Blockchain technology continues to evolve at an impressive pace, with various networks vying to prove their superiority in speed and efficiency. Recently, Solana has emerged as a frontrunner, setting a record with its daily average transactions per second (TPS) reaching 1,504 on April 6, 2024. This is a significant leap, making Solana 46 times faster than Ethereum and over five times faster than Polygon, which boasts the highest TPS among Ethereum scaling solutions.
Solana’s achievement, while notable, only represents 1.6% of its theoretical maximum speed of 65,000 TPS. This discrepancy highlights the ongoing challenge of network congestion, even as the number of transactions continues to surge. Future upgrades are anticipated to further enhance Solana’s real TPS, potentially setting new benchmarks for the industry.
Non-EVM blockchains, on average, exhibit higher speeds than their EVM counterparts. For instance, Sui, another non-EVM blockchain, recorded its highest real TPS of 854 in July 2023 during a spike in popularity for the on-chain game Sui 8192. Other notable non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. Despite these impressive figures, some non-EVM blockchains like Aptos and Starknet lag behind, with 49 TPS and 12 TPS respectively.
In contrast, EVM and EVM-compatible blockchains, such as BNB Smart Chain (BSC) and Polygon, have shown commendable performance. BSC achieved 378 TPS on December 7, 2023, amid a surge in on-chain activity driven by inscriptions. Polygon also recorded a high of 190 TPS on November 16, 2023, demonstrating its efficiency as an Ethereum scaling solution.
Ethereum’s own performance, along with its top ten scaling solutions, collectively reached a real TPS of 500. This combined speed surpasses that of BSC but remains behind Solana and Sui. Among these scaling solutions, Arbitrum and Linea stand out with 59 TPS and 56 TPS respectively, while Base and Mantle contribute with 37 TPS and 25 TPS.
The data reveals that nearly all top blockchains set their highest real TPS within the last year, underscoring the rapid increase in on-chain activity. This trend is largely driven by the rise in inscriptions and memecoin speculation. The exception is Thorchain, which reached its peak TPS in May 2022.
Bitcoin, often seen as the pioneer of blockchain technology, recorded a modest 11 TPS. While Bitcoin’s transaction speed is slower compared to newer blockchains, its dominance in the market remains unchallenged. As of now, Bitcoin holds a commanding 52% dominance in the cryptocurrency market, a testament to its enduring value and trust among users.
In the context of these advancements, Bitcoin’s role is pivotal. Despite its slower transaction speed, Bitcoin’s network remains one of the most secure and decentralized. Its ability to maintain a high level of trust and security continues to underpin the entire cryptocurrency ecosystem. Moreover, Bitcoin’s slower TPS is offset by the development of second-layer solutions like the Lightning Network, which aims to facilitate faster and cheaper transactions.
As blockchain technology continues to mature, the interplay between speed, security, and decentralization will shape the future of the industry. Solana, with its recent achievements, sets a high bar, but the enduring reliability and security of Bitcoin will likely ensure its continued relevance. The evolving landscape will undoubtedly see further innovations aimed at enhancing both speed and efficiency without compromising on security, positioning blockchain as a cornerstone of the future digital economy.
In conclusion, while new blockchains like Solana and Sui push the boundaries of transaction speed, Bitcoin’s foundational role and ongoing improvements highlight the diverse approaches within the blockchain space. The competition between different blockchains drives innovation, ultimately benefiting the broader cryptocurrency ecosystem.
