A current report from CoinGecko highlights Solana speed dominance: with a mean of 1,504 transactions per second (TPS), the blockchain outpaces Polygon and Ethereum by 5 and 46 instances, respectively.
Solana is 46 instances quicker than Ethereum
On April 6, 2024, throughout a surge in curiosity in memecoins, Solana demonstrated its most capabilities, attaining a document day by day TPS. “Regardless of this spectacular outcome, you will need to word that Solana is operating at simply 1.6% of its theoretical most speed of 65,000 TPS,” CoinGecko famous.
Blockchains that don’t help EVM are, on common, quicker than EVM-compatible ones. Sui got here in second in precise TPS with a rating of 854, because of the recognition of the web sport Sui 8192. Different quick blockchains that aren’t EVM appropriate embrace TON with 175 TPS and Close to Protocol with 118 TPS.
BNB Sensible Chain (BSC) leads the EVM class with 378 TPS recorded throughout a surge in exercise on December 7, 2023. It’s adopted by Polygon, which reached 190 TPS on November 16, 2023, changing into the quickest amongst Ethereum scaling options.
Ethereum and its main scaling options have collectively achieved an precise TPS of 500, trailing Solana and Sui. Nonetheless, the examine highlights that the majority vital blockchains have set their most precise TPS over the previous 12 months. The one exception is Thorchain, which peaked in Might 2022.
The issues haven’t gone away
Regardless of its spectacular speed, Solana nonetheless faces various challenges. Thus, in February 2024, the community skilled a big outage as a consequence of decreased efficiency. Validators reported a brief halt in transactions, calling into query the effectiveness of the blockchain.
Moreover, the Solana Pump.fun DeFi protocol was attacked on Tuesday. The attacker used flash credit to hack contracts, ensuing in the lack of 12,000 SOL or roughly $2 million. The Pump.enjoyable group responded by updating contracts and suspending buying and selling to forestall additional incidents.
