Solana and Sui Lead the Transaction Speed

about 1 month ago

Hey folks. Hope you are in good health.

In the dynamic space of the blockchain space, transaction speeds has become an important metric for measuring performance of a platform.

According to a latest report by CoinGecko revealing a notable increase in transaction speeds across leading blockchain networks propelled by a wave of on-chain activity and the increasing popularity of memecoins.

Solana has came out as the fastest blockchain among large blockchains attaining a record high of 1,504 transactions per second (TPS) on April 6 2024.
This places Solana faster that Ethereum by 46 times and over 5 times faster than polygon.

In spite of this, Solana has only reached 1.6% of its 65,000 TPS theoretical maximum speed. The platform is experiencing issues with network congestion, which has people excited about future updates that might boost its TPS even more.

With a peak TPS of 854, sui stands out among non EVM blockchains. It was achieved during the popularity increase of the on chain game sui 8192, attained in July 2023. In comparison, Non-EVM blockchains are often about four times faster on average than EVM-based blockchains, which only average 74 TPS.

Among EVM blockchains Polygon and Binance Smart Chain (BSC) have recorded notable transaction speeds. Driven by a spike in on-chain activity, BSC hit 378 TPS on December 7, 2023, and Polygon reached 190 TPS on November 16, 2023. Inspite of their achievements, they still lag behind Solana and Sui in overall transaction speed.