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In the ever-evolving world of cryptocurrency, transaction speed stands as a key determinant of a blockchain's success and usability.
As 2023 progresses, the competition among blockchain networks intensifies, with remarkable throughput capabilities emerging as a significant benchmark for performance.
This article delves into the top five fastest blockchains of 2023, spotlighting Solana's staggering transaction speed of 1,504 transactions per second (TPS) recorded on April 6,
2023.
We will analyze the comparative performance of both EVM (Ethereum Virtual Machine) and non-EVM blockchains, highlighting their peak TPS and the implications of these speeds on user experience and scalability.
By the end of this article, you'll have a comprehensive understanding of the current landscape of blockchain speed and performance.
Key Takeaways
- Solana leads the pack with a peak of 1,504 TPS, significantly outpacing Ethereum and Polygon.
- Non-EVM blockchains generally exhibit superior transaction speeds, with an average peak TPS of 284 compared to 74 for EVMs.
- Despite their achievements, the majority of blockchains, including Solana, operate well below their theoretical maximum transaction capacities.
Overview of the Fastest Blockchains
## Overview of the Fastest Blockchains In the rapidly evolving blockchain landscape, transaction speed remains a critical factor influencing usability and adoption.
As of April 2023, Solana has emerged as the leader, boasting an impressive peak of 1,504 transactions per second (TPS).
This performance positions Solana as a formidable competitor, eclipsing Ethereum's transaction speed by a staggering factor of 46 times and Polygon's by over 5 times.
Notably, despite this achievement, Solana operates at only
1.6% of its theoretical maximum capacity of 65,000 TPS, highlighting significant potential for future scalability.
Following closely, Sui has marked its territory as the second fastest blockchain, clocking in at 854 TPS in July 2023, driven largely by the burgeoning popularity of on-chain games.
Other noteworthy non-EVM (Ethereum Virtual Machine) blockchains include TON and Near Protocol, with TPS figures of 175 and 118, respectively.
A broader analysis reveals that non-EVM blockchains tend to outperform their EVM counterparts on average, recording a peak TPS of 284 compared to a mere 74 TPS for the largest EVMs like Ethereum, BSC, and Polygon.
Within the EVM sphere, BNB Smart Chain (BSC) leads with 378 TPS, closely followed by Polygon at 190 TPS.
This disparity underscores the scaling hurdles Ethereum and its related solutions face in matching the throughput of the most efficient non-EVM blockchains.
Recent trends show that 24 out of the top 25 blockchains achieved their highest TPS metrics in the past year, a surge attributed to the explosion of on-chain activities fueled by major memecoin trends and other market dynamics.
To summarize the current hierarchy of blockchains based on TPS:
1.
Solana - 1,053.65 TPS
2.
Sui - 854.05 TPS
3.
BSC - 378.27 TPS
4.
Polygon - 190.39 TPS
5.
TON - 175.46 TPS ...
continuing down to Thorchain at 2.05 TPS.
The methodology behind this analysis involved a thorough examination of processing speeds among leading blockchains, taking into account total value locked (TVL) data and actual TPS metrics drawn from blockchain explorers and Dune Analytics.
As the blockchain ecosystem continues to mature, transaction speed remains a defining parameter that could shape the future of decentralized finance and beyond.
Comparative Analysis of EVM and Non-EVM Blockchains
The comparative analysis of EVM and non-EVM blockchains reveals significant contrasts in transaction speeds and overall performance.
Non-EVM blockchains, such as Solana and Sui, have set impressive records with peak TPS that far surpass their EVM counterparts.
Notably, while Solana reached a peak of 1,504 TPS, highlighting its scalability prospects, the leading EVM blockchain, BNB Smart Chain, only managed 378 TPS.
This gap emphasizes the challenges Ethereum faces in enhancing its transaction throughput amidst increasing competition.
Additionally, the average peak TPS for non-EVM blockchains, at 284, starkly contrasts with the 74 TPS recorded by the largest EVMs.
This performance discrepancy indicates not just a difference in underlying technology but also showcases the urgent need for innovations in EVM ecosystems to keep pace with the growing demands for speed and efficiency in blockchain applications.
By Wolfy Wealth - Empowering crypto investors since 2016
