Mon 20 May 2024 ▪3min of reading ▪ byEddy S.
In the dynamic world of crypto, transaction speed is a key factor that influences the adoption and efficiency of blockchains. Recently, an analysis highlighted the fastest blockchains at the moment, revealing impressive performances and significant technological advancements.
Solana: The fastest blockchain in the crypto world!
Solana stands out as the fastest blockchain, with a record number of 91 million transactions processed in a single day, on April 6, 2024. This feat represents an average rate of 1500 crypto transactions per second (TPS), which is 46 times faster than Ethereum and more than 5 times faster than Polygon. Despite these impressive numbers, Solana has only exploited 1.6% of its theoretical maximum speed of 65,000 TPS.
In second place, we find Sui, another non-EVM blockchain, which reached 854 crypto TPS in July 2023. Other fast non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On average, non-EVM blockchains are almost 4 times faster than those compatible with EVM.
Are EVM blockchains less efficient?
Among the EVM blockchains, BNB Smart Chain (BSC) leads the race with 378 TPS, followed by Polygon with 190 TPS. However, even combined, Ethereum and its top ten scaling solutions reach a total of 500 crypto TPS. This places them ahead of BSC but still behind Solana and Sui.
This data shows that non-EVM blockchains currently dominate in terms of crypto transaction processing speed. This could be attributed to a more efficient architecture! Or to less congestion due to a lower number of transactions on the chain. Nevertheless, it is important to note that almost all real TPS records were set in the last 12 months. This indicates a trend towards continuous improvement in blockchain performance.
While Solana and Sui lead the charge as the fastest blockchains, it remains to be seen how future improvements and planned updates will affect their ability to handle an even higher volume of crypto transactions without compromising network stability. With the constant evolution of blockchain technology, the race for speed is far from over.
Eddy S.
Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
FAQs
Solana stands out as the fastest blockchain, with a record number of 91 million transactions processed in a single day, on April 6, 2024. This feat represents an average rate of 1500 crypto transactions per second (TPS), which is 46 times faster than Ethereum and more than 5 times faster than Polygon.
What is the fastest blockchain in the world? ›
The report highlighted that Solana has the highest daily average transactions per second (TPS) among blockchains, with a rate of 1,053 TPS. This is followed by Sui with 854 TPS, BSC with 378 TPS, Polygon with 190 TPS, TON with 175 TPS, Tron with 159 TPS, Near with 117 TPS, and Avalanche with 89 TPS.
Which crypto network is the fastest? ›
Algorand (Algo)
The platform can process up to 1000 transactions per second (TPS), which is significantly higher than other popular Blockchain platforms like Ethereum and Bitcoin.
What is the fastest blockchain in 2024? ›
- March 13, 2024) - Tectum, the decentralized network developed by Crispmind, has made history by becoming the fastest blockchain in the world. This is a significant stride, as the company breaks its own record of 1.2 million transactions per second and extends its streak.
Which is the fastest blockchain measured in TPS? ›
Solana takes the top spot with an impressive 1,054 TPS, followed closely by Sui with 854 TPS. These speeds are crucial for blockchain adoption and scalability.
What is the number 1 blockchain? ›
Top Blockchains
| # | Name | Dapps |
|---|
| 1 | BNB Chain BNB | 5,331 +13 |
| 2 | Ethereum ETH | 4,591 +11 |
| 3 | Polygon MATIC | 2,107 +19 |
| 4 | TRON TRX | 1,381 +1 |
21 more rowsKey Takeaways. Ripple Labs is a company behind the cryptocurrency XRP and the XRP Ledger network. Bitcoin is considered to be more decentralized than XRP, but XRP is cheaper, faster, more scalable, and environmentally friendlier.
How fast is the Tron blockchain? ›
One of the primary advantages of the TRON blockchain is its capacity to handle transactions efficiently and at scale. The network boasts a transaction speed of up to 2,000 transactions per second, significantly surpassing that of Ethereum and Bitcoin.
Which is the fastest network in the world? ›
The country with the fastest internet is Liechtenstein with 246.76Mbps. The country with the slowest internet is Afghanistan with 1.71 Mbps.
What is the fastest blockchain consensus? ›
One notable contender is Solana, a high-performance blockchain known for its impressive transaction speeds and low fees. Solana utilizes a unique consensus mechanism called Proof of History (PoH) in combination with Proof of Stake (PoS), allowing it to achieve a throughput of over 65,000 transactions per second (TPS).
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Binance Coin (BNB) | $85 billion | $580 |
| Solana (SOL) | $72 billion | $162 |
| Ripple (XRP) | $28 billion | $0.51 |
| Dogecoin (DOGE) | $22 billion | $0.15 |
6 more rowsWith 2,500 to 3,000 developers working on innovative solutions in 2023, Solana was one of the fastest-growing blockchains in the previous year. The platform showcased its diverse and rich ecosystem through events such as the Solana Season Hackathon, the Breakpoint Conference, and the Solana Solstice Festival.
Which blockchain is most busy? ›
The most popular blockchains platforms are:
- Ethereum.
- Hyperledger Fabric.
- IBM.
- OpenChain.
- Stellar.
-- Tectum is the fastest layer 1 blockchain in the world, with a proof-of-utility consensus protocol and zero-knowledge proof system. -- Tectum Wallet - a comprehensive blockchain wallet that is simple to use and enables people to manage their digital assets in one place.
What is the fastest PoS blockchain? ›
Solana (SOL)
It combines Proof of History (PoH) and Proof of Stake (PoS) to achieve high transaction speeds. PoH timestamps each transaction, speeding up validation, while PoS relies on validators ("stakers") to verify transactions. Solana offers the fastest blockchain transactions per second.
How fast is Cardano? ›
Cardano can process more than 250 transactions per second (TPS), compared with around 4.6 TPS for bitcoin and between 15 and 45 TPS for Ethereum 1.0. This makes the Cardano network very scalable.
Is Sei faster than Solana? ›
So Solana is 3x more decentralized, which is an important factor for the future. Solana wins on block time, but Sei wins nearly three times faster when it comes to finality. If you are making a trade, you need verification that it got filled within a fraction of a second. So, this is an important win for Sei.
What is the fastest PoW blockchain? ›
Compared to Bitcoin, which also uses PoW, Kaspa is a hundred times faster. Since its launch, Kaspa's blockDAG network has generated multiple blocks every second and fully confirmed transactions in 10 seconds. Its future goal is to increase to 32 blocks per second, and eventually 100 blocks per second.
