TL;DR
Solana’s Speed: Solana boasts an astonishing average of 1,504 transactions per second (TPS), making it 46 times faster than Ethereum and over five times faster than Polygon, the leading Ethereum scaling solution.
Non-EVM vs. EVM Blockchains: Non-EVM blockchains, like Solana, typically outperform EVM-compatible ones. On average, non-EVM blockchains are 3.9 times quicker. Sui, another non-EVM blockchain, achieved the second-highest TPS at 854, driven by the popular on-chain game Sui 8192.
Challenges for Solana: Despite its impressive speed, Solana faces network reliability issues. A significant outage occurred in February 2024, raising concerns about efficiency. Additionally, Solana’s DeFi protocol Pump.fun suffered an attack.
A groundbreaking report by CoinGecko has recently highlighted Solana’s remarkable performance, establishing it as the swiftest blockchain among its peers.
Solana’s Unmatched Speed
With an astonishing average of 1,504 transactions per second (TPS), Solana has significantly outperformed Ethereum, being 46 times faster, and has also surpassed Polygon, the leading Ethereum scaling solution, by over five times.
This was particularly evident on April 6, 2023, when Solana reached its highest recorded daily TPS during a memecoin activity spike.
Non-EVM vs. EVM Blockchains
The speed of non-EVM blockchains typically exceeds that of EVM-compatible ones. On average, non-EVM blockchains are 3.9 times quicker.
Sui, another non-EVM blockchain, achieved the second-highest actual TPS at 854, propelled by the popular on-chain game Sui 8192. Other rapid non-EVM blockchains include TON with 175 TPS and Near Protocol at 118 TPS.
In contrast, EVM and EVM-compatible blockchains have an average of just 74 TPS. The BNB Smart Chain (BSC) leads the EVM category with 378 TPS, recorded during a peak in on-chain activity on December 7, 2023.
Polygon is next, with 190 TPS on November 16, 2023, making it the fastest among Ethereum scaling solutions and 8.4 times quicker than Ethereum itself.
The Challenges Ahead
Despite Solana’s impressive speed, it has encountered network reliability issues. In February 2024, a significant outage occurred due to performance degradation, leading to a temporary transaction halt. This event raised concerns about the network’s efficiency.
Moreover, Solana’s DeFi protocol Pump.fun suffered an attack, resulting in a loss of 12,000 SOL (approximately $2 million). The Pump.fun team has since upgraded the contracts and paused trading to mitigate further risks.
While Solana’s position as the leader in blockchain speed is clear, it continues to face substantial challenges. This situation underscores the intricate nature of blockchain technology, where Solana’s potential is evident through its velocity, yet it also emphasizes the ongoing need for diligence in ensuring network reliability and security.
