominance, revealing that it is the fastest among major blockchains.

With an average of 1,504 transactions per second (TPS), excels Solana on Ethereum It is 46x faster than Polygon, the best scaling solution for Ethereum.

TPS Solana: 46x faster than Ethereum

On April 6, 2023, during a surge in memecoin activity, Solana showed its peak performance. It achieved the highest daily TPS recorded.

“Despite this impressive achievement, it is important to note that Solana is operating at just 1.6% of its theoretical maximum speed of 65,000 TPS,” noted CoinGecko.

Non-EVM blockchains generally outperform EVM-enabled ones in terms of speed. On average, non-EVM blockchains are 3.9x faster than their EVM counterparts. Sui, another non-EVM blockchain, recorded the second highest physical TPS at 854, thanks to the popularity of the Sui 8192 blockchain game. Other fast non-EVM blockchains include TON with 175 TPS and Near Protocol at 118 TPS .

In contrast, EVM and EVM-compatible blockchains generate on average only 74 TPS. BNB Smart Chain (BSC) leads the EVM category with 378 TPS, achieved during a surge in on-chain activity on December 7, 2023. Polygon follows, recording 190 TPS on November 16, 2023, making it the fastest among Ethereum scaling solutions and 8.4x faster than Ethereum itself.

Read more: Three different ways to buy Solana Coin

Ethereum and the most comprehensive scaling solutions collectively achieved a real TPS of 500, behind Solana and Sui. Other notable Ethereum scaling solutions include Arbitrum with 59 TPS, Linea at 56 TPS, Base with 37 TPS, and Mantle at 25 TPS.

The study highlights that almost all major blockchains have established the highest real TPS over the past year. The only exception is Thorchain, which peaked in May 2022.

Challenges remain

Although quickly Solana Impressive, but there were network reliability issues. In February 2024, I witnessed Major Solana outage due to performance degradation. Auditors reported a temporary halt in transactions, putting the network's effectiveness under scrutiny.

Additionally, Pump.fun Introduces Solana’s DeFi Protocol Tackle Tuesday. A scalper used flash loans to settle contracts, resulting in a loss of 12,000 soles, or approximately $2 million. The Pump.fun team responded by upgrading contracts and temporarily halting trading to prevent further exploitation.

While Solana’s leadership position in blockchain speed is undeniable, it also faces significant challenges. This dichotomy permeates the complexity of blockchain technology, Solana's potential shines through its speed but also highlights the need for continued efforts to maintain the reliability and security of the network.