According to U.Today, Solana has been identified as the fastest blockchain globally, according to a recent report by CoinGecko. The network processed over 95 million transactions in a single day. 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.
In comparison, Ethereum and Bitcoin manage 22.8 TPS and 10.7 TPS respectively, indicating that non-EVM blockchains are nearly four times faster on average than their EVM-compatible counterparts. Solana's peak performance was particularly notable, reaching 1,504 TPS on April 6, 2023, due to a surge in meme coin transactions. This performance is 46 times higher than Ethereum's TPS and over five times higher than Polygon's, the fastest among Ethereum scaling solutions.
Despite these impressive figures, Solana's peak TPS is still only 1.6% of its theoretical maximum of 65,000 TPS. Solana is an open-source blockchain platform that prioritizes minimizing latency and maximizing throughput, even at the expense of some verifiability. It achieves this through a unique set of features, including its novel timestamp mechanism called proof of history (PoH), the block propagation protocol Turbine, and parallel transaction processing.
Solana's founder, Anatoly Yakovenko, stated that the primary design goal of Solana was not to achieve maximum throughput. Instead, Solana aims to synchronize state across the globe as swiftly as physical laws permit.