In the ever-evolving landscape of blockchain technology, transaction speed has become a critical benchmark for evaluating network efficiency. A recent CoinGecko report highlights unprecedented advancements in transaction speeds across major blockchain platforms, fueled by heightened on-chain activity and the meme coin boom.
Solana: The Speed Champion
Solana dominates as the fastest large-scale blockchain, peaking at 1,504 TPS on April 6, 2024. This performance outpaces Ethereum by 46x and Polygon (Ethereum’s top scaling solution) by 5x. Interestingly, Solana operates at just 1.6% of its theoretical capacity (65,000 TPS), with network congestion being a key bottleneck. Upcoming protocol upgrades aim to address this and push speeds even higher.
👉 Explore how Solana achieves its blazing-fast speeds
Key Takeaways:
- Solana’s real-world TPS: 1,504 (April 2024).
- Ethereum comparison: 46x slower than Solana.
- Future potential: Upgrades could unlock higher throughput.
Non-EVM Blockchains: Speed Pioneers
Sui, a standout non-EVM blockchain, hit 854 TPS in July 2023 during the hype for its on-chain game Sui 8192. Other leaders include:
- TON: 175 TPS.
- Near Protocol: 118 TPS.
Non-EVM chains average 4x faster speeds than EVM-based counterparts (74 TPS), showcasing their technical edge.
EVM Blockchains: BSC and Polygon Shine
Among EVM-compatible blockchains:
- Binance Smart Chain (BSC): Peaked at 378 TPS (December 2023).
- Polygon: Reached 190 TPS (November 2023).
Despite progress, EVM platforms trail behind Solana and Sui, highlighting the need for further scalability solutions.
FAQ: Blockchain Speed Demystified
Q: Why is Solana faster than Ethereum?
A: Solana uses a unique consensus mechanism (Proof-of-History) combined with parallel processing, reducing latency.
Q: What’s the trade-off for Sui’s high speed?
A: Sui prioritizes low-latency transactions but faces centralization concerns due to its smaller validator set.
Q: Can EVM chains catch up?
A: Yes—through layer-2 solutions (e.g., Arbitrum) and modular designs (e.g., Ethereum’s Danksharding).
The Future of Blockchain Speed
👉 Discover how OKX supports high-speed blockchains
Recent data shows 24/25 top blockchains set TPS records in the past year, driven by:
- Meme coin mania.
- Inscription-based transactions.
Challenges Ahead:
- Network congestion (Solana, Sui).
- EVM scalability limits.
Upcoming upgrades promise higher throughput, while developers explore hybrid models to balance speed and decentralization. The race for faster blockchains is far from over!