Solana Beats Ethereum and Polygon as the World’s Fastest Blockchain

The Solana cryptocurrency, often dubbed the “Ethereum killer,” has achieved a significant milestone by being ranked as the fastest blockchain in the world, according to a recent study by Mercado. This report points out that Solana processed an impressive 95 million transactions in a single day, significantly standing out compared to its direct competitors. At the time of publication, the price of SOL was quoted at US$170.40 with a drop of 1% in the last 24 hours.

The research highlighted that Solana achieved an average of 1,053 transactions per second (TPS), a feat that not only demonstrates its superior technical capabilities but also solidifies its status in the cryptocurrency market. Comparatively, Sui and Binance Smart Chain (BSC) recorded 854 and 378 TPS, respectively, while Ethereum and Bitcoin, two of the most established blockchains, face limitations with much lower speeds of 22.8 and 10.7 TPS, respectively.

This remarkable performance of Solana was particularly evident in April 2023, when it reached a peak of 1,504 TPS due to the increase in meme coin transactions. This number puts Solana approximately 46 times ahead of Ethereum and five times faster than Polygon, standing out as a very efficient scalability solution.

Despite these impressive numbers, CoinGecko noted that Solana only operated at 1.6% of its maximum theoretical potential, which is 65,000 TPS. This data suggests that, although it is the current leader, Solana has significant capacity for growth and improvement.

The data is in – Solana and Sui dominating Blockchain Real TPS – May 2024 @coingecko

Great monthly chart guys keep them coming.

Real TPS excludes voting transactions.

Accumulate $SOL under $200 and $SUI under $2 @solana @SuiNetwork @coingecko pic.twitter.com/Z4sFo8NzWc

— MartyParty (@martypartymusic) May 17, 2024

Solana launched on mainnet in March 2020 with the promise of processing up to 50,000 TPS, a rate that aims to address scalability inefficiencies seen on platforms like Ethereum. Unlike Ethereum, which relies on second-layer scaling solutions, Solana offers an inherently scalable infrastructure for a decentralized ecosystem. However, the network has faced criticism and technical issues, including significant outages, with a crash in April that affected approximately 76% of transactions.

In summary, while Solana faces challenges and criticism, its performance in terms of speed and processing capacity sets a new standard in the world of blockchains, directly influencing the future development of the cryptocurrency market.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.